Buoyed by positive leads the Australian share market looks to lift this morning after US investors got a boost from upbeat earnings and economic figures. On the local front the latest board meeting minutes from Australia’s central bank are due for release and quarterly reports from miners Rio Tinto Limited
(ASX:RIO) and Fortescue Metals Group Limited
(ASX:FMG).
US economic news
Retail sales rose more than expected last month. According to the Census Bureau retail sales gained 1.1 per cent in September from a gain of 1.2 per cent the month before.
The Federal Reserve Bank of New York's Empire State Manufacturing Index has narrowed its level in negative territory, lifting to minus 6.2 in October from minus 10.4 the month before.
Figures
Wall Street started the week on a high note: On Monday, the Dow Jones Industrial Average gained 95 points to close at 13,424, the S&P500 gained 12 points to close at 1,440 and the Nasdaq gained 20 points to close at 3,064.
European markets also started the week higher: London’s FTSE added 12 points, Paris added 31 points and Frankfurt added 29 points.
Asian markets began the week mixed: Hong Kong’s Hang Seng added 12 points, Tokyo’s Nikkei added 44 and China’s Shanghai Composite lost 6 points.
The Australian share market posted a lacklustre start to the week: The S&P/ASX 200 Index lost 3 points on Monday to finish at 4,483. On the futures market the SPI is now 30 points stronger.
Currencies
The Australian Dollar at 8:15AM was buying $US1.025 cents, 63.8 Pence Sterling, 80.66 Yen and 79.18 Euro cents.
Economic news due out today
Reserve Bank of Australia: Minutes from the October board meeting
Housing Industry Association and RP Data: Residential Land Report for the June quarter 2012
Company news Wesfarmers Limited
(ASX:WES) has reportedly launched a property portfolio review worth about $700 million. According to Fairfax Media the conglomerate has asked investment banks Goldman Sachs and RBS to review the property strategy for it supermarket division, Coles Group. The report comes after rival supermarket chain Woolworths Limited
(ASX:WOW) revealed plans to float $1.4 billion worth of properties under the name Shopping Centres Australasia Property Group, earlier this month. Shares in Wesfarmers firmed 0.32 per cent on Monday, closing at $34.80.
WestSide Corporation Limited
(ASX:WCL) says it is still in talks with its suitor and seeking firm proposals ahead of its Annual General Meeting (AGM) at the end of next month. The coal seam gas explorer received a takeover proposal from Liquefied Natural Gas Limited
(ASX:LNG) earlier this year who have since conducted due diligence. WestSide Corporation says talks with interested parties and due diligence have gone on longer than expected but the board remains committed to exploring all options. Shares in WestSide Corporation jumped 9.72 per cent on Monday, closing at $0.395.
Ex-dividends today
ASG Group Limited
(ASX:ASZ) with a $0.03 fully franked dividend
Australian Vintage Limited
(ASX:AVG) with a $0.026 fully franked dividend
Ex-dividends later this week
Trust Company Limited
(ASX:TRU) with a $0.12 fully franked dividend
New Hope Corporation Limited
(ASX:NHC) with a $0.25 fully franked dividend
Commodities
Gold is down $22.10 to $US1,737 an ounce for the December contract on Comex.
Silver is down $0.92 to $32.74 for December.
Copper is down $0.002 at $3.70 a pound.
Oil is down $0.02 at $US91.84 a barrel for November light crude in New York.
