Wall St sees records again, oil lifts: Aus shares to charge ahead

Market Reports

by Jessica Amir

On Wall Street US equities are back in record breaking territory, with the Dow Jones jumping 168 points amid better than expected company earnings. Not only did it hit a new intraday record, but another closing record too. It comes as Caterpillar shares gained 5 per cent while 3M shares almost rose 6 per cent. The other two US major indices closed other as well. 

On the commodities front, US Crude Oil rose 1.1 per cent settling back above the US$52 mark will bodes well for our local energy companies today and should see then them. While the iron ore price has not seen much change.

Local economic news 

The ABS will release the highly anticipated inflation data for the September quarter, with the headline consumer price index (CPI) predicted to increase by 0.7 per cent and be 2.1 per cent year-on-year. The growth is from rising power and gas bills and housing and tobacco prices.

Markets

Wall Street closed higher yesterday: The Dow Jones Industrial Average gained 0.7 per cent to close at 23,442, the S&P 500 added 0.2 per cent to close at 2,569 and the NASDAQ gained 0.2 per cent to close at 6,598.

European markets closed higher: London’s FTSE gained 0.03 per cent, Paris added 0.2 per cent and Frankfurt rose 0.1 per cent.

Asian markets closed mixed: Tokyo’s Nikkei added 0.5 per cent, Hong Kong’s Hang Seng fell 0.5 per cent, and China’s Shanghai Composite rose 0.2 per cent.

And back home, the Australian share market closed higher yesterday: The S&P/ASX 200 Index closed 4 points up to finish at 5,898.

On the futures market the SPI is 15 points up.

Company news 

A leading provider of fleet, Eclipx Group (ASX:ECX) has given ANZ (ASX:ANZ) Westpac (ASX:WBC) and NAB (ASX:NAB) the go ahead to engage with investors on Eclipx’s ABS Programme, previously known as its Turbo Trust. A potential Australian dollar ABS issue may follow, depending on market conditions. Shares in Eclipx Group (ASX:ECX) closed 0.47 per cent lower at $4.24.

Fast cash and personal loan provider, Money3 Corporation (ASX:MNY) says in response to the proposed legislation amendment to National Consumer Credit Protection Bill, it has adjusted its credit offering. Money3 says its shifting towards focusing on secured lending, and the proposed regulatory change will not financially impact the company. Money3 says its automotive loan book it tipped to grow, to about 81 per cent of receivables by the end of the first quarter of FY18. Shares in Money3 Corporation (ASX:MNY) closed 1.56 per cent lower at $1.58.

Ex-dividends

Two companies are going ex-dividend today

Academies Australia Group (ASX: AKG) is paying 0.5 cents fully franked and
Ridley Corporation (ASX:RIC) is paying 2.75 cents full franked.

Currencies

One Australian Dollar at 7:50AM was buying 77.79 US cents, 59.25 Pence Sterling, 88.62 Yen and 66.15 Euro cents.

Commodities

Gold has lost $2.90 to $US1,278 an ounce.
Silver has lost $0.11 to $US16.96 an ounce.
Oil has gained $0.56 to $US52.46 a barrel.
 

Jessica Amir

Finance News Network
Jessica joined FNN in January 2017 after having worked in financial advising for seven years and in TV journalism for seven years, specialising in finance, equities and analysis. She has interviewed former Prime Ministers of Australia, Tony Abbott, Julia Gillard and Kevin Rudd and ex Treasurer Jo Hockey. Jessica has worked as a journalist with Sky News Business, ABC 1, ABC's The Business, ABC24 and has also been a regional Channel 7 and 9 TV reporter with Prime7 and Win News.