Outlook: ASX gets mixed leads before RBA minutes

Market Reports

The SPI is suggesting a positive start for the Australian share market after mixed global leads. As Asian markets posted falls, European markets rose and Wall Street saw a soft start to the week. Japan’s surprise fall into recession was partially offset by hopes for more stimulus in Europe following comments from the European Central Bank.  
 
Closer to home Australia’s own central bank will be in focus when it releases meeting minutes. On the company front financial results are expected from Ruralco and Thorn Group while Patties Foods will hold its annual general meeting. 
 
Global markets
 
Wall Street started the week with a whimper: The Dow Jones Industrial Average added 0.07 per cent to close at 17,648, the S&P 500 added 0.07 per cent to close at 2,041 and the Nasdaq lost 0.4 per cent to close at 4,671.
 
European markets moved higher on Monday: London's FTSE 100 gained 0.3 per cent, France's CAC 40 gained 0.6 per cent and Germany's DAX gained 0.6 per cent.
 
Asian markets fell into the new week: Japan’s Nikkei plunged almost 3 per cent, Hong Kong’s Hang Seng sank 1.2 per cent, and China’s Shanghai Composite eased 0.2 per cent.
 
The Australian share market started the week 0.8 per cent lower: The S&P/ASX 200 index dropped 41.8 points to close at 5,413. On the futures market the SPI is 8 points higher. 
 
Currencies
 
The Australian dollar at 8:25am was buying $US0.8713, 55.71 Pence Sterling, 101.49 Yen and 69.99 Euro cents.
 
Economic news due out today 
 
Reserve Bank of Australia: November board meeting minutes
 
Australian Bureau of Statistics: International merchandise imports for October
 
ANZ Banking Group (ASX:ANZ)-Roy Morgan: Weekly consumer confidence survey
 
Company news
 
Mineral sands miner Iluka Resources Limited (ASX:ILU) and gold producer Doray Minerals Limited (ASX:DRM) have inked a gold exploration farm-in deal. Under the agreement Doray will explore Iluka’s Central and Western Gawler Craton tenement portfolio in South Australia. Doray has described the area as highly prospective and virtually unexplored for precious metals and says the deal is an exciting opportunity. Shares in Iluka Resources gained 0.43 per cent to close at $6.93 shortly after the announcement. 
 
Just weeks after listing on the ASX Australian Dairy Farms Limited (ASX:AHF) has announced the acquisition of Ignatios Farm for about $1.9 million. The first milk producer to list on the ASX says the asset is another dairy farm in South West Victoria’s ‘Golden Triangle’ of dairy farming and near to the company’s Brucknell Farms. Australian Dairy Farms believes the asset is a good quality support farm for cropping, hay making and grazing non-milking livestock. Shares in Australian Dairy Farms last traded at $0.275 ahead of the announcement. 
 
Ex-dividends
 
Mighty River Power (ASX:MYT) paying a 4.47 cent unfranked dividend
ResMed Inc. (ASX:RMD) paying a 2.71 cent unfranked dividend
 
Commodities 

Gold has dipped $2.10 to $US1,183.50 an ounce for the December contract on Comex. 
Silver has slipped $0.26 to $16.06 for December. 
Copper has eased $0.01 to $3.04 a pound. 
Oil has lost $0.18 to $US75.64 a barrel for December light crude in New York.