The market is up 18. ASX 200 Futures were up 19 this morning. The Dow Jones finished up 22 on mixed economic data overnight. The Dow was up 96 at best and down 22 at worst.

US second estimates for GDP was revised down fractionally from 2.5% to 2.4%. Consumer spending was revised up to 3.4% from 3.2%. Gross private investment was revised lower to 9% from 12.3% largely due to weaker non-residential investment.

Exports and imports were revised lower but consumer spending remained above the +3% level for the first time in two years.

US weekly jobless claims were up 10,000 to 354,000 last week missing the forecast of 339,000. US pending home sales were up 0.3% in April beating the forecast of 1.0%. The annual rate of 10.3% is the highest level in three years.

Gold jumped $21.80 after the weaker than expected US data eased concerns that the Fed will begin to scale back stimulus measures.

Best sectors — financials, technology, utilities. Worst sectors — energy.

European markets mixed — UK FTSE up 0.45%, Germany up 0.76%, France up 0.56%, Spain down 0.10%, Italy up 0.66%.

Metals mixed — copper up 0.76% nickel down 0.09%, aluminium up 2.60%, zinc up 1.78%. Spot iron ore was down $1.30 to $111.60 — Eight-month low.

  • Telstra (TLS) — Down 6c after falling 14c yesterday after reports the company has hired an extra 200 safety specialists to inspect all asbestos-related work at sites where the NBN is to be rolled out. Sites in New South Wales, Victoria and Western Australia have been shut down over concerns about asbestos exposure.
  • Atlas Iron (AGO 77c) — Announced yesterday it will be deciding whether to build a new mine in Australia’s Pilbara region by the end of next month. The company is aiming to produce 15 million tonnes of iron ore a year by the end of 2015 and has received final approvals to build the Mt Webber mine. The stock finished down 6.1% yesterday. There are three buy recommendations on the stock this morning despite the share price being in a long-term downtrend. AGO is up 1.3% to 78c.
  • ASX acquires d-cyphaTrade Limited for $55 million. ASX is up 0.4% to 3764c.
  • Mastermyne Group (MYE) — Profit downgrade. Company now expects profit to be $11.1 million to $11.6 million, down from $12 million to 13 million. MYE is down 4.82% to 79c.
  • Nine Entertainment Co is expected to wait until its deadline on Monday before deciding whether to counter Ten Network’s (TEN) $500 million cricket rights bid. The company could match its bid partly funded by cash and new debt. TEN is up 0.88% to 28.75c.
  • SimsMetalManagement (SGM) — Mark Selway is being considered for the company’s top job. SGM is down 0.51% to 985c.