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The Australian share market looks to open lower ahead of the nation’s first quarter inflation figures due for release this morning. Overnight US markets back-flipped from a positive start amid mixed earnings results while European markets were weak following a soft read on German economic sentiment. 

 

On the local front BHP Billiton Limited (ASX:BHP) will release its production report for the March quarter after rival Rio Tinto Limited (ASX:RIO) showed yesterday it boosted iron ore production by 12 per cent over the same period. 

 

Global markets

 

Wall Street slipped from session highs to end mainly lower on Tuesday: The Dow Jones Industrial Average dipped 0.5 per cent to close at 17,950, the S&P 500 dipped 0.2 per cent to close at 2,097 but the Nasdaq rose 0.4 per cent to close at 5,014.

 

European markets moved higher on Tuesday: London's FTSE 100 added 0.2 per cent, France's CAC 40 firmed 0.1 per cent and Germany's DAX lifted 0.4 per cent.

 

Asian markets gained ground yesterday: Japan’s Nikkei advanced 1.4 per cent, Hong Kong’s Hang Seng jumped 2.8 per cent, and China’s Shanghai Composite climbed 1.8 per cent.

 

The Australian share market rose almost 0.7 per cent yesterday after the Reserve Bank of Australia released its meeting minutes: The S&P/ASX 200 index gained 39 points to close at 5,872 on Tuesday. On the futures market the SPI is 20 points lower. 

 

Currencies 

 

The Australian dollar at 7:30am was buying $US0.7716, 51.7 Pence Sterling, 92.35 Yen and 71.87 Euro cents.

 

Economic news due out today 

 

Australian Bureau of Statistics: Consumer price index for March quarter

 

Westpac Banking Group (ASX:WBC)-Melbourne Institute: Leading Indexes of Economic Activity

 

Company news

 

Atlas Iron Limited (ASX:AGO) has extended its trading halt for an extra three weeks as it continues to work on its review. The iron ore miner says it is not in breach of its debt covenants but the plunging price of the steel making commodity has left it with little choice but to gradually suspend production this month. The company remains in talks with its creditors, contractors and a range of other parties. Shares in Atlas Iron last traded at $0.12 prior to entering into a trading halt. 

 

Aristocrat Leisure Limited (ASX:ALL) has decided to close its Japanese subsidiary KK Aristocrat Technologies after completing a strategic review. In future the gaming provider plans to only maintain a small presence in the country through providing service and field support for recent game releases. Shares in Aristocrat Leisure rose 1.35 per cent to close at $8.24 prior to the announcement being made. 

 

Ex-dividends 

 

Amcom Telecommunications Limited (ASX:AMM) paying a 5 cent fully franked dividend

Katana Capital Limited (ASX:KAT) paying a 1.5 cent fully franked dividend

Payce Consolidated Limited (ASX:PAY) paying a 10 cent fully franked dividend 

 

Commodities 

Gold has gained $9.40 to $US1,203 an ounce for the June contract on Comex. 

Silver has risen $0.12 to $16.01 for May. 

Copper has lost $0.03 to $2.70 a pound. 

Oil has fallen $1.12 to $US55.26 a barrel for May light crude in New York.