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May 16th, 2013 
Peter Nolan
Posted
It is expected to be a flat start on the local share market this morning, despite good gains on Wall Street overnight.
In local futures trading, the Share Price Index 200 was up just 2 points to 5,203.
Wall Street enjoyed broad-based gains overnight, with investors shrugging off some worse than expected US manufacturing figures.
Industrial production fell 0.5 per cent in April, recording its biggest decline in eight months.
In spite of that, the Dow Jones Industrial Average closed up 60 points to 15,275.
The S&P 500 Index also added about 0.5 per cent to 1,659.
That was another record high for both the Dow and the S&P 500.
Gains for the technology sector were limited by falls in Apple’s share price – the Nasdaq closed up 9 points to 3,471.
Markets in Europe also made gains, despite news that the European recession has extended into a sixth quarter.
By the close of trading in London, the FTSE 100 Index was up 7 points to 6,693.
The Australian dollar had edged up from recent lows, trading at 99 US cents by 9:36am (AEST).
West Texas crude oil had slipped to $US93.91 a barrel, Tapis was steady at $US106.97, and spot gold had eased to $US1,393 an ounce.
Topics:
business-economics-and-finance,
markets,
currency,
futures,
stockmarket,
united-states,
united-kingdom,
european-union,
australia
Source Article from http://www.abc.net.au/news/2013-05-16/australian-market-set-for-flat-start-despite-us-gains/4693404
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