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The Australian share market is set to hover near six year highs after Wall Street posted a soft end to a busy day of economic news releases. Traders looked for direction while considering a strong read for US economic growth and the US Federal Reserve’s plans to continue trimming stimulus. As expected America’s central bank lowered its bond buying program by another $US10 billion to $US25 billion per month. The Federal Open Market Committee also highlighted improvements in the US economy and affirmed its intention to keep rates at record lows for a considerable time.US economic newsAmerica’s quarterly growth rate rose more than expected in the second quarter of this year. The Commerce Department reported the pace of growth expanded at a 4 per cent annual pace in the second quarter.Private sector payrolls produced a solid read for the month: Payroll processing firm ADP reported private sector employers created 218,000 jobs in July, but lower than the increase of 238,000 jobs economists had been expecting.Global marketsWall Street closed steady on Wednesday: The Dow Jones Industrial Average lost 0.2 per cent to close at 16,880, the S&P 500 added 0.01 per cent to close at 1,970 and the Nasdaq gained 0.5 per cent to close at 4,463.European markets dropped on Wednesday: London's FTSE 100 retreated 0.5 per cent, France's CAC 40 lost 1.2 per cent and Germany's DAX declined 0.6 per cent.Asian markets closed mixed on Wednesday: Japan’s Nikkei firmed 0.2 per cent, Hong Kong’s Hang Seng rose 0.4 per cent, and China’s Shanghai Composite eased 0.09 per cent.The Australian share market spiked above the key resistance level of 5,600 to post-GFC highs yesterday: The S&P/ASX 200 index jumped 35 points on Wednesday to close at 5,623. On the futures market the SPI is 2 points higher.CurrenciesThe Australian dollar dipped against the greenback in response to an upbeat US growth rate but firmed after the Fed’s dovish statement: At 7:30am the Aussie was buying $US0.9331, 55.19 Pence Sterling, 95.93 Yen and 69.67 Euro cents.Economic news due out todayAustralian Bureau of Statistics: Building approvals for June and international trade price indexes for June quarterReserve Bank of Australia: Financial aggregates for JuneCompany newsOceanaGold Corporation (ASX:OGC) has swung to a first half net profit following a full six months of commercial operation at the Didipio Mine in the Philippines. The gold miner has reported an interim net profit of $56.8 million, rebounding from a loss of $63.4 million the year before when the company took a write down. OceanaGold says with the strong production results achieved in the first half of the year Didipio is on track to achieve its full year guidance. Shares in OceanaGold Corporation fell 2.3 per cent to close at $3.40 yesterday ahead of the results announcement.Arowana International Limited (ASX:AWN) has revealed plans to create a new earnings stream through launching a funds management division. Managing Director Kevin Chin says the new division will complement Arowana’s existing operating companies division where the balance of the company’s cash balance will continue to be deployed. Mr Chin has also advised Arowana is currently undertaking due diligence on a number of acquisition opportunities and will update the market as appropriate. Shares in Arowana International rose 3.49 per cent to close at $0.89 yesterday ahead of the announcement.CommoditiesGold has slipped $3.40 to $US1,295 an ounce for the August contract on Comex.
Silver has added $0.02 to $20.58 for September.Copper has firmed $0.02 to $3.24 a pound.Oil has dipped $0.70 to $US100.27 a barrel for September light crude in New York.
