The SPI is pointing to positive start for the Australian share market even after global markets dipped overnight. Despite an afternoon rally Wall Street slipped from record highs as US investors took to profit taking. On the economic front US factory orders rose slightly more than expected in April while the Eurozone Consumer Price Index came in lower than expected for May. Closer to home Australia will get a read on first quarter GDP figures with expectations for growth rising about 0.5 per cent quarter-on-quarter and 2.8 per cent year-on-year.
Global markets
Wall Street ended in the red on Tuesday: The Dow Jones Industrial Average slipped 21 points to close at 16,722, the S&P 500 dipped 0.73 points to close at 1,924 and the Nasdaq eased 3 points to close at 4,234.
European markets closed lower on Tuesday: London's FTSE 100 fell 28 points, France's CAC 40 fell 12 points and Germany's DAX fell 30 points.
Asian markets finished mixed on Tuesday: Japan’s Nikkei gained 98 points, Hong Kong’s Hang Seng rose 209 points, and China’s Shanghai Composite lost 0.91 points.
The Australian share market ended 0.7 per cent down after the Reserve Bank of Australia announced interest rates will remain at historic lows: The S&P/ASX 200 index fell 39 points yesterday to close at 5,480. On the futures market the SPI is pointing 10 points higher.
Currencies
The Australian dollar at 7:20am was buying $US0.9267, 55.35 Pence Sterling, 95.02 Yen and 68.02 Euro cents.
Economic news due out today
Australian Bureau of Statistics: National accounts including gross domestic product for March quarter and overseas arrivals and departures for April
Australian Industry Group: Performance of Services Index for May
Company news
National Australia Bank Limited
(ASX:NAB) has apologised after some customers were double charged for credit card transactions due to a technical glitch. Holders of some NAB Visa Debit cards discovered yesterday they were charged more than once when using their cards and took to social media to voice their frustration. The bank says duplicated transactions should now be reversed in impacted accounts and account balances corrected. Shares in National Australia Bank fell 0.71 per cent on Tuesday to close at $33.64.
West Australian apartment developer Finbar Group Limited
(ASX:FRI) has completed the Fifity Two Mill Point Project in South Perth. The project consists of eight luxury apartments with upper floors looking out onto views of the Perth City skyline and Swan River. Finbar says it has secured $11.5 million in sales to date from the $17.3 million project and settlements on pre-sold apartments are expected to start this month. Shares in Finbar Group rose 0.91 per cent on Tuesday to close at $1.66.
Ex-dividends Kathmandu Holdings Limited
(ASX:KMD) paying a 2.74 cent fully franked dividend
Ruralco Holdings
(ASX:RHL) paying an 8 cent fully franked dividend
Technology One (TNE) paying a 1.95 cent fully franked dividend
WDS Limited (WDS) paying a 2 cent fully franked dividend
Commodities
Gold has firmed $0.50 to $US1,244.50 an ounce for the August contract on Comex.
Silver has added $0.02 to $18.76 for July.
Copper has eased $0.03 to $3.14 a pound.
Oil has lifted $0.19 to $US102.66 a barrel for July light crude in New York.
