US and European markets saw moderate gains overnight but the local market is eyeing a weak start on the back of 4 days of losses and with poor growth prospects coming from China.
Asian markets were mixed and the Shanghai composite was in the red as the Chinese government reported industrial output rose 7.7 per cent in October, the figure has been met with pessimism as it is one of the weakest results seen for almost five years. Retail sales also came in below analysts’ expectations, up 11.5 per cent.
Reports from Lend Lease and News Corp are expected today after they hold their annual general meetings.
Global figures
Wall Street closed up yesterday: The Dow Jones Industrial Average gained 0.2 per cent to close at 17,653, the S&P 500 added 0.05 per cent to close at 2,039 and the NASDAQ gained 0.1 per cent to close at 4,680.
European markets closed up: London’s FTSE gained 0.4 per cent, Paris is up 0.2 per cent and Frankfurt gained 0.4 per cent.
Asian markets closed mixed: Tokyo’s Nikkei added 1.1 per cent, Hong Kong’s Hang Seng is up 0.3 per cent, and China’s Shanghai Composite lost 0.4 per cent.
The Australian share market closed lower yesterday: The S&P/ASX 200 Index closed 54 points down to finish at 5,443. On the futures market the SPI is 8 points up.
Turning to currencies and the Australian Dollar at 8:25AM was buying $US0.8715 cents, 55.49 Pence Sterling, 100.88 Yen and 69.86 Euro cents.
Company news
Newsat Limited
(ASX:NWT) has successfully put its MEASAT 3b satellite through in-orbit testing after it was launched as the host of the Jabiru 2 payload.
The satellite company says the MEASAT 3b is now commercially operational one month after the successful launch on 12 September. Jabiru 2 will provide highly targeted coverage across Australia and the South Pacific as demand grows for reliable satellite communications. Shares in Newsat closed 7.69 per cent lower yesterday at $0.18.
Paladin Energy Limited
(ASX:PDN) has reported a slip in production in its quarterly report for September on the back of delays due to planned maintenance.
The pure play uranium producer saw its share price spike this week as Japan signaled big increases in demand for the energy source. Sales revenue for the quarter hit $US39 million. Shares in Paladin closed 3.9 per cent up yesterday, before the release of the report, at $0.40.
Commodities
Gold is up $2.40 to $US1,162 an ounce for the December contract on Comex.
Silver is down $0.002 to $15.62 for December.
Copper is down $0.03 at $2.99 a pound.
Oil is down $2.88 at US$74.30 a barrel for December light crude in New York.
