The Australian share market is set to open lower after global markets fell ahead of a key European Union Summit. With no major local economic news scheduled for today investors will be considering potential outcomes from the two day meeting starting on Thursday. 

Figures

Wall Street lost ground on Tuesday: The Dow Jones Industrial Average lost 138 points to close at 12,503, the S&P500 lost 21 points to close at 1,314 and the Nasdaq lost 56 points to close at 2,836.

European markets also retreated yesterday: London’s FTSE lost 63 points, Paris lost 69 points and Frankfurt lost 131 points.

Asian markets also finished lower on Tuesday: Hong Kong’s Hang Seng lost 98 points, Tokyo’s Nikkei lost 64 and China’s Shanghai Composite lost 37 points.
 
The Australian share market sunk for a third straight session on Tuesday, losing 0.5 per cent: The S&P/ASX 200 Index lost 20 points to close at 4,028. On the futures market the SPI is 34 points down.

Currencies

The Australian Dollar at 7:20AM was buying $US1.001 cents, 64.29 Pence Sterling, 79.75 Yen and 80.07 Euro cents.

Stocks to watch

Fortescue Metals Group Limited’s (ASX:FMG) founder, Andrew Forrest has reportedly increased his stake in the Pilbara focussed iron ore miner. Sources have told Fairfax Media Mr Forrest boosted his stake in Fortescue last night by about 1.9 per cent, on top of his existing 31 per cent, offering $4.90 per share. Both Fortescue and Mr Forrest are yet to comment on the report. Shares in Fortescue Metals Group dropped 1.22 per cent on Tuesday to finish at $4.85.

Fairfax Media Limited’s (ASX:FXJ) largest shareholder, mining billionaire Gina Rinehart, has reportedly threatened to abandon the troubled media company. A statement given to ABC TV from Ms Rinehart’s company Hancock Prospecting claims unless director positions are offered without unsuitable conditions Ms Rinehart will be unable to assist Fairfax. The news comes after three senior Fairfax editors stepped down yesterday and a week after the company announced it would cut 1900 jobs. Shares in Fairfax Media fell 1.72 per cent on Tuesday, ending at $0.57.

Ex-dividends

Aberdeen Leaders Limited (ASX:ALR): 3.75 cent fully franked dividend
Aneka Tambang (ASX:ATM): 4.06 cent unfranked dividend

Commodities

Gold is up $21.50 to $US1,588 an ounce for the August contract on Comex.
Silver is up $0.86 to $27.52 for July.
Copper is up $0.01 at $3.33 a pound.
Oil is down $0.55 at $US79.21 a barrel for August light crude in New York.