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The Australian share market is set for a steady start to the session ahead of a series of major local earnings reports. The SPI is pointing to a slightly higher start despite global markets dipping into the red overnight. Europe and Wall Street dragged as a weaker than expected read on German economic sentiment stoked concerns about the impact Russia and Ukraine tensions are having on the region.
On the local front a number of corporate results are set for release from companies including Commonwealth Bank of Australia (ASX:CBA), Carsales.Com Limited (ASX:CRZ), Echo Entertainment Group Limited (ASX:EGP), Goodman Fielder Limited (ASX:GFF), OZ Minerals Limited (ASX:OZL), Primary Health Care Limited (ASX:PRY), CSL Limited (ASX:CSL) and Suncorp Group Limited (ASX:SUN).
Global markets
Wall Street slipped on Tuesday: The Dow Jones Industrial Average lost 0.06 per cent to close at 16,561, the S&P 500 eased 0.2 per cent to close at 1,934 and the Nasdaq declined 0.3 per cent to close at 4,389.
European markets dropped on Tuesday: London's FTSE 100 lost 0.01 per cent, France's CAC 40 fell 0.9 per cent and Germany's DAX dropped 1.2 per cent.
Asian markets closed mixed on Tuesday: Japan’s Nikkei added 0.2 per cent, Hong Kong’s Hang Seng gained 0.2 per cent, but China’s Shanghai Composite lost 0.1 per cent.
The Australian share market climbed 1.3 per cent yesterday to close at session highs: The S&P/ASX 200 index rallied 73 points to finish at 5,530. On the futures market the SPI is 4 points higher.
Currencies
The Australian dollar at 7:30am was buying $US0.9267, 55.14 Pence Sterling, 94.77 Yen and 69.34 Euro cents.
Economic news due out today
Australian Bureau of Statistics: Wage Price Index for the June quarter
Westpac Banking Corporation Limited (ASX:WBC)-Melbourne Institute: Consumer confidence index
Reporting season
Commonwealth Bank of Australia (ASX:CBA) will release its annual financial report today and analysts are expecting another record result. Australia’s largest bank is tipped to have grown its cash profit by 11 to about $8.7 billion. Analysts have also predicted CBA could hike its final dividend up to $2.17 from a payout of $2 per share last year. Investors will also be keeping an eye on the financial impact of compensation stemming from the bank’s financial planning scandal. Shares in Commonwealth Bank rose 1.59 per cent to close at $81.69 on Tuesday ahead of today’s announcement.
Suncorp Group Limited (ASX:SUN) is also expected to hand down its annual financial accounts today. The Brisbane based insurance company warned in May it will suffer a $500 million write-down but says it will not impact its cash earnings or dividends. At the time of the write-down Suncorp also cut its 2015 financial year growth target to between 4 - 6 per cent from an earlier forecast of between 7 - 9 per cent. Shares in Suncorp Group rose 1.58 per cent to close at $14.12 on Tuesday ahead of today’s announcement.
Ex-dividends today
Genworth Mortgage Insurance Australia (ASX:GMA) paying a 2.8 cent fully franked dividend
Rio Tinto Limited (ASX:RIO) paying a fully franked dividend of $1.03
Titan Energy Services Limited (ASX:TTN) paying a 4 cent fully franked dividend
Ex-dividends tomorrow
Australand Property Group (ASX:ALZ) paying a 2.63 cent unfranked dividend
Advanced Share Registry Limited (ASX:ASW) paying a 1.85 cent fully franked dividend
Milton Corporation (ASX:MLT) paying a 9.8 cent fully franked dividend
Commodities
Gold has added $0.10 to $US1,311 an ounce for the December contract on Comex.
Silver has lost $0.19 to $19.90 for September.
Copper has dropped $0.46 to $3.16 a pound.
Oil has fallen $0.15 to $US97.50 a barrel for September light crude in New York.
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