Flat start likely ahead of earnings flood
August 2 (AAP) The Australian share market is expected begin the week with a slightly stronger opening on the back of a flat lead from Wall Street.
When the Sydney Futures Exchange last traded on Saturday morning, the September share price index contract was up 7 points at 4470. That is better than the two-thirds of a percentage point fall marked by the major indices on Friday.
What you need to know:
· The SPI was up 7 points at 4470
· The Australian dollar was buying 90.55 US cents
· In the US, the S&P500 rose less than a point to 1101.60
· In Europe, the FTSE 100 fell 55.93 points to 5258.02
· Gold rose $US12.70 an ounce to $US1183.90
· Crude oil rose 59 US cents a barrel to $US78.95
· Stocks to watch: possible market movers
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What's out today
In economics news, the Reserve Bank of Australia releases its index of commodity prices for July.
The Housing Industry Association releases new home sales for June, and the Australian Industry Group and PricewaterhouseCoopers release their Australian Performance of Manufacturing Index for July.
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What's making news
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The booming Indian economy faces an energy crunch that could send prices for key Australian exports soaring and deliver an economic boost.
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And overseas, former US Federal Reserve chairman Alan Greenspan has said that falling home prices in the world's largest economy could spell the second wave of a double-dip recession.
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Offshore
Wall Street stocks were flat on Friday after recovering from early losses stemming from government data showing a slowdown in the US economic recovery.
The Dow Jones Industrial Average fell one per cent immediately after the Commerce Department reported that US economic growth declined to 2.4 per cent in the second quarter from a upwardly revised 3.7 per cent in the first three months of the year.
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The Dow lost 1.22 points, or 0.01 per cent, to 10,465.94 while the broader S&P 500 index gained 0.07 point, or 0.01 per cent, to 1101.60.
The tech-heavy Nasdaq composite index rose 3.01 points, or 0.13 per cent, to 2254.7.
European stock markets closed lower after the weaker-than-expected US growth figures.
In London, the FTSE 100 index of leading shares closed down 55.93 points, or 1.05 per cent, at 5258.02 points.
Germany's DAX gained 13.27 points, or 0.22 per cent, to 6147.97 points and in France, the CAC 40 fell 8.77 points, or 0.24 per cent, to 3643.14 points.
How we fared Friday
Australia's sharemarket suffered broad-based falls as investors offloaded risk.
The benchmark S&P/ASX200 index closed down 30.6 points, or 0.68 per cent, at 4493.5 points, while the broader All Ordinaries index lost 28.8 points, or 0.63 per cent, to 4507.4 points.
Commodities
World oil prices climbed as investors shrugged off concerns that the US economic recovery could stall following a slower
New York's main contract, light sweet crude for delivery in September, rose 59 US cents to $US78.95 per barrel.
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Metals prices rose. Gold for December delivery gained $US12.70 to settle at $US1183.90 an ounce, while October platinum rose $US13.40 to $US1576.80 an ounce.
In metals for September delivery, copper gained 2.15 US cents to settle at $US3.3115 a pound and silver added 38.6 US cents to $US18.003 an ounce.
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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 and international stocks, feel free to contact me at mogi@cpsinternational.mn or +976-9999-6779.
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