Higher start in store for stocks
July 27 (AAP) The Australian stock market is likely to open higher after the Dow Jones hit a two-month high overnight.
This morning on the Sydney Futures Exchange, the September share price index contract was up 26 points at 4502 points. Yesterday, the major indices finished about 0.6 per cent higher.
What you need to know:
· The SPI was up 26 points at 4502
· The Australian dollar was buying 90.23 US cents
· In the US, the S&P500 rose 12.35 points to 1115.01
· In Europe, the FTSE 100 rose 38.5 points to 5351.12
· Gold fell $US4.70 an ounce to $US1183.10
· Oil was steady at $US78.98 a barrel
· The Reuters Jefferies index rose 0.02%
· Stocks to watch: possible market movers
What's out today
In economics news, Housing Industry Association releases its Trades Report for the June quarter.
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In the news this morning
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And overseas, US new home sales have bounced back from record lows and there is growing evidence that the embattled BP boss Tony Hayward will step down shortly.
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How we fared yesterday
The Australian share market closed higher on Monday, aided by strong sales data from Wesfarmers and buoyant banking stocks.
The benchmark S&P/ASX200 index was up 27.7 points, or 0.62 per cent, at 4486.1 points, while the broader All Ordinaries index rose 29.3 points, or 0.66 per cent, to 4504.4.
Offshore overnight
US stocks extended gains on Monday as sentiment was boosted by a surge in new home sales and higher company earnings.
The Dow Jones Industrial Average jumped 100.81 points, or 0.97 per cent, to a two-month high of 10,525.43, after posting a 3.2 per cent jump last week.
The tech-rich Nasdaq composite index gained 26.96 points, or 1.19 per cent, to 2296.43, while the broader S&P 500 index added 12.35 points, or 1.12 per cent, to 1115.01.
The S&P 500 had finished 3.5 per cent higher last week, breaching the 1100 level for the first time since June 21.
The market received a boost from data on sales of new homes, which increased in June by 23.6 per cent to 330,000 units from a revised May rate of 267,000, a record low.
Economists cautioned against reading too much into the increase.
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European stock exchanges closed higher. The London FTSE 100 index added 38.5 points, or 0.72 per cent, to 5351.12.
German stocks rose by 0.45 per cent, led by banking stocks in the first reaction to European bank stress tests. The DAX was up 27.87 points at 6194.21 points.
French stocks rose by 0.81 per cent, also reacting to the banks' stress tests. The CAC 40 index added 29.13 points to 3636.18 points.
Commodities
Oil prices were steady on Monday as investors mulled expectations of an inventory decline in the United States and as concerns eased over a storm threat to drilling in the Gulf of Mexico.
New York's main contract, light sweet crude for delivery in September, ended at $US78.98 a barrel, steady with Friday's close.
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September gold fell $US4.70 to settle at $US1183.10 a fine ounce on the Comex division of the New York Mercantile Exchange.
September silver rose 9.9 US cents to settle at $US18.20 per ounce.
Copper for September delivery settled 3.8 US cents higher at $US3.2230 a pound.
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"Mogi" Munkhdul Badral
CPS International
Email: mogi@cpsinternational.mn
Mobile: +976-99996779
CPS International is a marketing arm of CPS Securities in Mongolia. CPS Securities is a Perth, Western Australia based ASX Licensed Financial Services Company. To trade ASX stocks, feel free to contact me at mogi@cpsinternational.mn or +976-9999-6779.
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