The Australian share market is set to follow positive offshore leads and open higher. Wall Street investors cheered encouraging reports on durable goods and house sales and European markets also rose amid cautious optimism ahead of this evening’s two day European Summit meeting in Brussels.
Figures
Wall Street rose for a second straight day on Wednesday: The Dow Jones Industrial Average added 92 points to close at 12,627, the S&P500 added 12 points to close at 1,332 and the Nasdaq added 21 points to close at 2,875.
European markets also lifted on Wednesday: London’s FTSE added 77 points, Paris added 50 points and Frankfurt added 92 points.
Asian markets closed mixed yesterday: Hong Kong’s Hang Seng added 195 points, Tokyo’s Nikkei added 67 and China’s Shanghai Composite lost 5 points.
The Australian share market snapped a four day losing streak on Wednesday closing 0.7 per cent stronger: The S&P/ASX 200 Index gained 30 points to finish at 4,043. On the futures market the SPI is now 28 points higher.
Currencies
The Australian Dollar at 7:20AM was buying $US1.008 cents, 64.77 Pence Sterling, 80.36 Yen and 80.86 Euro cents.
Economic news due out today
Australian Bureau of Statistics: Job vacancies data for May
Stocks to watch
Australia’s competition regulator is reportedly expected to reveal its decision on Woolworths Limited’s (ASX:WOW) planned $500 million joint venture with the Laundy family. According to Fairfax Media the supermarket giant is likely to score approval for the deal which would see Woolies take control of 32 pubs in New South Wales. Shares in Woolworths gained 0.87 per cent on Wednesday, closing at $26.75.
Fairfax Media Limited (ASX:FXJ) has refused to offer mining billionaire Gina Rinehart a board seat. The media company’s chairman, Roger Corbett, says a key factor preventing Ms Rinehart joining the board is that she will not agree to its charter of editorial independence. Ms Rinehart is Fairfax’s biggest shareholder, holding an 18.6 per cent stake in the company. Shares in Fairfax Media rose 0.91 per cent on Wednesday, closing at $0.555.
Commodities
Gold is up $3.50 to $US1,578 an ounce for the August contract on Comex.
Silver is down $0.18 to $26.94 for July.
Copper is up $0.04 at $3.36 a pound.
Oil is up $0.85 at $US80.21 a barrel for August light crude in New York.
