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Monday 20

November, 2017 5:05 AM



Aust share market looks set to open higher

Aust share market looks set to open higher

Australian shares look set to open higher, after Wall Street closed in the green despite losing ground after President Trump disbanded two business councils.

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By AAP 17.08.2017 07:30 AM

The Australian share market looks set to open modestly higher, after Wall Street closed up despite its key indexes losing ground following President Donald Trump's disbanding for two business council in the wake of CEO defections.

At 0700 AEST on Thursday, the share price futures index was up 12 points, or 0.21 per cent, at 5,758.

In the US, President Trump's move to disband his manufacturing council as well as the strategy and policy forum added to worries about the future of the White House's agenda and prompted investor hesitance.

But equities briefly regained some ground following the release of the central bank's last policy and rate meeting that indicated Federal Reserve officials were wary after recent weak inflation figures and urging a pause in interest rate rises.

The Dow Jones Industrial Average rose 0.1 per cent, the S&P 500 gained 0.1 per cent and the Nasdaq Composite added 0.2 per cent.

Locally, in economic news on Thursday, the Australian Bureau of Statistics releases July's labour force data plus average weekly earnings for May.

Meanwhile, Reserve Bank of Australia assistant governor (Economic) Luci Ellis is expected to deliver a speech at an Australian Macro Economists workshop in Canberra.

In equities, stock exchange operator ASX, hearing implant maker Cochlear, Telstra, insurance giant QBE, gaming business Tatts, Coles supermarket owner Wesfarmers and property developer Mirvac are among the companies slated to post results

The Australian market on Wednesday closed higher on a day of mixed company earnings results, and as market heavyweights Commonwealth Bank and Suncorp fell as they traded ex-dividend.

The benchmark S&P/ASX200 index was up 27.6 points, or 0.48 per cent, at 5,785.1 points at 1630 AEST.

The broader All Ordinaries index was 26.8 points, or 0.46 per cent, at 5,830.8 points.

Meanwhile, the Australian dollar has pulled back a little early Thursday morning after soaring in the offshore session, but remains substantially higher.

The local currency was trading at 79.25 US cents at 0700 AEST on Thursday - after trading at 79.30 at 0635 AEST - up from 78.38 on Wednesday.

CURRENCY SNAPSHOT AT 0700 AEST:

One Australian dollar buys:

* 79.25 US cents, from 78.38 on Wednesday

* 87.32 Japanese yen, from 86.84 yen

* 67.36 euro cents, from 66.82 euro cents

* 61.48 British pence, from 60.98 pence

* 108.35 NZ cents, from 108.36 cents

GOLD:

The spot price of gold in Sydney at 0700 AEST was $US1,282.76 per fine ounce, from $US1,269.82 per fine ounce on Wednesday.

BOND SNAPSHOT AT 0700 AEST:

* CGS 4.50 per cent April 2020, 1.8949pct, unchanged

* CGS 4.75pct April 2027, 2.6122pct, unchanged

Sydney Futures Exchange prices:

* August 2017 10-year bond futures contract at 97.365 (implying a yield of 2.635pct), from 97.34 (2.66pct) on Wednesday

* August 2017 3-year bond futures contract at 98.03 (1.97pct), from 98.02 (1.98pct).

(*Bond market closes taken at 1630 AEST previous local session. Currency closes taken at 1700 AEST previous local session.)

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