The Australian share market looks set to open higher this morning as US stocks closed at new record highs. Shares also closed higher across Europe. Yesterday the Senate voted to acquit President Donald Trump on both counts in his impeachment trial. Forty-eight senators, including one Republican, voted to convict Trump on a count of abuse of power, while 52, all Republicans, voted to acquit him. On the commodities front, oil rallied after tumbling into a bear market. Gold added.
Local economic news
The Australian Bureau of Statistics will release figures for trade balance and retail sales for December.
Wall Street closed higher yesterday: The Dow Jones Industrial Average closed 1.68 per cent higher at 29,291, the S&P 500 gained 1.1 per cent to 3335 and the NASDAQ added 0.4 per cent to 9509.
European markets closed higher: London’s FTSE gained 0.6 per cent, Paris added 0.9 per cent and Frankfurt was also up 1.5 per cent.
Asian markets closed also higher: Tokyo’s Nikkei added over 1 per cent, Hong Kong’s Hang Seng gained 0.4 per cent and China’s Shanghai Composite rose 1.3 per cent.
Taking all of this into equation, the SPI futures are pointing to a 56 points gain.
Yesterday, the Australian share market closed 0.4 per cent higher at 6976.
Nick Scali (ASX:NCK) has reported a fall in its first half profit, showing net profit after tax of $21.4 million, down 15 per cent on the prior corresponding period. Sales revenue is at $137.5 million, down 2.5 per cent from the previous year. The company blamed a tough first quarter for the result, saying trading conditions were poor. Managing Director, Anthony Scali, says they performed well in a very tough retail environment. The directors have declared a fully franked interim dividend of 25.0 cents per share. Shares in Nick Scali (ASX:NCK) closed 0.01 per cent lower $7.22 yesterday.
One Australian Dollar at 8:40 AM was buying 67.46 US cents, 51.92 Pence Sterling, 74.10 Yen and 61.36 Euro cents.
Iron Ore has lost 2.9 per cent to $81.31.
Iron Ore futures suggest a 1.5 per cent fall.
Gold has added $5.60 to US$1561 an ounce.
Silver has gained $0.04 to US$17.61 an ounce.
Oil was up $1.58 to US$51.19 a barrel.