Despite a soft finish on Wall Street the S&P 500 finished at its 31st record close this year and the Dow ended just below a new high. The SPI is pointing to a lower open for the Australian share market ahead of more earnings reports.
Among the companies expected to report full year results today are Qantas Airways Limited
(ASX:QAN), Nine Entertainment Co Holdings Limited
(ASX:NEC), Ramsay Health Care Limited
(ASX:RHC) and Billabong International Limited
(ASX:BBG).
Making economic news Australians will get a read on private capex and credit and new home sales. Across commodity markets the iron ore price has struck a fresh two-year low of $US88.20 per tonne while gold and oil prices are also lower.
Global markets
Wall Street posted a soft finish to Wednesday’s session amid light volumes: The Dow Jones Industrial Average added 0.09 per cent to close at 17,122, the S&P 500 firmed 0.01 per cent to close at 2,000.12 and the Nasdaq dipped 0.02 per cent to close at 4,570.
European markets also saw a lacklustre end of Wednesday’s session: London's FTSE 100 lifted 0.12 per cent, France's CAC 40 added 0.04 per cent and Germany's DAX slipped 0.2 per cent.
Asian markets closed mixed on Wednesday: Japan’s Nikkei put on 0.09 per cent, Hong Kong’s Hang Seng fell 0.62 per cent, and China’s Shanghai Composite rose 0.11 per cent.
The Australian share market closed 0.2 per cent higher yesterday following a number of local earnings reports: The S&P/ASX 200 index added 14 points to close at 5,651 on Wednesday. On the futures market the SPI is 14 points lower.
Currencies
The Australian dollar at 7:30am was buying $US0.9334, 56.34 Pence Sterling, 96.95 Yen and 70.77 Euro cents.
Economic news due out today
Australian Bureau of Statistics: Private New Capital Expenditure and Expected Expenditure data for the June quarter
Housing Industry Association: New home sales for July
Annual earnings results due out today
Qantas Airways Limited
(ASX:QAN) will today unveil its financial results for the 2014 financial year. Analysts expect Australia’s largest airline to post an annual net loss of about $532 million after reporting an interim loss of $235 million. The flying kangaroo has also been tipped by analysts to reveal write-downs of between $750 million to $1 billion as it moves to retire part of its fleet and payout redundancies. Qantas is understood to have shed more than 2,000 jobs over the last financial year as part of its restructure aimed at creating savings and lowering debt. Shares in Qantas Airways fell 0.77 per cent to $1.29 on Wednesday ahead today’s announcement.
Nine Entertainment Co Holdings Limited
(ASX:NEC) will release its annual earnings report today after listing on the ASX in December 2013. The media company’s prospectus guidance forecast an annual net profit of $139.5 million and Nine’s maiden interim result topped forecasts in February. The annual results will come after Nine yesterday announced a 50:50 joint venture with Fairfax Media Limited
(ASX:FXJ) to launch an Australian subscription video-on-demand service. StreamCo will operate independently from the existing media businesses and is expected to launch over the current 2015 financial year. Shares in Nine Entertainment dropped 3.23 per cent to $2.10 on Wednesday ahead today’s announcement.
Ex-dividends
Asciano Limited
(ASX:AIO) paying an 8.5 cent fully franked dividend
Ansell Limited (ANN) paying a 23.5748 cent unfranked dividend
Bega Cheese Limited
(ASX:BGA) paying a 4.5 cent fully franked dividend
Chandler Macleod Limited (ASX:CMG ) paying a 1.8 cent fully franked dividend
CMI Limited
(ASX:CMI) paying a 3 cent fully franked dividend
iiNet Limited
(ASX:IIN) paying a 13 cent fully franked dividend
Mortgage Choice Limited
(ASX:MOC) paying an 8 cent fully franked dividend
Macquarie Radio Limited
(ASX:MRN) paying a 5 cent fully franked dividend
Navitas Limited
(ASX:NVT) paying a 10.1 cent fully franked dividend
Platinum Asset Management Limited
(ASX:PTM) paying a 20 cent fully franked dividend
Super Retail Group Limited
(ASX:SUL) paying a 21.5 cent fully franked dividend
Vocation Limited
(ASX:VET) paying a 3.2 cent fully franked dividend
Commodities
Gold has dipped $1.70 to $US1,284 an ounce for the December contract on Comex.
Silver has firmed $0.03 to $19.42 for September.
Copper has slipped $0.01 to $3.17 a pound.
Oil has lost $0.16 to $US93.70 a barrel for October light crude in New York.
