Following negative leads the Australian share market looks set for an uncertain start to the day with the SPI pointing to a flat start ahead of the release of Chinese quarterly growth figures.
US economic news
According to the Labor Department 350,000 people filed for first-time unemployment benefits last week, less than the week before and coming in higher than expected.
Figures
Wall Street closed lower yesterday: The Dow Jones Industrial Average lost 31 points to close at 12,573, the S&P500 lost 7 points to close at 1,335 and the Nasdaq lost 22 points to close at 2,866.
European markets closed lower: London’s FTSE lost 56 points, Paris lost 22 points and Frankfurt lost 35 points.
Asian markets closed mixed: Hong Kong’s Hang Seng lost 395 points, Tokyo’s Nikkei lost 131 and China’s Shanghai Composite added 10 points.
The Australian share market closed 0.7 per cent lower yesterday: The S&P/ASX 200 Index closed 29 points lower at 4,068. On the futures market the SPI is currently flat.
Currencies
Australian Dollar at 7:15AM was buying $US1.014 cents, 65.75 Pence Sterling, 80.39 Yen and 83.14 Euro cents.
Company news
Galaxy Resources Limited (ASX:GXY) says it will temporarily stop operations at its Mt Cattlin project in Western Australia. The lithium producer has halted the project due to high internal inventory levels of spodumene. The stop will lower group cash outlays by $4 million per month. Shares in Galaxy Resources closed 2.52 per cent lower yesterday at $0.580.
Pan Pacific Petroleum NL (ASX:PPP) has partnered with Origin Energy to acquire a 15 per cent interest in its Vietnam project. The petroleum production company says the transaction will further develop its portfolio with Vietnam and expand its south East Asian growth. Shares in Pan Pacific Petroleum closed flat yesterday at $0.14.
Commodities
Gold is down $10.40 to $US1,565 an ounce for the August contract on Comex.
Silver is up $0.14 to $27.16 for September.
Copper is down $0.03 at $3.42 a pound.
Oil is up $0.27 at US$86.08 a barrel for August light crude in New York.
