The Australian share market is tipped to open higher after European and US markets rose overnight. While it is a quiet day on the local economic front attention will remain fixed on the US presidential election ahead of this week’s leadership transition in China, an European Central Bank (ECB) meeting tomorrow and an imminent Greek parliamentary vote on a new bailout deal.
Figures
Wall Street lifted on Tuesday as Americans headed to the polls: The Dow Jones Industrial Average gained 133 points to close at 13,246, the S&P500 gained 11 points to close at 1,428 and the Nasdaq gained 12 points to close at 3,012.
European markets also rose on Tuesday: London’s FTSE added 46 points, Paris added 30 points and Frankfurt added 51 points.
Asian markets closed lower on Tuesday: Hong Kong’s Hang Seng lost 62 points, Tokyo’s Nikkei lost 32 and China’s Shanghai Composite lost 8 points.
The Australian share market ended 0.2 per cent higher yesterday after the Reserve Bank of Australia (RBA) decided to keep rates steady at 3.25 per cent: The S&P/ASX 200 Index added 11 points on Tuesday finish at 4,485. On the futures market the SPI is now 13 points higher.
Currencies
The Australian Dollar at 8:00AM was buying $US1.043 cents, 65.23 Pence Sterling, 83.85 Yen and 81.45 Euro cents.
Company news Macquarie Group Limited
(ASX:MQG) is reportedly considering returning to the home loan market with the help of Mark Bouris' Yellow Brick Road Group. According to Fairfax Media, Australia’s largest investment bank is understood to be in talks for a potential distribution deal with Yellow Brick Road Group. The report speculates a tie-up could undercut the big four banks by more than a full percentage point on all new home loans. Shares in Macquarie Group firmed 0.26 per cent on Tuesday to close at $31.22.
Ten Network Holdings Limited
(ASX:TEN) has reportedly stepped up executing its cost cutting measures. The media company is expected to start sacking staff from its news division this week after failing to receive enough voluntary redundancies. Reports speculate Ten plans to shed up to one third of its national news staff, after the company last month revealed it had swung from a full year profit to a net loss of almost $13 million. Shares in Ten Network Holdings closed steady on Tuesday at $0.285.
Ex-dividends today
Lindsay Australia Limited
(ASX:LAU) with a 0.5 cent fully franked dividend
Ex-dividends this week
ANZ Banking Group
(ASX:ANZ) with a 79 cent fully franked dividend
Desane Group Holdings Limited
(ASX:DGH) with a 1 cent unfranked dividend
National Australia Bank Limited
(ASX:NAB) with a 90 cent fully franked dividend
Tamawood Limited
(ASX:TWD) with a 13 cent fully franked dividend
Westpac Banking Corporation
(ASX:WBC) with an 84 cent fully franked dividend
Commodities
Gold is up $31.80 to $US1,715 an ounce for the December contract on Comex.
Silver is up $0.91 to $32.03 for December.
Copper is up $0.04 at $3.51 a pound.
Oil is up $3.06 at $US88.71 a barrel for December light crude in New York.
