The Reserve bank will meet this afternoon but already today we’ve seen that the Australian current account deficit has widened for the second quarter of this year. Also from the ABS we’ve had a read on building approvals for July with a 2.5 per cent increase month on month, which is in contrast to last month’s fall of 3.8 per cent.
And the ANZ – Roy Morgan consumer confidence survey has shown a dip in sentiment with concerns about household finances being the major drag.
The S&P/ASX 200 index is 4 points up at 5,633. On the futures market the SPI is 8 points higher.
Economic news
The ABS has reported an expanded current account deficit for the June quarter of this year, Australia’s trade deficit has grown 76 per cent to almost $14 billion, seasonally adjusted. The ABS says the drop in the surplus on goods and services is likely to detract 0.9 percentage points from the June quarter measure of GDP growth.
Company news
Flinders Mines Limited (ASX:FMS) has reported significant iron ore results at its Pilbara Iron Ore Project.
Tag Pacific Limited (ASX:TAG) has won a solar power construction contract for Rio Tinto’s Alcan Weipa bauxite mine in Queensland.
Best and worst performers
The best performing sector is energy, gaining 1.2 per cent to 15,243. Shares in AWE Limited (ASX:AWE) have risen 3.63 per cent and trading at $1.78. Shares in Origin Energy Limited (ASX:ORG) and Beach Energy Limited (ASX:BPT) are also stronger.
The worst performing sector is utilities, falling 1.4 per cent to 5,979. Shares in AGL Energy Limited (ASX:AGK) have fallen 3.33 per cent, trading at $13.65. Shares in DUET Group (ASX:DUE) and APA Group (ASX:APA) are also lower.
