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The Australian share market is set for a soft start to the session after global markets closed mixed but at all time highs. While European stocks gained Wall Street dropped as markets absorbed ongoing tensions in Russia and the Middle East ahead of a flood of US economic indicators. Investors are awaiting the outcome of a US Federal Reserve policy meeting, a read on US economic growth and July’s non-farm payrolls. Locally no major economic news is due for release today and the Australian dollar has pulled back below $US0.94. 

 

Global markets

 

Wall Street moved lower on Tuesday: The Dow Jones Industrial Average fell 0.4 per cent to close at 16,912, the S&P 500 fell 0.5 per cent to close at 1,970 and the Nasdaq fell 0.05 per cent to close at 4,443.

 

European markets ended higher on Tuesday: London's FTSE 100 gained 0.3 per cent, France's CAC 40 gained 0.5 per cent and Germany's DAX gained 0.6 per cent.

 

Asian markets lifted yesterday: Japan’s Nikkei rose 0.6 per cent, Hong Kong’s Hang Seng rose 0.9 per cent, and China’s Shanghai Composite rose 0.2 per cent.

 

The Australian share market pushed out of the red yesterday to close on positive territory: The S&P/ASX 200 index rose 11 points on Tuesday to close at 5,588. On the futures market the SPI is 1 point lower. 

 

Currencies

 

The Australian dollar at 7:30am was buying $US0.9384, 55.4 Pence Sterling, 95.82 Yen and 70 Euro cents.

 

Company news

 

Leighton Holdings Limited’s (ASX:LEI) subsidiary Leighton Contractors has finalised a public private partnership to build the Transmission Gully Motorway in New Zealand. The almost $AUD1 billion, or $NZ1 billion project, has been secured through the Wellington Gateway Partnership consortium in partnership with the New Zealand Transport Agency. Under the deal the consortium will finance, design, construct, operate and maintain the 27 kilometre four lane motorway for 25 years from 2020. The construction company says the value to Leighton Contractors is $800 million. Shares in Leighton Holdings fell 2.04 per cent to close at $21.65 following the announcement. 

 

BWP Trust (ASX:BWP) has divested four non-core properties across Queensland, New South Wales, Victoria and South Australia for $41 million. The real estate investment trust says it has sold the properties to re-focus its portfolio on assets better positioned for rental and capital growth in the future. BWP Trust will put the proceeds to debt reduction and funding further property acquisitions as opportunities arise. Shares in BWP Trust fell 0.78 per cent to close at $2.55 ahead of the announcement. 

 

Ex-dividends today

 

Aurora Sandringham Dividend Income Trust (ASX:AOD) paying a 0.5 cent unfranked dividend

Dicker Data Limited (ASX:DDR) paying a 0.5 cent fully franked dividend

 

Ex-dividends this week

 

Katana Capital (ASX:KAT) paying a 1.5 cent, 50 per cent franked dividend

Singapore Telecommunications (ASX:SGT) paying a 10 cent unfranked dividend

 

Commodities 

Gold has dropped $5.00 to $US1,298 an ounce for the August contract on Comex. 

Silver has added $0.02 to $20.58 for September. 

Copper has slipped $0.02 to $3.22 a pound. 

Oil has dipped $0.70 to $US100.97 a barrel for September light crude in New York.