The Australian share market is tipped to rise today following solid economic news from China and a convincing Federal Election result over the weekend, delivering Tony Abbott as our new Prime Minister elect.
US economic news
US stocks were subdued following a mixed read on jobs. 169,000 non-farm jobs were created in August. That missed expectations of 177,000 new jobs however the American unemployment rate fell to 7.3 per cent - the lowest since December 2008.
Currencies
The Australian dollar is higher following the federal election and that weaker-than-expected US jobs data. At 7.30am the Aussie was buying $US92.09 cents, 58.92 Pence Sterling, 91.79 Yen and 69.91 Euro cents.
China economic news
Meantime, local investors may get a boost today from accelerated Chinese export data released over the weekend. Exports grew by 7.2 per cent in August, a good sign from our largest trading partner.
Figures
There were no major moves on Wall Street in Friday’s session US time: The Dow Jones Industrial Average lost 15 points to close at 14,923, the S&P500 was flat at 1,655 and the Nasdaq added 1 point to close at 3,660.
European markets pushed higher: London’s FTSE gained 15 points, Paris added 42 points and Frankfurt lifted by 41 points.
Asian markets were mixed: Tokyo’s Nikkei dropped 204 points, Hong Kong’s Hang Seng added 23 points, and China’s Shanghai Composite lifted by 18 points.
The Australian share market closed relatively flat on Friday as investors awaited the outcome of the federal election. The S&P/ASX 200 added 2.5 points, increasing the weekly gain of 10 points to finish at 5,145. On the futures market the SPI is 12 points up.
Economic news
The Australian Bureau of Statistics will release its housing finance data for July and ANZ will put out its job ads figures for August.
Company news
Consolidated Minerals has sold its 23 per cent stake in BC Iron Limited
(ASX:BCI) to a range of institutional investors. BC Iron says the shares were sold at $3.90 each in a book build, with settlement to be effected on September 11. Shares in BC Iron fell close to two-and-a-half per cent (2.44 per cent) on Friday to $4.
Transfield Services Limited
(ASX:TSE) says it will pay its New Zealand sub-contractors working on New Zealand's ultra-fast broadband rollout within two working days. Transfield has a 10 per cent share of the New Zealand government's $1 billion UFB rollout. Shares in Transfield dived 6.32 per cent on Friday to close at $1.18.
Commodities
Gold is up $13.50 to $US1,387 an ounce for the December contract on Comex. Silver is up $0.64 to $23.89 for December. Copper is up $0.02 at $3.26 a pound. Oil is up $2.16 at US$110.53 a barrel for October light crude in New York.
Ex dividend
Blue Sky Alternative Investments Ltd
(ASX:BLA)
