The Australian share market looks set to push higher with continued optimism following China’s growth figures coming in above expectations. And in a week of solid production figures from the major miners today the attention will turn to Woodside and Santos who will release their latest output numbers.
US markets made strong gains with the federal reserve further emphasising that interest rates would remain steady until unemployment and inflation were under control.
Global Markets
Wall Street closed up yesterday: The Dow Jones Industrial Average gained 162 points to close at 16,425, the S&P 500 added 19 points to close at 1,862 and the NASDAQ gained 52 points to close at 4,086.
European markets closed up: London’s FTSE gained 43 points, Paris added 60 points and Frankfurt is up 144 points.
Asian markets closed up: Tokyo’s Nikkei added 421 points, Hong Kong’s Hang Seng added 25 points, and China’s Shanghai Composite added 4 points.
The Australian share market closed higher yesterday: The S&P/ASX 200 Index closed 32 points up to finish at 5,420. On the futures market the SPI is 17 points up.
Currencies
The Australian Dollar at 7:20AM was buying $US0.9370 cents, 55.8 Pence Sterling, 95.81 Yen and 67.84 Euro cents.
Economic news
Due out today from the ABS is New motor vehicle sales figures and International merchandise imports for March as well as the National Australia Bank Business survey for the March quarter.
Company news
Rio Tinto Limited
(ASX:RIO) has reported a 28 per cent increase in production at the Escondida copper mine in Chile.
Rio Tinto holds a 30 per cent stake in the operation which is operated by BHP Billiton (ASX:BHP). Shares in Rio Tinto closed 0.03 per cent higher to close at $63.37
Ausdrill Limited’s (ASX:ASL) credit rating has been revised down by Moody’s Investors Services. The mining services company has had its rating lowered from a Ba2 to a Ba3. Shares in Ausdrill were trading flat and closed at $0.92
Commodities
Gold is up $3.20 to $US1,304 an ounce for the June contract on Comex.
Silver is up $0.14 to $19.63 for May.
Copper is up $0.04 at $3.03 a pound.
Oil is up $0.01 at US$103.76 a barrel for May light crude in New York.
