The SPI is pointing to a lacklustre start to the session after the Australian share market received weak global leads and ahead of key data releases from China. While European markets moved into the red yesterday Wall Street hovered below record highs but was weighed down by a poor performance among financials.
Across commodity markets the price of oil has continued to slide while the Australian dollar has firmed against the greenback ahead of Chinese economic figures. Today financial results are expected from Optus and Graincorp while companies holding annual general meetings include BlueScope Steel, Ramsay Health Care, Sims Metal Management and REA Group.
Global markets
Wall Street lifted from the low of the session to post a soft finish to Wednesday: The Dow Jones Industrial Average slipped 0.02 per cent to close at 17,612, the S&P 500 dipped 0.07 per cent to close at 2,038 and the Nasdaq gained 0.3 per cent to close at 4,675.
European markets lost ground on Wednesday: London's FTSE 100 fell 0.3 per cent, France's CAC 40 sank 1.5 per cent and Germany's DAX dropped 1.7 per cent.
Asian markets moved higher on Wednesday: Japan’s Nikkei rose 0.4 per cent, Hong Kong’s Hang Seng gained 0.6 per cent, and China’s Shanghai Composite jumped 1 per cent.
The Australian share market sank to session lows and lost almost 1 per cent yesterday: The S&P/ASX 200 index dropped 54 points on Wednesday to close at 5,463. On the futures market the SPI is 6 points lower.
Currencies
The Australian dollar at 8:25am was buying $US0.8717, 55.24 Pence Sterling, 100.77 Yen and 70.11 Euro cents.
Economic news due out today
Australian Bureau of Statistics: Detailed employment estimates for October
China: Retail sales, production and investment data
Company news
Westpac Banking Corporation
(ASX:WBC) says Brian Hartzer will take the reins as the bank’s new CEO and replace Gail Kelly when she retires from the post in February next year. Brian Hartzer is currently Westpac’s chief of Australian Financial Services, responsible for the bank’s retail, business banking and wealth businesses. This morning’s news comes after Westpac’s annual report revealed yesterday Ms Kelly took home almost $13 million over the last financial year in which the bank generated a record profit. Shares in Westpac Banking Corporation dipped 0.89 per cent to close at $33.33 on Wednesday.
Breville Group Limited
(ASX:BRG) says its first quarter earnings have been inline with expectations but it is too early to provide a full year outlook. The kitchen appliance maker advises the November and December period was particularly strong last year and is always crucial to the group’s results. Breville continues to work on a number of strategic cost reduction and revenue driving initiatives and expects the benefits to flow through to next year and beyond. Shares in Breville Group slipped 1.31 to close at $6.77 on Wednesday following the AGM.
Ex-dividends
CSR Limited
(ASX:CSR) paying an 8.5 cent unfranked dividend
Gale Pacific Limited
(ASX:GAP) paying a 1.35 cent unfranked dividend
IPE Limited
(ASX:IPE) paying a 3 cent fully franked dividend
Shenhua Limited
(ASX:SHU) paying a 1.5 cent unfranked dividend
Washington H. Soul Pattinson and Co. Limited
(ASX:SOL) paying a 29 cent fully franked dividend
Tamawood Limited
(ASX:TWD) paying a 13 cent fully franked dividend
Commodities
Gold has eased $3.90 to $US1,159 an ounce for the December contract on Comex.
Silver has lost $0.01 to $15.62 for December.
Copper has pulled back $0.01 to $3.02 a pound.
Oil has fallen $0.76 to $US77.18 a barrel for December light crude in New York.
