Wall Street little changed as voters await Fed decision: Aus shares to open higher

The local sharemarket looks set to rise at the open as it comes within record highs not seen since November 2007. US sharemarkets were mixed on Monday as traders awaited the Federal Reserve rate decision as well as news on trade negotiations between Beijing and Washingon. The Fed is widely expected to cut rates for the first time in a decade when it meets on Wednesday in the US. Global oil prices and gold were both stronger on Monday on the back of rate cut expectations.

Markets

Wall Street closed mixed yesterday: The Dow Jones Industrial Average added 0.1 per cent to close at 27,221, the S&P 500 shed 0.2 per cent to close at 3021 and the NASDAQ dropped 0.4 per cent to 8293.

European markets closed mixed: London’s FTSE added 1.8 per cent, Paris lost 0.2 per cent and Frankfurt was 0.02 per cent lower.

Asian markets closedlower : Tokyo’s Nikkei fell 0.2 per cent, Hong Kong’s Hang Seng dropped 1 per cent and China’s Shanghai Composite lost 0.1 per cent.

Returning home, the SPI futures are pointing to 0.5 per cent gain. Yesterday, the Australian share market closed 32 points (0.5 per cent) higher at 6826.

Local economic news

Today the ABS releases the June data on building approvals.

Company news

Shareholders of iron ore company Jupiter Mines (ASX:JMS) have voted down the proposed appointment of a new director. Melissa North's appointment to Jupiter's board received a no vote of 51.6 per cent at its annual general meeting yesterday. Ms North is currently the company's Company Secretary. Jupiter also received a 58.2 per cent no vote against its remuneration report. But the spill resolution automatically triggered as a consequence of the negative vote was comfortably defeated. Shares in Jupiter Mines (ASX:JMS) closed 1.3 per cent lower at 40 cents yesterday.

Currencies

One Australian Dollar at 7:50 AM was buying 69.03 US cents, 56.52 Pence Sterling, 75.11 Yen and 61.95 Euro cents.

Commodities

Iron Ore futures suggest a 1.01 per cent gain
Gold has added $7.10 to US$1439 an ounce.
Silver was up 9 cent to US$16.48 an ounce.
Oil has added $0.85 to US$57.05 a barrel.