Outlook: Aus shares tipped to inch higher

Market Reports

The Australian share market is set to inch higher in early trade, after US stocks advanced to fresh highs amid light trade leading in to the Thanksgiving holiday.  
 
The Dow and the S&P 500 pushed further in to record territory and the Nasdaq finished at a 13-year high after earnings from Hewlett-Packard helped lift the technology sector.
 
US economic news

Consumer confidence was stronger than expected in November, as the final reading of the consumer sentiment index was revised up to 75.1 from a preliminary reading of 72. That was above the projected 73.5.
 
Meantime - the Institute for Supply Management's Chicago-area purchasing managers' index, slipped to 63 in November from October's 65.9. A decline to 60 was expected.
 
Figures

Wall Street was festive ahead of the Thanksgiving holiday: The Dow Jones Industrial Average gained 25 points to close at 16,097, the S&P 500 added 4 points to close at 1,807 and the NASDAQ jumped 27 points to close at 4,045.
 
European markets got a lift from upbeat economic news from Germany and signs of political stability in the euro zone. The Stoxx Europe 600 rose 0.6 per cent. London’s FTSE lifted by 13 points, Paris added 15 points and Frankfurt surged by 61 points.
 
Asian markets closed mixed. China's Shanghai Composite rose 0.8 per cent after the head of the country's central bank assured the market of more financial overhauls. Tokyo’s Nikkei dropped 66 points, Hong Kong’s Hang Seng added 125 points, and China’s Shanghai Composite gained 18 points.
 
The Australian share market ended 0.5 per cent lower yesterday, weighed by losses among the miners on the back of declining commodity prices. The S&P/ASX 200 index closed 24 points down to finish at 5,333. On the futures market the SPI is 12 points higher. 

Currencies
 
The Australian dollar has dipped to a fresh three-month low amid falling commodity prices and the prospect of an interest rate cut in the new year. At 8:15 AM the Aussie was buying $US90.8 cents, 55.77 Pence Sterling, 92.75 Yen and 66.89 Euro cents.
 
Economic news

The Australian Bureau of Statistics will release the September private new capital expenditure data today. Economists are expecting a 4 per cent lift.
 
Company news
 
Linc Energy Limited (ASX:LNC) is set to address shareholders today as annual general meeting season winds to a close. The update comes after Linc announced plans to delist from the Australian Securities Exchange and request to list immediately on the Singapore Exchange. Shares in Linc Energy last traded at 99.5 cents.
 
Australia and New Zealand Banking Group (ASX:ANZ) plans to use voice recognition technology when authorising large cash transfers to external accounts via mobile banking. Under the plan, which is still being tested, mobile banking customers would no longer be prevented from paying anyone $1000 or more through the bank’s smart phone application. Shares in ANZ lifted 0.41 per cent yesterday to close at $32.08.
 
Commodities

Gold is down $3.60 to $US1,238 an ounce for the December contract on Comex. Silver is down $0.22 to $19.63 for December. Copper is down $0.01 at $3.20 a pound. Oil is down $1.38 at US$92.30 a barrel for January light crude in New York.

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