Following strong gains from US markets the Australian share market looks set to rise e on Monday's open. The S&P 500 closed at a record high, hitting 2,500 for the first time, Information Technology and financials among the best performing sectors. The three major indices finished the week at least 1.4 per cent higher. The Dow notched its biggest weekly gain since December, with Boeing, 3M and Apple contributing most to the gains.
US economic news
The Federal Reserve reported the manufacturing index decreased to 24.4 in September from a 3 year high of 25.2 in August. The reading came in way above market is expectations of 19.
The Commerce Department reported r tail sales unexpectedly fell .2 of a percent, missing expectations of a 0.1 percent rise. It's the first drop in retail sales since February, most likely attributable to Hurricane Harvey.
Local economic news
Tuesday will see economic data on residential property prices released by the ABS. On Wednesday Westpac M-I will release its indicator of economic activity and finally on Thursday we can expect the RBA to release its June quarter bulletin encompassing topics such as houses and apartments, the unemployment gap, banking fees and the ongoing decline of the cheque system.
Wall Street closed in record territory on Friday: The Dow Jones Industrial Average closed .3 of a per cent up at 22,268, the S&P 500 is up 0.2 per cent to close at 2,500 and the NASDAQ was also up 0.3 per cent to close at 6,448.
European markets closed lower: London’s FTSE dropped 1.1 per cent, Paris ended the day down as did Frankfurt losing 0.2 per cent.
Asian markets closed mixed: Tokyo’s Nikkei gained 0.5 per cent, Hong Kong’s Hang Seng is up 0.1 per cent, and China’s Shanghai Composite was down 0.5.
The Australian share market closed lower on Friday: The S&P/ASX 200 Index closed 44 points down to finish at 5,695.
On the futures market the SPI is 16 points up.
Ten Network Holdings’ (ASX:TEN) administrators KordaMentha have received a new pitch from Lachlan Murdoch and Bruce Gordon’s private investment vehicles Biketu and Illyria in an effort to ward-off US broadcaster CBS. The fresh bid includes an increase in the maximum payment to unsecured creditors from $35 million to $55 million. The media moguls wasted no time in launching the bid following the senate’s passing of the media law reform bill late Thursday thanks to the support of the independants. Shares in Network Holdings (TEN:ASX) last traded at 16 cents.
4 companies are going ex-dividend today: Alliance Aviation (ASX:AQZ) is paying 3 cents, Amaysim Australia (ASX:AYS) is paying 5.1 cents. FFI Holdings (ASX:FFI) is paying 10 cents and Over The Wire Ltd (ASX:OTW) is paying 1.25 cents,
They are all fully franked.
One Australian Dollar at 7:35AM was buying $US80.02 cents, 59.58 Pence Sterling, 88.70 Yen and 66.99 Euro cents.
Gold down $1.70 to $US1323.50 an ounce.
Silver dropped 7 cents to $US17.63 an ounce.
Oil has lost 6 cents to $US49.83 a barrel.