US markets turned sharply lower overnight, after a string of quarterly profit warnings deflated the market. In contrast, European markets rallied following a eurozone deal to ease Spain’s debt problems. The Australian share market is set for a modest start to the day.
US economic news
Job vacancies increased in May after plunging the month before. According to the Labor Department, job openings climbed by 195,000 to 3.64 million, compared to a decline of 294,000 in April.
Figures
Wall Street closed down yesterday: The Dow Jones Industrial Average lost 83 points to close at 12,653, the S&P500 lost 11 points to close at 1,341 and the Nasdaq was down 29 points to close at 2,902.
European markets closed up: London’s FTSE gained 37 points, Paris was up 19 and Frankfurt gained 51 points.
Asian markets closed down: Hong Kong’s Hang Seng lost 32 points, Tokyo’s Nikkei shed 39 and China’s Shanghai Composite lost 6 points.
The Australian share market closed lower yesterday: The S&P/ASX 200 Index closed 20 points down to finish at 4,098. On the futures market the SPI is 19 points down.
Currencies
The Australian Dollar at 7:15AM was buying $US1.019, 65.68 Pence Sterling, 80.93 Yen and 83.19 Euro cents.
Economic news
Due out today from the Australian Bureau of Statistics is housing finance for May. Also out today, is Westpac/Melbourne Institute Survey of Consumer Sentiment.
Company news AP Eagers Limited
(ASX:APE) has upgraded its first half guidance by 33 per cent. The automotive retailer says due to strong trading in June, it expects underlying profit before tax of about $37 million. The news follows its announcement yesterday, that it had bought a16.33 per cent stake in listed automotive retailing and logistics group, Automotive Holdings Group Limited
(ASX:AHE). Shares in AP Eagers closed 2.67 per cent down yesterday at $3.65.
Platinum Asset Management Limited
(ASX:PTM) has downgraded it full year figures due to a decline in average daily funds under management. The fund manager expects profit before tax for the year to be between $176 and $182 million. Platinum generated $213.8 million profit before tax for the 2011 financial year and says its final results will be announced in August. Shares in Platinum closed 7.79 per cent down yesterday at $3.79.
Commodities
Gold is down $13.10 to $US1,566 an ounce for the August contract on Comex.
Silver is down $0.107 to $26.75 for September.
Copper is down $0.04 at $3.40 a pound.
Oil is up $0.14 at US$84.05 a barrel for August light crude in New York.
