The Australian share market edged higher this morning despite weak U.S. futures and further falls in Shanghai.
At lunchtime the ASX 200 was ahead 13 points or 0.3% at 4776, with the gains list topped by health stocks, property trusts and energy stocks. The metals & mining sector was up 0.3% after Fortescue Metals reported a 9% quarter-on-quarter improvement in iron ore production last quarter and as the market awaited today's quarterly report from Rio Tinto.
"Traders are waiting on the outcome of a meeting of European finance ministers to discuss strategy for its debt rescue fund," CMC Markets strategist Ric Spooner told Fairfax. "Investors will also be anticipating the release of Rio's latest production report this afternoon."
U.S. futures remained soft, despite some improvement this morning. S&P 500 futures were down 0.25%, Dow futures 0.06% and Nasdaq futures 1.06% following overnight news that Apple CEO Steve Jobs is taking another leave of absence for health reasons.
Asian markets mostly retreated this morning for a second day. Shanghai was 0.5% lower in early trade, Japan's Nikkei up 0.1% and Hong Kong's Hang Seng off 0.03%.
Crude oil futures eased 8 cents this morning to $90.94 a barrel. Spot gold was 90 cents stronger at $1,362.40 an ounce. The dollar was buying 99.24 U.S. cents.
Disappointing to see Shanghai lower again but it wouldn't surprise to see a reversal today. Lots of volatility in our market today, delivering quick trading opportunities. I had nice wins in CEL, WTP and MOL, picking up at the lows and selling into up-swings.
