The Australian share market is poised to regain some of this week’s lost ground after Wall Street rose overnight. The rally came ahead of a US Federal Reserve meeting and policy statement due Thursday morning local time. While America’s central bank has indicated rates should remain low for a considerable time the focus will be on any changes to forward guidance. Closer to home traders will get some economic indicators and full year results are expected from Premier Investments Limited
(ASX:PMV).
Global markets
Wall Street moved higher on Tuesday: The Dow Jones Industrial Average rose 0.6 per cent to close at 17,132, the S&P 500 rose 0.8 per cent to close at 1,999 and the Nasdaq rose 0.8 per cent to close at 4,553.
European markets moved into the red on Tuesday: London's FTSE 100 dipped 0.2 per cent, France's CAC 40 lost 0.4 per cent and Germany's DAX dropped 0.3 per cent.
Asian markets finished lower on Tuesday: Japan’s Nikkei eased 0.2 per cent, Hong Kong’s Hang Seng sank 0.9 per cent, and China’s Shanghai Composite tumbled 1.8 per cent.
The Australian share market extended the week’s losses and shed 0.5 per cent yesterday: The S&P/ASX 200 index dropped 28 points to close at 5,445 on Tuesday. On the futures market the SPI is 27 points higher.
Currencies
The Australian dollar at 7:30am was buying $US0.9089, 55.87 Pence Sterling, 97.36 Yen and 70.15 Euro cents.
Economic news due out today
Australian Bureau of Statistics: International merchandise imports data for August
Westpac Banking Corporation
(ASX:WBC)-Melbourne Institute: Leading Indexes of Economic Activity
Company news
Qantas Airways Limited
(ASX:QAN) is boosting services to Vancouver to cater for demand during the peak of the North American winter holiday season. The airline plans to operate six direct return services between Sydney and Vancouver in January next year to transport both Aussie ski enthusiasts and inbound tourists. The news comes one week after Qantas announced its customers are set for greater access across Canada as part of a new codeshare agreement with WestJet. Shares in Qantas Airways lifted 2.36 per cent to close at $1.515 on Tuesday.
Virgin Australia Holdings Limited
(ASX:VAH) has revealed a major enhancement to its domestic lounge network for Velocity Platinum and Gold Frequent Flyer members, Lounge members, and Business Class guests. The airline has introduced its first ‘Premium Exit’, enabling guests flying out of Melbourne to exit the lounge through a dedicated private security screening point to minimise connection times. Earlier this week Virgin also revealed it had added extra flights between Adelaide and Melbourne for this weekend’s Second Preliminary Final between Hawthorn and Port Adelaide. Shares in Virgin Australia Holdings closed steady at $0.40 on Tuesday.
Commodities
Gold has gained $1.60 to $US1,237 an ounce for the December contract on Comex.
Silver has lifted $0.10 to $18.72 for December.
Copper has risen $0.08 to $3.17 a pound.
Oil has firmed $1.96 to $US94.88 a barrel for October light crude in New York.
Ex-dividends
Breville Group Limited
(ASX:BRG) paying a 13 cent fully franked dividend
Beyond International Limited
(ASX:BYI) paying a 5 cent unfranked dividend
Cadence Capital Limited
(ASX:CDM) paying a 5 cent fully franked dividend
Clime Investment Management Limited
(ASX:CIW) paying a 3 cent fully franked dividend
Embelton Limited
(ASX:EMB) paying a 17.5 cent fully franked dividend
Flight Centre Travel Group Limited
(ASX:FLT) paying a 97 cent fully franked dividend
Bentham IMF Limited
(ASX:IMF) paying a 5 cent fully franked dividend
Panoramic Resources Limited
(ASX:PAN) paying a 2 cent fully franked dividend
SEEK Limited
(ASX:SEK) paying a 16 cent fully franked dividend
SKYCITY Entertainment Group Limited
(ASX:SKC) paying a 9.0465 cent unfranked dividend
Structural Systems Limited
(ASX:STS) paying a 1.5 cent fully franked dividend
Swick Mining Services Limited
(ASX:SWK) paying a 0.2 cent fully franked dividend
