Soft leads are pointing to a lower start to the session for the Australian share market. US stocks ended mixed after low volume trade as earnings results, economic reports and debt ceiling jitters kept investors on the sidelines. European stocks also posted a lackluster finish as Germany reported its economic growth fell to 0.7 per cent in 2012, from 3 per cent the year before.

  

Figures

Wall Street ended mixed on Tuesday: The Dow Jones Industrial Average added 28 points to close at 13,535, the S&P500 added 2 points to close at 1,472 and the Nasdaq lost 7 points to close at 3,111.

 

European markets also ended mixed: London’s FTSE added 9 points, Paris lost 11 points and Frankfurt lost 54 points.

 

Asian markets closed mixed on Tuesday: Hong Kong’s Hang Seng lost 32 points, Tokyo’s Nikkei added 78 and China’s Shanghai Composite added 14 points.

 

After starting higher the Australian share market retreated into the red on Tuesday: The S&P/ASX 200 Index dipped 3 points yesterday to finish at 4,717. On the futures market the SPI is 6 points lower. 

 

Currencies

The Australian Dollar at 8:20AM was buying $US1.056 cents, 65.77 Pence Sterling, 93.78 Yen and 79.42 Euro cents.

 

Economic news due out today

Australian Bureau of Statistics: Lending finance figures for November, new motor vehicle sales data for December

Westpac Banking Corporation (ASX:WBC)-Melbourne Institute: Survey of Consumer Sentiment. 

 

Company news 

Austal Limited (ASX:ASB) has announced the US Navy has extended a high speed vessel contract by six months. Under the $US7 million contract modification Austal’s WestPac Express will continue to work for the US Navy until at least August 2013. The modification exercises the second of three six month charter options in the contract. Shares in Austal dipped 1.57 per cent yesterday, closing at 0.625 before the announcement was made. 

Developer of Internet-based real estate property portals iProperty Group Limited (ASX:IPP) is set to acquire Asia’s second largest property expo company. iProperty Group says it has inked a deal to buy Hong Kong based Smart Expo for $2.85 million. Smart Expo targets the property developer advertising market and generated almost $1 million of revenues in 2012r. Shares in iProperty Group rose 1.72 per cent, closing at $0.885 before the announcement was made. 

 

Ex-dividends tomorrow

 

Katana Capital Limited (ASX:KAT) with a 1 cent unfranked dividend

 

Ex-dividends next week 

 

Abacus Property Group (ASX:ABP) with an 8.25 cent unfranked dividend

Mirrabooka Investments Limited (ASX:MIR) with a 3.5 cent fully franked dividend

Newhaven Hotels Limited (ASX:NHH) with a 2 cent fully franked dividend

 

Commodities

Gold is up $14.50 to $US1,684 an ounce for the February contract on Comex.
Silver is up $0.42 to $31.53 for March.
Copper is flat at $3.64 a pound.
Oil is down $0.86 at US$93.28 a barrel for February light crude in New York.