Following positive leads, the Australian share market looks set to open higher. Taking a cue from softer than expected jobs data released on Friday, US market expectations of a rate hike dampened, with indexes lifting across the board. Oil prices gained on Friday, however the spectre of oversupply continues to haunt investors.
US economic news
Non-farm payrolls increased in August by 151,000, shy of market expectations of 180,000. The unemployment rate remains steady at 4.9 percent, unchanged over the past two months. The trade deficit declined in July to US$39.74 billion, down from US$44.66 billion. New orders for manufactured goods rose in July, up 1.9 percent.
Wall Street closed up on Friday: The Dow Jones Industrial Average gained 0.4 per cent to close at 18,492, the S&P 500 added 0.4 per cent to close at 2,180 and the NASDAQ advanced 0.4 per cent to close at 5,250.
European markets closed up: London’s FTSE gained 2.2 per cent, Paris rose 2.3 per cent and Frankfurt climbed 1.4 per cent.
Asian markets closed mixed: Tokyo’s Nikkei finished flat, Hong Kong’s Hang Seng was up 0.5 per cent, and China’s Shanghai Composite lifted 0.1 per cent.
The Australian share market closed lower on Friday: The S&P/ASX 200 Index closed 43 points down to finish at 5,373, 143 points down on the week. On the futures market the SPI is 35 points up.
Turning to currencies and the Australian Dollar at 7:20AM was buying $US75.73 cents, 56.95 Pence Sterling, 78.81 Yen and 67.89 Euro cents.
Due out today from the Melbourne institute is inflation data, while ANZ banking group will report on job ads and the ABS will release corporate profit data.
Redflow Limited (ASX:RFX)
has announced changes to its senior management team as the company prepares for the first delivery of its ZCell residential flow batteries in Australia. Executive Chairman Simon Hackett has been named as acting CEO, following the resignation of Stuart Smith, while fellow board member Richard Aird will take up the position of Chief Operating Officer.
Shares in Redflow Limited closed steady on Friday at $0.385
Growthpoint Properties Australia Limited (ASX:GOZ)
has announced it now has a relevant interest in more than 90 percent of the ordinary units in GPT Metro Office Fund. The company has indicated this includes an acceptance from Centuria, the largest unitholder outside of Growthpoint.
Shares in Growthpoint Properties Australia Limited closed 0.31 per cent lower yesterday at $3.20.
Gold has gained $11.70 to $US1329 an ounce for the December contract on Comex.
Silver has added $0.58 to $19.52 for December.
Copper is steady at $2.08 a pound for December.
Oil has lifted $1.04 to $US44.20 a barrel for October light crude in New York. Ex-Dividends