Weak US earnings to weigh on ASX The Australian market looks set to open lower as hopes of an end to eurozone recession are outweighed by poor US earnings results. SPI futures down 9 points AUD fetching 91.30 US cents, 89.56 yen, 68.87 euro cents, 58.88 pence In the US, Down Jones -0.7%, S&P500 -0.5% In Europe, Eurostoxx +0.4%, FTSE100 -0.4%, CAC +0.5%, DAX +0.3% Gold up to $US1335.37 an ounce Oil up to $US106.95 per barrell Iron ore up 50 $US142.80 per tonne Reporting companies: Wesfarmers, AMP, Goodman Group In economic news today, The Australian Bureau of Statistics is due to release Average Weekly Time Earnings data for the six months to May. In equities news, Wesfarmers, the Goodman Group, Platinum Asset Management, AVJennings and Dexus Property Group are expected to post full year results, while AMP is slated to announce first half results. The Australian dollar is higher, helped by the news that the euro zone is out of recession and a rise in local consumer confidence figures. The local unit was trading at 91.30 US cents, up from 90.98 cents Global markets US stocks have closed lower after anaemic inflation data and a disappointing earnings report from Macy's suggested economic weakness. At the closing bell, the Dow Jones Industrial Average was down 113.51, or 0.7 per cent at 15,337.50. The broad-based S&P 500 fell 8.80, or 0.5 per cent, to 1,685.36, while the tech-rich Nasdaq Composite Index gave up 15.17, or 0.4 per cent, at 3,669.27. Art Hogan, head of product strategy at Lazard Capital Markets, said flat producer prices in July and Macy's disappointing performance suggested a picture of weaker US economic growth. European stock markets closed mostly higher after official data showed that the eurozone had finally climbed out of a record 18-month recession. Frankfurt's DAX 30 finished 0.27 per cent higher at 8,438.12 points on Wednesday, while the CAC 40 in Paris added 0.53 per cent to 4,114.2 points, reaching yet another year-high. London's FTSE 100 index of leading shares dipped down, however, to end the day 0.37 per cent lower at 6,587.43 points, mainly weighed down by a string of blue-chips going ex-dividend, dealers said. The eurozone climbed out of recession with surprisingly strong growth of 0.3 per cent in the second quarter led by Germany and France, the European Union said overnight. Asian markets were mixed following gains on Wall Street, as investors awaited fresh numbers that will give an indication of the health of the US economy. Tokyo shares closed up 1.32 per cent, or 183.16 points, at 14,050.16 because of bargain-hunting in late trading yesterday and with a weak yen continuing to support the bourse. Seoul closed up 0.57 per cent, or 10.88 points, at 1,923.91. Sydney closed flat at 5,157.4 after a choppy session in which Commonwealth Bank shares fell despite posting the biggest-ever profit by an Australian bank. Shanghai finished down 0.29 per cent, reversing earlier gains as worries resurfaced over the domestic economy. Trading on the Hong Kong stock exchange was suspended for the day following disruption caused by Typhoon Utor. Dealers cited improved economic data in the US, Europe and China for buoying investor sentiment, along with a Japanese media report saying Tokyo was mulling corporate tax cuts to help offset an expected rise in sales tax. Oil prices have risen modestly on a generally bullish US oil inventory report and improving economic data in Europe. US benchmark West Texas Intermediate for September delivery edged 2 cents higher on Wednesday to $US106.85 a barrel. European benchmark Brent oil added 38 cents at $US109.82. The gains came after the weekly US oil inventory report showed a decline of 2.8 million barrels, more than the drop of 1.5 million barrels expected by Dow Jones Newswires. US petrol stocks fell 1.2 million barrels compared with a forecasted decline of 0.6 million, while supplies of distillate fuel rose 2.0 million barrels compared with the expected jump of 0.8 million. ""The gasoline supply could get tight,"" said Andy Lipow, a Houston consultant, citing the upcoming European refining maintenance season as a challenge. Silver futures hit a two-month high, propped up by hopes for stronger demand after a recent slate of mostly upbeat global economic data. Silver for September delivery, the most actively traded contract, on Wednesday rose 44.4 US cents, or 2.1 per cent, to settle at $US21.787 a troy ounce on the Comex division of the New York Mercantile Exchange. Silver futures have surged 12 per cent in five trading days as brighter economic reports pushed investors who had bet on lower prices to close out those bets. Gold for December delivery rose $US12.90, or one per cent, to settle at $US1,333.40 a troy ounce.