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Stocks look positive as US earnings kick off
July 13 (AAP) The Australian share market is likely to open higher as the second-quarter earnings season in the US got off to a positive start.
After Wall Street closed marginally higher, aluminum maker Alcoa beat analysts' expectations and raised its forecast for consumption of the metal this year.
This morning on the Sydney Futures Exchange, the September share price index contract was 16 points higher at 4402. Yesterday, the major indices rose about a third of a percentage point.
What you need to know:
· The SPI was up 16 points at 4402
· The Australian dollar was buying 87.59 US cents
· In the US, the S&P500 rose less than a point to 1078.75
· In Europe, the FTSE 100 rose 34.08 points to 5167.02
· Gold slipped $US11.10 an ounce to $US1198.70
· Oil was was $US1.14 a barrel to $US74.95
· The Reuters Jefferies CRB index fell 0.85%
What's out today
In economic news, the Australian Bureau of Statistics releases lending finance data for May, and National Australia Bank releases its monthly business survey for June.
How we fared yesterday
Australian stocks overcame a weak start to finish marginally higher as most market players stayed on the sidelines.
The benchmark S&P/ASX200 index gained 13.6 points, or 0.31 per cent, to 4409.9 points, while the broader All Ordinaries index rose 15 points, or 0.34 per cent, to 4429.5 points.
US stocks closed marginally higher as investors made few moves before the start of second-quarter earnings reports.
The Dow Jones industrial average rose 18.24 points, or 0.18 per cent, to 10,216.27 points. The Standard & Poor's 500 index gained 0.79 point, or 0.07 per cent, to 1078.75, and the Nasdaq composite index gained 1.91 points, or 0.09 per cent, to 2198.36 points.
European shares markets closed firmer as investors welcomed upbeat Chinese trade data and waited to see whether quarterly corporate results show that the US economy is on track.
Chinese trade figures showing a massive and better-than-expected 43.9 per cent increase in exports gave some reassurance that the country continues to drive the global recovery.
In London, the FTSE 100 index of leading shares gained 34.08 points, or 0.66 per cent, at 5167.02 points.
Germany's DAX added 11.95 points, or 0.2 per cent, to 6077.19 points.
The French CAC 40 gained 13.18 points, or 0.37 per cent, to 3567.66 points.
World oil prices sank under $US75 per barrel as traders cashed in gains and awaited a slew of economic data and the start of the US corporate earnings season.
Copper prices dipped after a report showed China's imports of the metal fell last month. Copper for September delivery lost 4.45 US cents to settle at $US3.009 a pound.
Other metals also fell slightly. A rise in the US dollar helped push prices down across most metals and energy contracts. A stronger US dollar makes commodities that are based in dollars more expensive for foreign buyers.
Gold for August delivery fell $US11.10 to $US1198.70 an ounce, while September silver dipped 15.6 US cents to settle at $US17.917 an ounce.
AAP, with BusinessDay
"Mogi" Munkhdul Badral
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