The Australian share market looks set to open higher today after positive data in the US and China restored confidence in investors with all global markets closing higher.
US economic news
There were signs of improvement in the labour market with payrolls processor Automatic Data Processing reporting private employers adding 158,000 workers last month, the biggest gain since February. The report’s reading has been updated to include a larger sample of companies.
China economic news
Two separate reports on China's manufacturing activity have come in better than expected. The China Federation of Logistics and Purchasing has reported the nation’s official manufacturing Purchasing Managers Index increased to 50.2 in October from 49.8 the month before.
The HSBC Final China manufacturing output index also improved to 49.5 in October, from 47.7 the month before. 50 is the level which divides expansion from contraction.
Figures
Wall Street closed up yesterday: The Dow Jones Industrial Average gained 129 points to close at 13,225 the S&P500 added 15 points to close at 1,428 and the Nasdaq gained 39 points to close at 3,016.
European markets closed up: London’s FTSE added 79 points, Paris gained 46 and Frankfurt added 75 points.
Asian markets closed up: Hong Kong’s Hang Seng added 180 points, Tokyo’s Nikkei added 19 and China’s Shanghai Composite gained 36 points.
The Australian share market closed lower yesterday: The S&P/ASX 200 Index closed 59 points down to finish at 4,458. On the futures market the SPI is 43 points higher.
Currencies
The Australian Dollar at 8:00AM was buying $US1.04, 64.55 Pence Sterling, 83.40 Yen and 80.42 Euro cents.
Economic news
Due out today from the Australian Bureau of Statistics is the producer price index for theSeptember quarter. Also out today, the Housing Industry Association will report for the September quarter.
Company news
Ten Network Holdings Limited
(ASX:TEN) has confirmed it has completed the sale of its outdoor advertising operation to oOh!media, controlled by Champ Private Equity. The troubled network has launched a wide-ranging cost-cutting program, including cutting up to 100 jobs. Ten recently revealed a $13 million full year loss. Shares in Ten Network Holdings closed 3.57 per cent lower yesterday at $0.27.
Origin Energy Limited
(ASX:ORG) has reportedly received expressions of interest from three consortiums for the $900m sale of its Stockyard Hill Wind Farm in Victoria. According to News Corporation, General Electric, Downer EDI Limited
(ASX:DOW) and Leighton Holdings Limited
(ASX:LEI) are among the interested parties. The project is for the development and construction of 157 wind turbines. Shares in Origin Energy closed 1.58 per cent lower yesterday at $11.18.
Ex-dividends F.F.I. Holdings Limited
(ASX:FFI) with a12 cent fully franked dividend and Macquarie Group Limited
(ASX:MQG) with a 75 cent unfranked dividend.
Commodities
Gold is down $3.60 to $US1,715 an ounce for the December contract on Comex.
Silver is down $0.06 to $32.25 for December.
Copper is up $0.04 at $3.55 a pound.
Oil is up $0.85 at US$87.09 a barrel for December light crude in New York.
