Outlook: Aus shares set for positive open

Market Reports


US stocks ended higher on Friday after initially falling sharply in reaction to a weaker than expected jobs report for September. Fears the data would delay a Federal Reserve decision to start raising interest rates were soon wiped out after a jump in oil prices on news that US oil production was at a five-year low. 
 
Gains in the US and European markets are providing a positive lead for the ASX which is expecting light trade as some states observe a Labour Day holiday. 
 
US economic news

The Labor Department says that 142,000 jobs were added in September, well below expectations of 203,000. Jobs figures for July and August were also revised down by 59,000. 
 
Markets

Wall Street closed up on Friday: The Dow Jones Industrial Average gained 1.2 per cent to close at 16,472, the S&P 500 added 1.4 per cent to close at 1,951 and the NASDAQ advanced 1.7 per cent to close at 4,708.
 
European markets closed up: London’s FTSE gained nearly one per cent, Paris rose 0.7 per cent and Frankfurt added half of one per cent.
 
Asian markets also closed higher: Tokyo’s Nikkei added 0.02 per cent, Hong Kong’s Hang Seng surged 3.2 per cent, and China’s Shanghai Composite gained 0.5 per cent.
 
The Australian share market closed 60 points lower on Friday at 5,052 to be 10 points up on the week:  On the futures market the SPI is pointing 67 points up.  
 
Currencies

The Australian Dollar at 7:30AM was buying 70.60 US cents, 46.50 Pence Sterling, 84.67 Yen and 62.94 Euro cents.
 
Economic news

Due out today is the TD/ Melbourne Securities monthly inflation gauge and ANZ job ads for September
 
Company news
 
Kingsgate Consolidated Limited (ASX:KCN) has issued a statement denying any corrupt conduct regarding its dealings in Thailand. Responding to reports in the Thai media, the company says a 2014 ASIC investigation resulted in no further action and that it has operated in compliance with Thai and Australian laws for the past 14 years. Shares in Kingsgate Consolidated lost 2.77 per cent to $0.70 ahead of the weekend.
 
Aquarius Platinum Limited (ASX:AQP) says the sale of the Everest Mine and associated infrastructure in South Africa to Northam Platinum should complete this week. Aquarius receives $450 million South African rand or around $46 million Aussie dollars in the deal. Shares in Aquarius Platinum Limited (ASX:AQP) closed 7.4 per cent higher on Friday at $0.145
 
Commodities

Gold has advanced $22.90 to US$1,137 an ounce for the December contract on Comex. Silver has added $0.72 to $15.23 for December. Copper has added 2 cents to $2.33 a pound. Oil has risen $0.80 to US$45.54 a barrel for November light crude in New York.