Following weak global leads the Australian share market looks set to open lower. While European markets fell the US market closed flat after the S&P 500 touched a record earlier in the week.
Figures
Wall Street closed slightly higher yesterday: The Dow Jones Industrial Average gained 19 points to close at 16,198, the S&P 500 added just 0.04 points to close at 1,845 and the NASDAQ was up 4 points to close at 4,292.
European markets closed lower London’s FTSE lost 31 points, Paris lost 18 points and Frankfurt lost 38 points.
Asian markets closed mixed: Tokyo’s Nikkei dipped 81 points, Hong Kong’s Hang Seng added 120 points, and China’s Shanghai Composite rose by 7 points.
The Australian share market closed higher yesterday: The S&P/ASX 200 Index closed 3 points up to finish at 5,437. On the futures market the SPI is 15 points down.
Currencies
The Australian Dollar at 8.30AM was buying 89.71US cents, 53.84 Pence Sterling, 91.85 Yen and 65.57 Euro cents.
Economic news due out today
Australian Bureau of Statistics: Private New Capital Expenditure and Expected Expenditure for the December quarter
Company news
Results for embattled Australian airline Qantas Airways Limited
(ASX:QAN) are due today with the company widely expected to announce a multi-million dollar loss. Both job cuts and a restructure of the ailing aviation giant are also expected soon. Qantas has been busily lobbying the Government for changes to Qantas Sale Act or for a debt guarantee but the Government has ruled out striking a deal until Qantas reveals more of its restructuring plans. Shares in Qantas closed 2.83 per cent higher yesterday at $1.27.
In direct contrast to Qantas, Air New Zealand Limited
(ASX:AIZ) has reported a 29 per cent rise in interim profit to post a record half year result of $166.7 million. The increase was due in part to a 2.4 per cent rise in passenger revenue and savings from its restructured long haul network. The company is forecasting a full year profit in excess of $270 million and will pay a dividend of 4.16 cents on March 21. Shares in Air New Zealand closed 0.3 percent yesterday at $1.65.
Ex-dividends
Commodities
Gold is down $14.70 to $US1,328 an ounce for the April contract on Comex.
Silver is down 71 cents to $21.25 for March.
Copper is down 1 cent at $3.24 a pound.
Oil is up by 76 cents at US$102.59 a barrel for April light crude in New York.
