The local sharemarket looks set to open higher this morning after Wall Street rebounded from lows on Friday. Stocks were down throughout the session but managed to stabilize after US President Donald Trump called the latest round of US-China trade talks constructive . Despite new tariffs being imposed by the US on Chinese goods, investors are still optimistic about a trade deal eventually being secured.
Meantime, Ride-hailing giant Uber debuted on the New York Stock Exchange on Friday falling almost 8 per cent below its offering price of $45 by the end of trade.
Local economic news
The week kicks off today when the ABS releases March data on overseas arrivals and departures, while the Reserve Bank issues the credit and debit card figures for March. On Wednesday the all-important wage price index is released and the May consumer sentiment index is released. And on Thursday the April job market data is expected.
Wall Street closed higher on Friday: The Dow Jones Industrial Average gained 0.4 per cent to close at 25,942, the S&P 500 added 0.4 per cent to close at 2881 and the NASDAQ rose 0.1 per cent to 7917.
European markets closed mixed on Friday: London’s FTSE fell 0.1 per cent, Paris gained 0.3 per cent and Frankfurt rose 0.7 per cent.
Asian markets closed also mixed on Friday: Tokyo’s Nikkei fell 0.3 per cent, Hong Kong’s Hang Seng added 0.8 per cent while China’s Shanghai Composite gained 3.1 per cent.
Locally, the SPI futures are up 29 points. On Friday, the Australian share market closed 16 points (0.3 per cent) higher at 6311.
Australia's largest integrated provider of import and export logistics services, Qube (ASX:QUB) has snapped up mining and industrial services company LCR for $135 million. The purchase was funded via Qube's existing undrawn debt facilities. Qube says the deal offers it the ability to deliver enhanced broad spectrum mining and industrial services to its existing and future customers. Shares in Qube holdings (ASX:QUB) closed 1.8 per cent higher at $2.88 on Friday.
ANZ Banking Grp Ltd (ASX:ANZ) is paying 80 cents fully franked
Macquarie Group Ltd (ASX:MQG) is paying $3.60 45 per cent franked
One Australian Dollar at 7:40 AM was buying 69.97 US cents, 53.83 Pence Sterling, 76.86 Yen and 62.31 Euro cents.
Iron ore futures suggest a 0.7 per cent gain.
Gold has added $2.20 to US$1287 an ounce.
Silver was flat at US$14.78 an ounce.
Oil has fallen $0.01 to US $61.80 a barrel.