Wall Street hits record highs: Aus shares to defy leads and open lower

Australian shares look set to start the week on a negative note despite Wall Street hitting record highs on Friday. The S&P 500 closed above the 3,000 point level for the first time. The major indexes all posted solid gains as investors readied themselves for a rate cut by the Federal Reserve later this month. Shares of Dow, Inc. led the Dow Jones higher, rising 4 per cent. Intel and Caterpillar, meanwhile, climbed 2.7 per cent and 3.3 per cent, respectively.

Local economic news

The week kicks off on Tuesday when the Reserve Bank Board’s meeting minutes will be released. On Wednesday, Westpac and the Melbourne Institute release the Leading Index for June. On Thursday NAB's June quarter survey of business confidence and conditions is due. Also on Thursday, the employment report for June is issued by the ABS.

Markets

Wall Street closed higher on Friday: The Dow Jones Industrial Average added 0.9 per cent to close at 27,332, the S&P 500 gained 0.5 per cent to close at 3014 and the NASDAQ rose 0.6 per cent to 8244.

European markets closed mixed on Friday: London’s FTSE fell 0.1 per cent, Paris added 0.4 per cent and Frankfurt was down 0.1 per cent.

Asian markets closed higher on Friday: Tokyo’s Nikkei added 0.2 per cent, Hong Kong’s Hang Seng rose 0.1 per cent and China’s Shanghai Composite gained 0.4 per cent.

Returning home, the SPI futures are pointing to 30 points fall. On Friday, the Australian share market closed 20 points (0.3 per cent) lower at 6697.

Company news

Additive manufacturing company, Titomic (ASX:TTT) has raised $7 million via a private placement. Funds raised will be used for Titomic’s International expansion as the company pursues new revenue generating contracts. Shares in Titomic (ASX:TTT) closed 1.47 per cent lower at $2.01 on Friday.

Currencies

One Australian Dollar at 7:40 AM was buying 70.18 US cents, 55.85 Pence Sterling, 75.72 Yen and 62.31 Euro cents.

Commodities

Iron Ore futures suggest a 0.6 per cent fall
Gold has added $5.50 to US$1412 an ounce.
Silver was up 9 cents to US$15.24 an ounce.
Oil has added $0.02 to US$60.30 a barrel.