The Australian share market is poised to rise after Wall Street’s Dow and S&P500 hit new five year highs on the back on upbeat earnings reports and a vote to extend the US debt limit until May. While no major domestic economic news is scheduled China’s flash purchasing managers’ index is expected. Local production reports from the miners will continue to roll in – today from Fortescue Metals Group Limited (ASX:FMG), OZ Minerals Limited (ASX:OZL) and PanAust Limited (ASX:PNA).
Figures
Wall Street rose on Wednesday: The Dow Jones Industrial Average added 67 points to close at 13,779 the S&P500 added 2 points to close at 1,495 and the Nasdaq added 10 points to close at 3,154.
European markets ended mixed on Wednesday: London’s FTSE added 18 points, Paris lost 15 points and Frankfurt added 11 points.
Asian markets also closed mixed on Wednesday: Hong Kong’s Hang Seng lost 24 points, Tokyo’s Nikkei lost 223 and China’s Shanghai Composite added 6 points.
The Australian share market traded in positive territory on Wednesday: The S&P/ASX 200 Index closed 9 points higher at 4,788. On the futures market the SPI is 9 points higher.
Currencies
The Australian Dollar at 8:20AM was buying $US1.055 cents, 66.62 Pence Sterling, 93.55 Yen and 79.22 Euro cents.
Economic news due out today
Housing Industry Association-RPData: Residential land report for the September quarter 2012
Company news Qantas Airways Limited
(ASX:QAN) has reportedly called for voluntary redundancies for its check-in and ground staff at Sydney Airport's international terminal.
According to Fairfax Media Australia’s largest carrier has been prompted to make the move following the loss of a multimillion-dollar contract with Air New Zealand. The report says Qantas management and the Australian Services Union are expected to meet tomorrow to define the amount of likely job losses. Shares in Qantas Airways fell 0.65 per cent on Wednesday to end at $1.52.
Reports have emerged speculating BHP Billiton Limited
(ASX:BHP) will write down the value of its nickel and aluminia units when it releases its first half financial results next month.
Following the release of the global miner’s quarterly production report yesterday analysts have tipped BHP could write down its Australian alumina and nickel assets by up to $3.8 billion. BHP has cited the strong Australian dollar and weak pricing environment for placing pressure on its Australian alumina and nickel operations. Shares in BHP Billiton gained 1.31 per cent on Wednesday to end at $37.06.
Commodities
Gold is down $6.50 to $US1,686 an ounce for the February contract on Comex.
Silver is up $0.26 to $32.44 for March.
Copper is $0.02 lower at $3.68 a pound.
Oil is down $1.45 at US$95.23 a barrel for March light crude in New York.
