The SPI is pointing to a weak start for the Australian share market as traders absorb the implications from the US Federal Reserve’s latest monetary policy statement. America’s major indexes closed cautiously higher after the US central bank affirmed it will maintain interest rates near zero for a “considerable time”. The price of gold for immediate delivery has since dropped to an eight-month low and the local currency has hit a six-month low.
The Reserve Bank of Australia (RBA) will release its quarterly bulletin today and OrotonGroup Limited
(ASX:ORL) is set to announce its full year results. Attention will also be on Scotland as the nation gets ready to head to the polls and cast a vote on independence from the United Kingdom.
Global markets
Wall Street ended slightly higher on Wednesday: The Dow Jones Industrial Average added 0.2 per cent to close at 17,157, the S&P 500 added 0.1 per cent to close at 2,002 and the Nasdaq added 0.2 per cent to close at 4,562.
European markets closed mixed on Wednesday: London's FTSE 100 lost 0.2 per cent, France's CAC 40 lifted 0.5 per cent and Germany's DAX rose 0.3 per cent.
Asian markets also finished mixed on Wednesday: Japan’s Nikkei slipped 0.1 per cent, Hong Kong’s Hang Seng gained 1 per cent, and China’s Shanghai Composite rose 0.5 per cent.
The Australian share market continued to extend this week’s decent and fell 0.7 per cent yesterday: The S&P/ASX 200 index dropped 38 points to close at 5,407 on Wednesday. On the futures market the SPI is 3 points lower.
Currencies
The Australian dollar at 7:30am was buying $US0.8959, 55.09 Pence Sterling, 97.07 Yen and 69.68 Euro cents.
Economic news due out today
Reserve Bank of Australia: Quarterly bulletin
ASX CEO Remuneration
An annual survey of CEO pay has revealed the average pay for the chief’s of Australia’s top listed companies slipped to $4.8 million last year. The Australian Council of Superannuation Investors' 2013 CEO pay survey has shown the figure represents 63 times average earnings but is well under pre-GFC levels. Across the board CSL Limited’s
(ASX:CSL) past boss Brian McNamee scored the highest statutory pay, taking home $19.1 million last year, including his retirement sum. Westfield’s Peter and Steven Lowy were paid $18.4 million,
ANZ Banking Group's (ASX:ANZ) chief Mike Smith was given $10.1 million, Rio Tinto Limited's
(ASX:RIO) Sam Walsh got $9.5 million and Westpac Banking Corporation's
(ASX:WBC) Gail Kelly received $9.2 million. Shares in CSL closed 0.32 per cent lower at $72.37 on Wednesday.
Boral Limited
(ASX:BLD) has shown its boss Mike Kane more than doubled his annual pay over the 2014 financial year. The building and construction supplies maker’s chief took home $4.6 million last year, increasing from a little over $2 million the year before. Mr Kane’s remuneration was aided by short-term cash bonuses and an increased fixed salary. Boral rebounded to a net profit of $176 million over the year after booking a loss of $206 million the year before. Shares in Boral closed 0.57 per cent lower at $5.22 on Wednesday.
Ex-dividends
Amcom Telecommunications Limited
(ASX:AMM) paying a 4 cent fully franked dividend
Hunter Hall Global Value Limited
(ASX:HHV) paying a 3 cent, 23.34 per cent franked dividend
MGM Wireless Limited
(ASX:MWR) paying a 1.1 cent unfranked dividend
Southern Cross Electrical Engineer Limited
(ASX:SXE) paying a 2.7 cent fully franked dividend
Commodities
Gold has fallen $0.80 to $US1,236 an ounce for the December contract on Comex.
Silver has added $0.01 to $18.73 for December.
Copper has lost $0.02 to $3.14 a pound.
Oil has fallen $0.46 to $US94.42 a barrel for October light crude in New York.
