The Australian share market is set for a subdued start to the day with the SPI pointing slightly higher and following a retreat in US markets, as global concerns weighed on the market ending a six-day rally.
Figures
Wall Street closed mixed yesterday: The Dow Jones Industrial Average lost 39 points to close at 13,169, the S&P500 lost 2 points to close at 1,404 and the Nasdaq added 2 points to close at 3,023.
European markets closed lower: London’s FTSE lost 15 points, Paris was down 9 and Frankfurt lost 35 points.
Asian markets closed lower: Hong Kong’s Hang Seng lost 55 points, Tokyo’s Nikkei shed 6 and China’s Shanghai Composite lost 33 points.
The Australian share market closed slightly higher yesterday: The S&P/ASX 200 Index closed 6 points up to finish at 4,283. On the futures market the SPI is 8 points higher.
Currencies
The Australian Dollar at 7:15AM was buying $US1.052, 67.09 Pence Sterling, 82.37 Yen and 85.31 Euro cents.
Economic news
Australian Bureau of Statistics: new motor vehicle sales for July. National Australia Bank: monthly business survey for July.
Company news Pacific Brands Limited
(ASX:PBG) will sell surplus land in Western Sydney for $27 million. The clothing, footwear and bedding manufacturer has entered into a binding agreement to sell an eight-hectare block at Wentworthville. The company commenced a transformation program three years ago that included the sale of surplus properties. Shares in Pacific Brands closed 2.75 per cent up yesterday at $0.56.
Qantas Airways Limited
(ASX:QAN) will re-offer flights to the Gold Coast after a five-year absence. Qantas will operate three flights a day between Sydney and the Gold Coast that is expected to commence from late October. The airline says it's responding to demand from customers to service the route which has been dominated by rival Virgin Australia who has recently stepped up its service to the region. Shares in Qantas closed 1.75 per cent up yesterday at $1.16.
Commodities
Gold is down $10.20 to $US1,612 an ounce for the December contract on Comex. Silver is down $0.29 to $27.77 for September. Copper is down $0.04 at $3.35 a pound. Oil is down $0.16 at US$92.73 a barrel for September light crude in New York.
