Outlook: ASX looks to drop, AUD near 5-year low

Market Reports

The Australian share market looks to drop into the new week after global markets limped into the New Year. The local currency nudged five-year lows overnight, weighed down by softer commodity prices and a stronger US dollar. Today’s focus will be on Australian and Japanese manufacturing figures ahead of local trade data tomorrow and retail sales on Friday. In America the US Federal Reserve will release meeting minutes on Wednesday before US non-farm payrolls on Friday. 
 
Global markets
 
Wall Street posted a soft start to the new 2015 calendar year: The Dow Jones Industrial Average firmed 0.06 per cent to close at 17,833, the S&P 500 lost 0.03 per cent to close at 2,058 and the Nasdaq eased 0.2 per cent to close at 4,727.
 
European markets finished lower on Friday: London's FTSE 100 dropped 0.3 per cent, France's CAC 40 fell 0.5 per cent and Germany's DAX declined 0.4 per cent.
 
Asian markets ended mixed at the end of last week: Japan’s Nikkei sank 1.6 per cent, Hong Kong’s Hang Seng rose 1.1 per cent, and China’s Shanghai Composite advanced 2.2 per cent.
 
The Australian share market finished the first session of the year higher on Friday: The S&P/ASX 200 index gained 25 points on Friday, extending the weekly rise of 41 points to end the week at 5,436. On the futures market the SPI is 42 points lower.  
 
Currencies
 
The Australian dollar at 8:30am was buying $US0.808, 52.7 Pence Sterling, 97.35 Yen and 67.33 Euro cents.
 
Economic news due out today 
 
The Australian Industry Group: Performance of manufacturing (PMI) index for December
 
Company news
 
As copper prices nudge five-years lows CuDeco Limited (ASX:CDU) is expected to unveil more details on a planned dual-listing on the Hong Kong Stock Exchange. The Queensland-focused copper miner told the ASX on New Year’s Eve it is making arrangements, appointments and mandates for a dual listing. Details are expected to include how much the company plans to raise and the terms under which it will pursue the listing. Shares in CuDeco last traded at $1.95 on Wednesday before entering into a trading halt. 
 
Crown Resorts Limited’s (ASX:CWN) 34 per cent owned Melco Crown Entertainment has flagged plans to de-list from the Hong Kong stock exchange. The Macau casino operator says is looking to delist due to low trading volumes and wants to focus solely on trading on America’s Nasdaq Stock Market. Melco Crown’s board has backed the decision which remains subject to shareholder approval. Shares in Crown Resorts ended steady at $12.69 on Friday. 

Commodities 

Gold has gained $2.10 to $US1,186 an ounce for the February contract on Comex. 
Silver has risen $0.17 to $15.77 for March. 
Copper has eased $0.01 to $2.81 a pound. 
Oil has slipped $0.58 to $US52.69 a barrel for February light crude in New York.

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