Wall Street rally continues: Aus shares to edge higher

Market Reports

by Anna Napoli

Australian shares are expected to edge higher this morning following a rally on Wall Street. US Stocks were bolstered by a rebound in the price of oil and hopes that his week’s US-China talks will lead to a truce between the countries. Oil prices rose yesterday, boosted by OPEC production cuts, and, steadying equity markets. The S&P 500 energy sector was among the best performers rising 1.2 per cent as Cabot Oil and Hess both rose more than 4 per cent.

Local economic news

The international trade data on exports and imports for November is due out from the ABS today.

Markets

Wall Street closed higher yesterday, the Dow Jones Industrial Average gained 0.4 per cent to close at 23,531 the S&P 500 added 0.7 per cent to close at 2550 and the NASDAQ gained 1.3 per cent higher to close at 6823.

European markets closed lower: London’s FTSE shed 0.4 per cent, Paris also lost 0.4 per cent and Frankfurt was down 0.2 per cent.

Asian markets closed higher: Tokyo’s Nikkei was up 2.4 per cent, Hong Kong’s Hang Seng gained 0.8 per cent, and China’s Shanghai Composite was up 0.7 per cent.

Returning home, the SPI futures are eyeing a lift of 9 points. Yesterday the Australian share market closed 1.1 per cent higher or 64 points at 5,683.

Company news

Biotech company, Telix Pharmaceuticals (ASX:TLX) has announced the acceleration of it's prostate cancer therapy program. The company says analysis of previous testing data by a third- party clinical research organisation is strongly supportive of taking Telix's prostate therapy program into a Phase III study. As a result, Telix would potentially be able to accelerate its antibody-directed prostate cancer radiotherapy program by approximately two years. Shares in Telix (ASX:TLX) closed 1.4 per cent lower at $0.66 yesterday.

Currencies

One Australian Dollar at 8.30 was buying 71.47 US cents, 55.97 Pence Sterling, 77.69 Yen and 62.2 Euro cents.

Commodities

Iron Ore futures eyeing a lift of 0.8 per cent
Gold has gained $3.00 to US$1289 an ounce.
Silver has fallen $0.09 to US$15.70 an ounce.
Oil has gained $0.61 to US$48.57 a barrel.