The Australian share market looks set to open higher this morning after yesterday’s surge.
US economic news
The Bureau of Labor Statistics has reported last week's initial jobless claims rose more than expected, coming in at 386,000 and rising 34,000 from the week before.
The National Association of Realtors showed sales of existing homes dropped 5.4 per cent to an annual rate of 4.37 million in June, down from 4.62 million the month before.
Figures
Wall Street closed up yesterday: The Dow Jones Industrial Average gained 35 points to close at 12,943, the S&P500 added 4 points to close at 1,377 and the Nasdaq gained 23 points to close at 2,966.
European markets closed up: London’s FTSE gained 28 points, Paris gained 28 points and Frankfurt gained 74 points.
Asian markets closed up: Hong Kong’s Hang Seng added 319 points, Tokyo’s Nikkei added 69 and China’s Shanghai Composite added 16 points.
The Australian share market closed higher yesterday: The S&P/ASX 200 Index closed 83 points up to finish at 4,207. On the futures market the SPI is 4 points up.
Currencies
The Australian Dollar at 7:15AM was buying $US1.042 cents, 66.34 Pence Sterling, 81.98 Yen and 84.94 Euro cents.
Economic news
Due out today from the Australian Bureau of Statistics is international trade price indexes for June and from the Commonwealth Bank, is business sales indicator for June.
Company news
APA Group (ASX:APA) has welcomed news from Australia's competition regulator that it will not oppose APA's proposed takeover of Hastings Diversified Utilities Fund. (ASX:HDF). The natural gas company has been granted informal clearance to the takeover Hastings after the Australian Competition and Consumer Commission (ACCC) conducted seven months of review. Shares in APA Group (ASX:APA) closed 0.59per cent up yesterday at $5.08.
Woolworths Limited (ASX:WOW), 75 per cent-owned Australian Leisure and Hospitality Group, and Laundy Hotels Group have scored approval from Australia's competition regulator to acquire the Caringbah Hotel in Sydney. The companies inked a deal to buy the hotel from the Bayfield Group for $40 million earlier this year and have been waiting on approval. The ACCC announced last night it believes the acquisition will not result in any substantial lessening of competition. Shares in Woolworths Limited (ASX:WOW) closed 3.14 per cent up yesterday at $27.90.
Commodities
Gold is up $10.70 to $US1,581.50 an ounce for the August contract on Comex.
Silver is up $0.13 to $27.23 for September.
Copper is up $0.05 at $3.53 a pound.
Oil is up $2.34 at US$92.21 a barrel for August light crude in New York.