The market is up 47. The ASX 200 Futures were up 33 this morning. Dow Jones was up 158 on below average volumes. Wall Street managed to claw back over half its losses from the start of the week on some strong housing market data and some much needed buying in major commodities. 

US housing starts were up 7% to 1036k in March beating the forecast of 924k; this was the biggest increase since 2008. 

European markets down — UK FTSE down 0.62%, Germans DAX down 0.39%, France down 0.67%, Spain down 0.82%, Italy down 0.61%.

Metals up — copper up 1.37%, nickel up 0.05%, zinc up 1.47%, aluminium up 2.78%. Spot iron ore was down $1.50 to $139.40. Gold up $6.10 to $1367.20. Oil was up 23c to $88.94.

  • The Westpac-Melbourne Institute Leading Index was 4.2% above its long-term trend of 2.8%. The index indicates that Australian economic growth is expected to pick up in the coming year.
  • BHP Billiton (BHP) — Production report — Has maintained FY production guidance despite weather-related disruptions in its Queensland coal and Western Australia iron ore operations. Iron ore output rose 6% on year to 40.2mt in the three months through March. BHP is down 0.37% to 3202c.
  • Rio Tinto (RIO) — Late yesterday afternoon released first-quarter production figures. The company lowered its full-year copper production guidance by 19% as its Bingham Canyon mine in Utah will be out of action for six months after a pit wall failure last week. RIO reported first-quarter iron ore production slightly below expectations. Copper is Rio’s second largest earner behind iron ore. The company reported a 7% fall in iron ore production from its Pilbara operations to 57.8mt in the first quarter compared with the December quarter. RIO is down 0.71% to 5459c.
  • Atlas Iron (AGO) — Has shipped a record 1.86 million metric tons of iron ore in the three months to March despite bad weather which slightly lowering output. Shipments of iron ore in the third quarter of Atlas’s fiscal year were up 6% on the previous three months. The company says it received an average price of US$120 a tonne. AGO is up 0.5% to 101.5c.
  • Ausdrill (ASX) — Has come out of a trading halt and released details of their operating performance for FY June 2013. The company expects to report a profit of between $90 million and $96 million, down from $112 million. Profits were impacted by the general slowdown in activity in the mining sector that has occurred from September 2012 onwards and which has not recovered as previously expected. ASL is down 7.08% to 197c.
  • Carsales.com (CRZ) and Banco Santander have signed a binding term sheet and entered into exclusive negotiations relating to carsales’ acquisition of a 30% stake in WebMotors SA — the number-one automotive website in Brazil. CRZ will form a strategic partnership with Banco Santander to further grow WebMotors. CRZ is up 2.91% to 919c