The Australian share market looks set to open flat today despite strong leads from US markets. US stocks rose on Tuesday with investors encouraged by a stronger than expected earnings season which has helped to offset concerns over global trade. The S&P 500 ended the session just half a percent off an all time high with shares of Tesla and Amazon helping to boost the index. Shares of Tesla closed more than 10 per cent higher after CEO Elon Musk said he was considering taking the company private.
On the commodities front, global oil prices rose as the US reinstated some of the sanctions against Iran. Gold prices climbed as the US dollar weakened against the Chinese Yuan, and the iron ore price jumped by around 0.8 per cent pushing it just under $US70 a tonne.
Local economic news
June data on housing finance is released
Wall Street closed higher on Monday. The Dow Jones Industrial Average closed 0.5 per cent higher to close at 25,629, the S&P 500 closed 0.3 per cent higher to close at 2,858 and the NASDAQ gained 0.3 per cent to close at 7884.
European markets closed higher yesterday: London’s FTSE added 0.7 per cent, Paris up 0.8 per cent and Frankfurt rose 0.4 per cent
Asian markets closed higher, Tokyo’s Nikkei rose 0.7 per cent lower, Hong Kong’s Hang Seng added 1.5 per cent and China’s Shanghai Composite gained 2.7 per cent.
Back home, the SPI futures are flat. Yesterday, the Australian share market closed lower with the S&P/ASX 200 Index dropping 19 points to close at 6254.
REVA Medical (ASX:RVA) has announced $144 000 in revenue for the six months to June 30, compared to no revenue in the prior corresponding period. The company’s net income was $25.3 million for the period, compared to income of $0.9 million for the same time last year. R&D expenses decreased by 30 per cent to $4.9 million. During the period the medical device company entered its first distribution partnership to expand the use of its treatment for coronary artery disease to Turkey, as well as presenting new 2-year clinical trial results. Shares in REVA Medical (ASX:RVA) closed flat at 27 cents yesterday.
Australian Foundation (ASX:AFI) is paying 14 cents fully franked
Amyf Four Ltd (ASX:AYK) is paying 29 cents fully franked
One Australian Dollar at 7:20AM was buying 74.2 US cents, 57.36 Pence Sterling, 82.65 Yen and 63.99 Euro cents.
Iron ore futures are flat
Gold gained $1.10 to $US1219 an ounce.
Silver up 4 cents at $US15.38 an ounce.
Oil added 8 cents to $US69.09 a barrel.
The three most traded cryptocurrencies are trading lower: Bitcoin has dropped 2.3 per cent to US$6772, Ethereum has lost 6.7 per cent to US$378 and Ethereum classic was down 6.3 per cent to US$17.07.