The SPI is pointing to a slightly higher start to the week for the Australian share market after generally positive leads. The end of last week saw encouraging US corporate results, upbeat German business confidence data and the International Monetary Fund securing more than $US430 billion in funding. At home, this week will see a read on Australia’s inflation figures tomorrow and a shortened trading week with Anzac Day on Wednesday.
Figures
Wall Street closed mixed on Friday: The Dow Jones Industrial Average added 65 points to close at 13,029, the S&P500 added 2 points to close at 1,379 and the Nasdaq lost 7 points to close at 3,000.
European markets rose at the end of last week: London’s FTSE added 28 points, Paris added 15 points and Frankfurt added 79 points.
Asian markets closed mixed on Friday: Hong Kong’s Hang Seng added 16 points, Tokyo’s Nikkei lost 27 and China’s Shanghai Composite added 28 points.
The Australian share market gained 43 points over last week to finish almost 1 per cent higher. On Friday, the S&P/ASX 200 index added 4 points to finish at 4,367. On the futures market the SPI is now 7 points higher.
Currencies
The Australian Dollar at 7:15AM was buying $US1.0378 cents, 64.36 Pence Sterling, 84.68 Yen and 78.69 Euro cents.
Economic news due out today
Australian Bureau of Statistics: Producer price indexes for March
Company news
Shares in QBE Insurance Group Limited (ASX:QBE) dipped 0.37 per cent on Friday, closing at $13.49. QBE is reportedly gearing up to slash 100 jobs to gain $50 million in savings. A QBE spokesperson has told The Australian the insurer has been reviewing its operations and as a result there will be redundancies across its Australian business. The move come amid job losses in the insurance industry, with rival insurer Insurance Australia Group Limited (ASX:IAG) flagging 600 job cuts from its local business last month. QBE’s net profit dropped 45 per cent to $707.9 million in the 2011 financial year.
Shares in ANZ Banking Group (ASX:ANZ) firmed 0.64 per cent on Friday, closing at $23.45. ANZ’s chief Philip Chronican has defended the bank’s decision to hike its interest rates independently of the Reserve Bank of Australia. Mr Chronican told Fairfax Media ANZ’s funding costs are up 18 basis points over the past six months while its variable interest rates have risen by 12 basis points. The report says the bank is set to report reduced margins when it posts its interim results next week. ANZ reported a net profit of $5.4 billion in the 2011 financial year.
Ex-dividends today
CPT Global Limited (ASX:CGO) with a 1.5 cent interim dividend
Ex-dividends tomorrow
Steamships Trading Company Limited (ASX:SST)
Commodities
Gold is down $3.20 to $US1,643 an ounce for the June contract on Comex.
Silver is down $0.128 to $31.65 for May.
Copper is up $0.084 at $3.71 a pound.
Oil is up $1.16 at $103.88 a barrel for May light crude in New York.
