The S&P/ASX 200 ended the higher by 13 points to 4,409.90. Coming out today is lending data for May from the Australian Bureau of Statistics (ABS). Yesterday, ABS data showed home loans rose by 1.9% for May, after a 1.8% in April.
Overnight, the Dow Jones Industrial Average closed at 10,216.27, up by 18 points. Volume in the US was pretty light as investors seemed keen to sit the trading session out and see if the earnings coming out this week could support last week’s rally.
The FTSE was up 34 points to 5,167.02. BP [LON: BP] was up by 9.4% on hopes that the oil leak in the Gulf of Mexico will soon be plugged.
However the market optimism could be short lived, as Adam Posen of the Bank of England has warned in an interview that the UK could return to a recession.
‘There’s going to be a lot of drag on the economy, with the problems of the Eurozone and the public sector contraction in the UK,’ he said.
The Nikkei dropped off 37 points to 9,548.11.
The price of spot gold in Australian dollars is $1,368.26, while in US dollars it’s $1,199.64. The price of silver in Australian dollars is $20.44 and in US dollars it’s $17.93.
The Aussie dollar versus US dollar is AUDUSD 0.8772 and against the Japanese Yen it’s AUDJPY 77.50.
Oil was down overnight, but investors have been taking profits to take advantage of the past three days of gains. Crude Oil closed at USD$75.30.
For the biggest movers on the market yesterday click here…
That’s all I have for you today, see you tomorrow.
Shae.
