Following positive leads from US markets, the Australian share market looks set to open higher this morning. In the US shares lifted for the third day despite mixed results. Boeing saw unexpected losses in their quarterlies. Ford slumped as earnings missed estimates. Tesla plunged 10 per cent after posting a larger-than-expected loss in their quarterly results. Facebook meanwhile climbed on higher-than-forecast revenue.
Local economic news
RBA governor Philip Lowe speaks on Inflation Targeting and Economic Welfare at The Anika Foundation Luncheon in Sydney at 1.05pm
Wall Street closed mixed yesterday: The Dow Jones Industrial Average lost 0.29 per cent to 27,270 the S&P 500 added 0.47 per cent to close at 3020 and the NASDAQ rose 0.85 per cent to 8251.
European markets closed mixed: London’s FTSE lost 0.73 per cent, Paris dipped 0.22 per cent and Frankfurt was up 0.26 per cent.
Asian markets closed higher: Tokyo’s Nikkei gained 0.44 per cent, Hong Kong’s Hang Seng was up 0.66 per cent and China’s Shanghai Composite rose 0.7 per cent.
Taking all of this into equation, the SPI futures are pointing to a steady start.
Yesterday, the Australian share market closed 52 points or 0.77 per cent higher at 6777.
Global litigation funders IMF Bentham (ASX:IMF) announced that the Forge proceedings have been settled with no admissions as to liability. The class action filed on 23 December 2014 on behalf of the Rushleigh Services as trustee for Taboga Superannuation Fund and people who purchased Forge securities between 7 March 2012 and 1 November 2013 and who entered into a funding agreement with IMF Bentham before 6 August 2015. The proceedings allege that between those times Forge engaged in misleading and deceptive conduct in breach of the Corporations Act 2001 and breached its continuous disclosure obligations in connection with the West Angelas and Diamantina Power Station, projects of its wholly owned subsidiary Forge Group Power. If the deed of settlement becomes unconditional, IMF currently expects to generate revenue of approximately $7.5 million, including reimbursement of project costs. This investment is part of IMF’s on-balance sheet portfolio. Shares in IMF Bentham(ASX:IMF) closed 0.3per cent lower at $3.31 yesterday.
One Australian Dollar at 7:40AM was buying 69.79US cents, 55.91Pence Sterling, 75.48 Yen and 62.64 Euro cents.
Iron Ore futures suggest a 0.2 per cent fall.
Gold has risen by $4.80 to US$1439 an ounce.
Silver has gained $0.15 to US$16.63 an ounce.
Oil has shed $0.87 to US$55.90 a barrel.