The US share market closed higher overnight as companies reported their earnings.
Goldman Sachs Group reported a stronger than expected net profit along as did Johnson & Johnson which exceeds analysts' expectations.
Data released by the US Department of Commerce revealed that sales at US retailer rose by a better than expected 0.6 per cent for June from May. The increase was led by auto and petrol sales due to higher prices, but sales at other retailers were weaker.
And a report by the US Bureau of Labor Statistics showed that the Producer Price Index for Finished Goods rose to a seasonally adjusted 1.8 per cent in June, mostly thanks to a rise in energy prices. The index for energy goods surged 6.6 per cent.
In Australia, the Westpac-Melbourne Institute Indexes of Economic Activity and building data from the Australian Bureau of Statistics will be released today.
Oil was at US$59.52 a barrel, and the Oz dollar was buying 79.39 US cents.
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