The Australian share market is poised for a quiet start to the session ahead of domestic jobs data set for release before noon. Local shares have received muted leads from Wall Street with US stocks edging slightly higher following a choppy session of trade. European and Asian markets moved lower amid Russia’s announcement on sanctions and Italy’s poor quarterly growth read.
In Australia earnings reports will continue to roll in from Rio Tinto Limited
(ASX:RIO), Tabcorp Holdings Limited
(ASX:TAH), FlexiGroup Limited
(ASX:FXL) and Henderson Group plc
(ASX:HGG).
Investors will also respond to official jobs numbers with economists tipping the unemployment rate will remain at a 10-year high of 6 per cent. Economists also expect the Australian economy to have created between 12,000 to 13,000 jobs in July.
Global markets
Wall Street ended Wednesday barely unchanged: The Dow Jones Industrial Average firmed 0.08 per cent to close at 16,443, the S&P 500 closed steady at 1,920 and the Nasdaq added 0.05 per cent to close at 4,355.
European markets ended in the red on Wednesday: London's FTSE 100 fell 0.7 per cent, France's CAC 40 fell 0.6 per cent and Germany's DAX fell 0.7 per cent.
Asian markets dropped on Wednesday: Japan’s Nikkei retreated 1 per cent, Hong Kong’s Hang Seng lost 0.3 per cent, and China’s Shanghai Composite eased 0.1 per cent.
The Australian share market traded and ended in the red yesterday: The S&P/ASX 200 index closed 7 points lower on Wednesday at 5,512. On the futures market the SPI is 8 points lower.
Currencies
The Australian dollar at 7:30am was buying $US0.9352, 55.5 Pence Sterling, 95.5 Yen and 69.88 Euro cents.
Economic news due out today
Australian Bureau of Statistics: Labour force data for July and overseas arrivals and departures for June
Australian Industry Group-Housing Industry Association: Performance of construction index for July
Company news
Global mining company Rio Tinto Limited
(ASX:RIO) will today release its first half results. The financial results will come after the mining giant last month reported a 10 per cent rise in first half production on the back of record iron ore results from its Pilbara mines.\ Yesterday Rio Tinto also announced its Chairman Jan du Plessis will also become an independent director of brewer SABMiller from next month. Mr du Plessis says the appointment does not in any way diminish his strong commitment to Rio Tinto and he would like to serve as chairman for several more years. Shares in Rio Tinto rose 0.75 per cent to close at $65.82 on Wednesday.
Shares in Ozforex Group Limited
(ASX:OFX) fell to yesterday’s worst performer in the top 200 on the same day it held its Annual General Meeting. CEO Neil Helm told shareholders the provider of online international payment services was pleased with its growth but the recent quarter was softer than forecast. The company also announced yesterday it has inked a deal with global cloud accounting software firm Saasu. Shares in Ozforex Group dropped 8.26 per cent to close at $2.22 on Wednesday.
Ex-dividends
Ozgrowth Limited
(ASX:OZG) paying a 0.75 cent fully franked dividend
Westoz Investment Company Limited
(ASX:WIC) paying a 4.5 cent fully franked dividend
Commodities
Gold has jumped $22.90 to $US1,308 an ounce for the December contract on Comex.
Silver has risen $0.19 to $20.02 for September.
Copper has eased $0.04 to $3.17 a pound.
Oil has lost $0.46 to $US96.92 a barrel for September light crude in New York.
