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Outlook: Aus shares set to make gains October 19, 2015 09:12 AM

US stocks ended higher for the week providing a positive outlook for the Australian share market. Wall St closed up on Friday to make it a third straight week of gains.

Investors there are shrugging off soft economic data in the belief that although the Federal Reserve rate hike has been delayed.. it is still on the cards.

US Economic news

Industrial production fell for a second straight month in September, down 0.2 per cent on renewed weakness in oil and gas drilling. Consumer sentiment showed a strong rebound rising for the first time in four months. Meanwhile a report from the Labor Department showed 5.37 million jobs are waiting to be filled in the US, second only to July’s all-time high of 5.67 million.

Markets

Wall Street closed up ahead of the weekend:
The Dow Jones Industrial Average gained 0.4 per cent to close at 17,216,
the S&P 500 added 0.5 per cent to close at 2,033
and the NASDAQ advanced 0.3 per cent to close at 4,887.

European markets closed up: London’s FTSE added 0.6 per cent,
Paris also gained 0.6 per cent
and Frankfurt added 0.4 per cent.

Asian markets were also higher:
Tokyo’s Nikkei added 1 per cent,
Hong Kong’s Hang Seng rose by 0.8 per cent,
and China’s Shanghai Composite advanced 1.6 per cent.

The Australian share market closed higher on Friday:
The S&P/ASX 200 Index closed 38 points up to finish at 5,268 to be 30 points down over the week.

On the futures market the SPI is pointing 22 points higher.

Currencies

The Australian Dollar at 8.20AM was buying 72.61 US cents, 47.04 Pence Sterling, 86.72 Yen and 63.96 Euro cents.

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