Following mixed offshore leads the Australian Share Market looks set for a soft start to the day. US markets dipped as the nation's central bank made no change to its monetary policy. European markets lifted ahead of the European Central Bank's policy meeting.
US economic news
Payroll-processor ADP has reported America's private-sector employers gained 163,000 jobs in July, down from 172,000 jobs added the month before but coming in higher than expected.
The Institute for Supply Management showed its manufacturing index rose to 49.8 in July from 49.7 the month before, coming in lower than expected.
The Census Bureau reported construction spending increased 0.4 per cent in June, again coming in slightly lower than had been expected.
Figures
Wall Street closed down yesterday: The Dow Jones Industrial Average lost 33 points to close at 12,976, the S&P500 lost 4 points to close at 1,375 and the Nasdaq lost 19 points to close at 2,920.
European markets closed mixed: London’s FTSE gained 78 points, Paris gained 30 points and Frankfurt lost 18 points.
Asian markets closed mixed: Hong Kong’s Hang Seng added 24 points, Tokyo’s Nikkei lost 53 points and China’s Shanghai Composite added 20 points.
The Australian share market closed lower yesterday: The S&P/ASX 200 Index closed 6 points down to finish at 4,263. On the futures market the SPI is 10 points down.
Currencies
The Australian Dollar at 7:15AM was buying $US1.046 cents, 67.37 Pence Sterling, 82.06 Yen and 85.58 Euro cents.
Company news
Beach Energy Limited (ASX:BPT) has announced that its Chairman, Robert Kennedy, will be stepping down. Mr Kennedy has served as a director since 1991 and Chairman since 1995 and will not be standing for re-election at the company’s general meeting in November. The oil and gas exploration company says Mr Kennedy has overseen and led the company’s growth from a small cap to an ASX top 100 energy company. Shares in Beach Energy fell 1.36 per cent on Wednesday to close at $1.085.
Royal Wolf Holdings Limited (ASX:RWH) has completed the purchase of Rockhampton Container Sales, based in Queensland. Making the announcement after the market closed yesterday, Royal Wolf says the acquisition will extend its existing network in Queensland and will enable the company to expand into the Gladstone precinct. Royal Wolf advises that Rockhampton Container Sales is located near Gladstone where $50 billion is being spent by major resource companies. Shares in Royal Wolf Holdings fell 1.92 per cent on Wednesday to close at $2.04.
Ex-dividends
Two companies are going ex-dividend today and they are Ozgrowth Limited (ASX:OZG) with an $0.08 fully franked dividend and Westoz Investment Company Limited (ASX:WIC) also with a $0.03 fully franked dividend.
Commodities
Gold is down $3.40 to $US1,600 an ounce for the August contract on Comex.
Silver is down $0.205 to $27.33 for September.
Copper is down $0.02 at $3.36 a pound.
Oil is down $0.05 at US$88.86 a barrel for September light crude in New York.
