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Gains on global equity markets overnight look to push the Australian share market higher ahead of the Reserve Bank of Australia’s July board meeting minutes. Shrugging off last week’s concerns about Portuguese banks US and European stocks lifted into the new week ahead of US Federal Reserve Chair Janet Yellen’s address on Tuesday. 

 

On Wall Street the Dow ended back above 17,000, hit an intraday record, but finished just short of another record close as reporting season rolled on. As Citigroup posted better than expected earnings Goldman Sachs increased its target for the S&P 500. Investors however moved out of precious metals with gold and silver prices retreating more than 2 per cent each. 

 

Global markets

 

Wall Street started the trading week stronger: The Dow Jones Industrial Average gained 0.7 per cent to close at 17,055, the S&P 500 gained 0.5 per cent to close at 1,977 and the Nasdaq gained 0.6 per cent to close at 4,440.

 

European markets moved higher on Monday: London's FTSE 100 lifted 0.8 per cent, France's CAC 40 lifted 0.8 per cent and Germany's DAX lifted 1.2 per cent.

 

Asian markets jumped into the new week: Japan’s Nikkei increased 0.9 per cent, Hong Kong’s Hang Seng increased 0.5 per cent, and China’s Shanghai Composite increased 1 per cent.

 

The Australian share market started the week 0.4 per cent higher: The S&P/ASX 200 index rose 25 points on Monday to close at 5,511. On the futures market the SPI is 20 points higher. 

 

Currencies

 

The Australian dollar at 7:30am was buying $US0.9392, 55 Pence Sterling, 95.37 Yen and 68.98 Euro cents.

 

Economic news due out today 

 

Reserve Bank of Australia: July board meeting minutes

 

Australian Bureau of Statistics: New motor vehicle sales for June

 

Company news

 

Veterinary services company Greencross Limited (ASX:GXL) will move into the S&P/ASX 200 after department store retailer David Jones Limited (ASX:DJS) leaves the index this week. DJs shareholders yesterday backed a $2.2 billion takeover from South African retailer Woolworths Holdings Limited (JSE:WHL). Subject to final court approval S&P Dow Jones Indices has advised David Jones will be removed from the index after the close of trading this Friday and replaced by Greencross. Shares in Greencross have advanced more than 75 per cent over the past year and rose 0.95 per cent to close at $9.55 on Monday. 

 

Shares in Perth-based Kresta Holdings Limited (ASX:KRS) jumped yesterday after scoring a $34.5 million takeover offer. A Chinese based trading firm has offered Australia's largest blind and curtain maker 23 cents per share to buy the company. Kresta has advised shareholders to take no action in response to the offer until they have received the target’s statement and an independent expert´s report. Shares in Kresta Holdings have risen almost 65 per cent over the past year and jumped 9.52 per cent to close at $0.23 on Monday.

 

Commodities 

 

Gold has dropped $30.70 to $US1,307 an ounce for the August contract on Comex. 

Silver has fallen $0.50 to $20.96 for September. 

Copper has eased $0.02 to $3.25 a pound. 

Oil has firmed $0.08 to $US100.91 a barrel for August light crude in New York.