Outlook: Aus shares eye Wall St volatility

Market Reports

The Dow Jones Industrial average had looked set to make gains overnight, however a slip before close saw the blue chip index close lower. The Australian share market is eyeing a mixed Wall Street result which comes after a weakening oil price hit energy stocks.
 
A mix of economic uncertainty and talk of a shift in the US Federal Reserve’s quantitative easing program has driven pessimism for equities.
 
Demand for the safe haven of bonds has pushed their price up, leading the yield on 10 year Treasury notes and German debt, to fall.
 
Global figures

Wall Street closed mixed yesterday: The Dow Jones Industrial Average lost 0.04 per cent to close at 16,315, the S&P 500 added 0.2 per cent to close at 1,878 and the NASDAQ gained 0.3 per cent to close at 4,227.
 
European markets closed up: London’s FTSE gained 0.4 per cent, Paris is up 0.5 per cent and Frankfurt gained 0.2 per cent.
 
Asian markets closed lower: Tokyo’s Nikkei lost 2.4 per cent, Hong Kong’s Hang Seng is down 0.4 per cent, and China’s Shanghai Composite lost 0.3 per cent.
 
The Australian share market closed higher yesterday: The S&P/ASX 200 Index closed 52 points up to finish at 5,207. On the futures market the SPI is 4 points down. 
 
Turning to currencies and the Australian Dollar at 7:20AM was buying $US0.8710 cents, 54.76 Pence Sterling, 93.23 Yen and 68.82 Euro cents.
 
Economic news

Due out today from the Westpac/Melbourne Institute is the Survey of Consumer Sentiment, and the Australian Bureau of Statistics is new motor vehicle sales for September.
 
Company news
 
The takeover of Wotif.com Holdings Limited (ASX:WTF) by global travel giant Expedia has been delayed as it waits for clearance from the New Zealand Commerce Commission. The company says its hearing in the Supreme Court of Queensland has been adjourned to the 22 October as it waits for the decision from the New Zealand regulator which is expected by the 21 October. The company says that, apart from this delay, the court has no current issues with the scheme of arrangement. Shares in Wotif.com closed 7.6 per cent lower yesterday at $3.04.
 
Woodside Petroleum Limited (ASX:WPL) has finalised a farm-in agreement with Noble Energy and Glencore in a project off the coast of Cameroon. The petroleum producer says it will acquire a 30 per cent non operating interest in the Tilapia Production Sharing Contract. The company says the joint venture plans to drill the Cheetah exploration well in 2015. Shares in Woodside closed 0.9 per cent up yesterday at $39.07.
 
Commodities

Gold is up $4.30 to $US1,234 an ounce for the December contract on Comex.
Silver is up $0.06 to $17.40 for December.
Copper is up $0.05 at $3.09 a pound.
Oil is down $3.90 at US$81.84 a barrel for November light crude in New York.
 
Ex-dividends
 
CTI Logistics Limited (ASX:CLX) 4c fully franked
K&S Corporation Limited (ASX:KSC)  3c fully franked
Namoi Cotton Co-operative Limited (ASX:NAM) 0.5c unfranked
Nufarm Limited (ASX:NUF) 5c unfranked
United Overseas Australia Limited (ASX:UOS) 0.5c unfranked