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The SPI is pointing to a slightly higher start for the Australian share market after global markets ended broadly higher at the end of last week. Wall Street closed little changed but remained near record highs after US retail sale were shown to have rebounded 0.3 per cent last month.
Across commodity markets the price of gold has continued to climb and oil is also trading higher while the iron ore price has slipped. On the local front official car sales figures are due for release, Arrium Limited (ASX:ARI) will hold its annual general meeting and Elders Limited (ASX:ELD) is due to unveil full year results.
Global markets
Wall Street gained for the fourth straight week but posted a soft finish to Friday’s session: The Dow Jones Industrial Average dipped 0.1 per cent to close at 17,635, the S&P 500 rose 0.02 per cent to close at 2,040 and the Nasdaq rose 0.2 per cent to close at 4,689.
European markets ended the week on a high note: London's FTSE 100 firmed 0.3 per cent, France's CAC 40 added 0.4 per cent and Germany's DAX put on 0.05 per cent.
Asian markets finished Friday mixed: Japan’s Nikkei gained 0.6 per cent, Hong Kong’s Hang Seng gained 0.3 per cent, and China’s Shanghai Composite slipped 0.3 per cent.
The Australian share market snapped four days of losses to end higher on Friday: The S&P/ASX 200 index rose 12 points on Friday, trimming the weekly loss of 95 points to close at 5,454. On the futures market the SPI is 6 points higher.
Currencies
After rising $US0.013 over last week the Australian dollar at 8:25am was buying $US0.8779, 55.98 Pence Sterling, 102.29 Yen and 70.04 Euro cents.
Economic news due out today
Australian Bureau of Statistics: New motor vehicles sales data for October
Company news
A National Australia Bank Limited (ASX:NAB) commissioned report has shown Australian capital city home values increased by 9.3 per cent in the year to the end of September. The RP Data produced Australian Housing Market Report shows home values are continuing to increase but growth has moderated a little in recent months. Over the past year the report also showed Sydney and Melbourne posted the largest number of sales while Darwin recorded a lower number of sales despite its increase in home values. Shares in National Australia Bank rose 0.9 per cent to end the week at $32.69.
The repercussions of Commonwealth Bank of Australia’s (ASX:CBA) multi-million dollar financial planning scandal continue. Australia’s corporate regulator has appointed KordaMentha to examine two of the bank’s financial planning arms involved in the scandal. The advisory group will prepare three reports for the Australian Securities and Investments Commission (ASIC). Shares in Commonwealth Bank of Australia rose 0.62 per cent to end the week at $81.77.
Ex-dividends
ARB Corporation (ASX:ARP) paying a fully franked dividend of $1.00
Commodities
After gaining more than $20 over last week the price of gold has lifted $3.50 to $US1,186 an ounce for the December contract on Comex.
Silver has gained $0.69 to $16.31 for December.
Copper has added $0.04 to $3.05 a pound.
Oil has firmed $1.61 to $US75.82 a barrel for December light crude in New York.
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