2min read
PREVIOUS ARTICLE World's space agencies propose... NEXT ARTICLE Stocks to watch...

The Australian share market looks set to open modestly higher after gains on virtually all major global indexes including Wall Street ahead of the Federal Reserve’s two-day policy meeting.

At 0700 AEDT on Tuesday, the share price futures index was up 12 points, or 0.20 per cent, at 6,016.

Wall Street indexes moved higher with boosts from technology and energy sectors as oil prices rose while investors prepare for an expected US Federal Reserve rate rise later in the week.

A bomb explosion in a major New York commuter hub did little to dent the market’s positive sentiment.

In late afternoon trading, the Dow Jones Industrial Average was up 0.09 per cent, the S&P 500 was 0.24 per cent higher and the Nasdaq Composite was 0.39 per cent better off.

Locally, in economic news on Tuesday, the Australian Bureau of Statistics is slated to release September quarter home prices data and October lending finance figures.

The ANZ-Roy Morgan Consumer Confidence weekly survey is also due out, as is the ACCI-Westpac survey of Industrial Trends.

In equities news, Tatts Group has its annual general meeting and shareholders vote on the merger with Tabcorp.

The Australian market on Monday closed flat ahead of this week’s key data releases.

The benchmark S&P/ASX200 index rose 3.9 points, or 0.07 per cent, to 5,998.3 points.

The broader All Ordinaries index gained 4.5 points, or also 0.07 per cent, at 6,081.9 points.

Meanwhile, the Australian dollar has crept a little higher against its US counterpart which has remained steady.

The local currency was trading at 75.32 US cents at 0700 AEDT on Tuesday, from 75.25 on Monday.

CURRENCY SNAPSHOT AT 0700 AEDT:

One Australian dollar buys:

* 75.32 US cents, from 75.25 on Monday

* 85.50 Japanese yen, from 85.46 yen

* 63.91 euro cents, from 63.89 euro cents

* 56.46 British pence, from 56.17 pence

* 108.91 NZ cents, from 108.98 cents

GOLD:

The spot price of gold in Sydney at 0700 AEDT was $US1,241.22 per fine ounce, from $US1,249.44 per fine ounce on Monday.

BOND SNAPSHOT AT 0700 AEDT:

* CGS 4.50 per cent April 2020, 1.8874pct, unchanged

* CGS 4.75pct April 2027, 2.5177pct, unchanged

Sydney Futures Exchange prices:

* December 2017 10-year bond futures contract at 97.42 (implying a yield of 2.58pct), from 97.4225 (implying a yield of 2.5775pct) on Monday

* December 2017 3-year bond futures contract at 97.99 (2.01pct), from 98.005 (1.995pct).

(*Bond market closes taken at 1630 AEDT previous local session; currency closes taken from 1700 AEDT previous local session)