The Australian share market is eyeing a rise at the open, with the futures pointing up, despite mixed leads from Wall Street and a commodity price slip.
The tech heavy Nasdaq closed higher after Facebook gained about 2 per cent on the back of an analyst saying the social media stock would lead US stocks higher in 2018.
Despite that the Dow slipped, while the S&P flatlined with investors sitting on the fence, awaiting details of the tax overhaul from Congress.
On the commodity front, a drop the oil price overnight by about 2.9 per cent, has set our energy companies up for some selling today and a drop in the iron ore price is also seeing our miners brace for a retreat a well.
US economic news.
Private sector employers created 190,000 jobs in November, beating the185,000 expected. The rise came on the back of manufacturing jobs, which had its best month of 2017, creating 40,000 new jobs, while service oriented industries grew by 155,000 jobs.
Local economic news
We will learn how international trade performed the month of October with Australia’s of Australia’s exports and imports. Yesterday we learnt the terms of trade fell 0.4 per cent in the September on the back of lower export prices. And the net export contribution to our economic growth (GPD) was flat in the quarter, despite higher mining production and exports for coal and iron ore.
Wall Street closed mixed yesterday: The Dow Jones Industrial Average lost 0.2 per cent to close at 24,141, the S&P 500 lost 0.01 per cent to close at 2,629 and the NASDAQ added 0.2 per cent to close at 6,776.
European markets closed mixed: London’s FTSE rose 0.3 per cent, Paris lost 0.02 per cent and Frankfurt shed 0.4 per cent.
Asian markets closed lower: Tokyo’s Nikkei lost almost 2 per cent, Hong Kong’s Hang Seng shed 2.1 per cent, and China’s Shanghai Composite fell 0.3 per cent.
And back home, the Australian share market closed lower yesterday: The S&P/ASX 200 Index closed 26 points down to finish at 5,946.
On the futures market the SPI is 16 points up.
Spark New Zealand (ASX:SPK) CEO of Home, Mobile & Business has resigned and will leave the NZ telecommunications company early next year. He joined Spark in 2011 and improved the company’s market performance, particularly in the mobile division. He is leaving the group to take up a leadership role offshore. Shares in Spark New Zealand closed flat yesterday at $3.24.
One company is going ex-dividend today, Funds Management giant, BT Investment Management (ASX:BTT) which is paying 26 cents 25 per cent franked.
One Australian Dollar at 8.40 AM was buying 75.63 US cents, 56.49 Pence Sterling, 84.91 Yen and 64.14 Euro cents.
Gold has gained $1.50 to $US1,266 an ounce.
Silver has dropped $0.08 to $US15.99 an ounce.
Oil has shed $1.66 to $US55.93 a barrel.