Outlook: Volatility set to continue

Market Reports

The volatility of the past week is showing no signs of abating as US markets pared gains to finish steady and the local market looks set to follow. 
 
Europe managed to finish higher on the whole as signs are pointing towards a civil resolution of Greece’s debt woes.
 
After a major slide yesterday the iron ore price jumped some 10 per cent overnight and those gains look set to support the miners today. 
 
The Aussie dollar is holding at $US0.745 this morning. 
 
Global figures

Wall Street closed up yesterday: The Dow Jones Industrial Average gained 0.2 per cent to close at 17,549, the S&P 500 added 0.2 per cent to close at 2,051 and the NASDAQ is up 0.3 per cent to close at 4,922.
 
European markets closed up: London’s FTSE gained 1.4 per cent, Paris is up 2.6 per cent and Frankfurt pushed 2.3 per cent higher.
 
Asian markets closed higher: Tokyo’s Nikkei added 0.6 per cent, Hong Kong’s Hang Seng is up 3.7 per cent, and China’s Shanghai Composite recovered 5.8 per cent.
 
The Australian share market closed marginally higher yesterday: The S&P/ASX 200 Index closed 1 point up to finish at 5,471. On the futures market the SPI is 21 points down. 
 
Turning to currencies and the Australian Dollar at 7:20AM was buying $US0.7452 cents, 48.47 Pence Sterling, 90.42 Yen and 67.54 Euro cents.
 
Economic news

Due out today from the Australian Bureau of Statistics is May data on housing finance.
 
Company news
 
Bell Financial Group Limited (ASX:BFG) says its unaudited first half profit is $8 million, which is a 300 per cent increase on the same period last year. The stock broking and investment company says consolidated revenue is up 18 per cent to $83 million with funds under advice above $32 billion for the first time. Shares in Bell closed 11.63 per cent up yesterday at $0.48
 
Integrated Research Limited (ASX:IRI) has also forecast a solid profit for its full year accounts with profit after tax in the range of $13.5 to $14.5 million compared to $8.5 million the year before. The enterprise software company says sales were strong with the falling Aussie dollar also supporting the business. The company anticipates official release of its full year accounts on 20 August. Shares in Integrated Research closed 2.77 per cent lower yesterday at $1.58
 
Ex-dividends

1 company is going ex-dividend today: 8I Holdings Limited (ASX:8IH) paying $0.99.
 
Commodities

Gold has lost $4.70 to $US1,159 an ounce for the August contract on Comex.
Silver has gained $0.20 to $15.36 for September.
Copper has gained $0.05 to $2.55 a pound.
Oil has gained $0.86 to $US52.95 a barrel for August light crude in New York.