The Australian share market looks set for a positive start ahead of official inflation figures due before noon, with expectations consumer prices rose slightly at the end of 2012. Though European markets dipped overnight Wall Street rose as US markets re-opened after the Martin Luther King Jr public holiday on Monday and responded to mainly positive earnings results.
US economic news
The National Association of Realtors reported existing home sales unexpectedly fell to an annual rate of 4.94 million in December, but lifted to five year highs over 2012.
Figures
Wall Street started its trading week higher: The Dow Jones Industrial Average added 62 points to close at 13,712 the S&P500 added 7 points to close at 1,493 and the Nasdaq added 8 points to close at 3,143.
European markets ended lower on Wednesday: London’s FTSE lost 2 points, Paris lost 22 points and Frankfurt lost 53 points.
Asian markets closed mixed on Wednesday: Hong Kong’s Hang Seng added 68 points, Tokyo’s Nikkei lost 38 and China’s Shanghai Composite lost 13 points.
The Australian share market pulled back from a 20 month high on Wednesday to finish flat: The S&P/ASX 200 Index added 2 points to close at 4,779. On the futures market the SPI is 11 points higher.
Currencies
The Australian Dollar at 8:20AM was buying $US1.056 cents, 66.71 Pence Sterling, 93.78 Yen and 79.39 Euro cents.
Economic news due out today Australian Bureau of Statistics: Consumer prices index for the December quarter 2012
Westpac Banking Corporation
(ASX:WBC)-Melbourne Institute: Leading Indexes of Economic Activity
Commonwealth Bank of Australia
(ASX:CBA): Business sales indicator for December
Company news BHP Billiton Limited
(ASX:BHP) is due to release its second quarter production report today and expectations are for a flat iron ore result.
Analysts have forecast the global miner will post iron ore output of about 41 million tonnes for the last three months of 2012 which would take the half year output result to about 80.95 million tonnes. Iron ore producer Fortescue Metals Group Limited (ASX:FMG) is due to release its production report tomorrow while rival miner Rio Tinto Limited’s (ASX:RIO, LON:RIO) released its latest output results last week. Shares in BHP Billiton firmed 0.11 per cent on Wednesday, ending at $36.58.
Centro Retail Australia Limited
(ASX:CRF) shareholders have overwhelmingly backed the company’s proposed name change to Federation Centres.
Chairman Bob Edgar told shareholders yesterday the company’s name and brand change is the most definitive way to draw this defining line from the past and signal the business’ evolution. The Melbourne-based company owns 41 Australian shopping centres and manages an extra 43. Shares in Centro Retail Australia fell 1.32 per cent on Wednesday, ending at $2.25.
Commodities
Gold is up $6.20 to $US1,693 an ounce for the February contract on Comex.
Silver is up $0.29 to $32.23 for March.
Copper is $0.02 at $3.70 a pound.
Oil is up $0.64 at US$96.68 a barrel for February light crude in New York.
