Outlook: Aus shares set for soft start

Market Reports

The Australian share market looks set for a soft start to the session after Wall Street ended just slightly higher but still near record levels. America’s major indexes traded in a tight range over a quiet session with bond markets closed for the Veterans Day holiday.
 
On the company front annual general meetings will be in focus with shareholders gathering from Commonwealth Bank of Australia (ASX:CBA), Fortescue Metals Group Limited (ASX:FMG) Asciano Limited (ASX:AIO) and Aurizon Holdings Limited (ASX:AZJ)
 
Global markets
 
Wall Street ended on positive territory on Tuesday: The Dow Jones Industrial Average added 0.01 per cent to close at 17,615, the S&P 500 added 0.07 per cent to close at 2,040 and the Nasdaq added 0.2 per cent to close at 4,661.
 
European markets moved higher on Tuesday: London's FTSE 100 added 0.2 per cent, France's CAC 40 added 0.5 per cent and Germany's DAX added 0.2 per cent.
 
Asian markets ended mixed on Tuesday: Japan’s Nikkei jumped 2 per cent, Hong Kong’s Hang Seng firmed 0.3 per cent, and China’s Shanghai Composite slipped 0.2 per cent.
 
The Australian share market traded and ended in the red on Tuesday: The S&P/ASX 200 index closed 7 points lower at 5,517. On the futures market the SPI is 8 points lower. 
 
Currencies 
 
The Australian dollar at 8:25am was buying $US0.8696, 54.63 Pence Sterling, 100.41 Yen and 69.71 Euro cents.
 
Economic news due out today 
 
Australian Bureau of Statistics: Lending finance figures for September and the wage price index for the September quarter
 
Westpac Banking Corporation (ASX:WBC)-Melbourne Institute: Survey of Consumer Sentiment 
 
Company news
 
TPG Telecom Limited (ASX:TPM) has lifted its stake in Amcom Telecommunications Limited (ASX:AMM). A change in substantial holding notice lodged yesterday evening shows TPG now has an almost 7 per cent interest in Amcom. The transaction comes after Vocus Communications Limited (ASX:VOC) bought a 10 per cent stake in Amcom last month and started merger talks with the company. Shares in Amcom Telecommunications fell 0.42 per cent to close at $2.36 ahead of the announcement. 
 
Transfield Services Limited (ASX:TSE) has inked a confidentiality agreement with its suitor, Spanish infrastructure firm Ferrovial Servicios. The maintenance and construction services company scored a conditional takeover bid valued at almost $1 billion last month. Transfield says Ferrovial will now be allowed to conduct limited due diligence to determine if a better offer for Transfield shareholders can be put forward. Shares in Transfield Services gained 1.08 per cent to close at $1.88 ahead of the announcement. 
 
Ex-dividends
 
Australian Pharmaceutical Industries Limited (ASX:API) paying a 2 cent fully franked dividend
Desane Group Holdings Limited (ASX:DGH) paying a 2 cent fully franked dividend
E & A Limited (ASX:EAL) paying a 2.75 cent fully franked dividend
Macquarie Group Limited (ASX:MQG) paying a 130 cent, 40 per cent franked dividend
Zicom Group Limited (ASX:ZGL) paying a 0.45 cent unfranked dividend
 
Commodities 

Gold has gained $3.20 to $US1,163 an ounce for the December contract on Comex. 
Silver has added $0.01 to $15.68 for December. 
Copper has lifted $0.02 to $3.03 a pound. 
Oil has risen $0.54 to $US77.94 a barrel for December light crude in New York.

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