Following a sea of red across US markets retreating from Monday’s gains, the Australian share market looks set to open lower today.
Iron ore prices have sunk to their lowest level in ten years as China growth slows even further into the second quarter of 2015.
And oil prices are sinking as Iran continues to negotiate eased sanctions that will allow more oil into the marketplace.
To US economic news, the latest consumer confidence reading showed an increase to 101.3 in March, an improvement on February’s reading of 98.8.
Markets
Wall Street closed lower yesterday: The Dow Jones Industrial Average lost 1.1 per cent to close at 17,776, the S&P 500 shed 0.9 per cent to close at 2,068 and the NASDAQ dipped 0.9 per cent to close at 4,901.
European markets also closed lower: London’s FTSE lost 1.7 per cent, Paris retreated nearly one per cent and Frankfurt also slipped one per cent.
Asian markets closed mixed: Tokyo’s Nikkei lost 1 per cent, Hong Kong’s Hang Seng added 0.2 per cent, and China’s Shanghai Composite slipped 1 per cent.
The Australian share market closed higher yesterday: The S&P/ASX 200 Index closed 45 points up to finish at 5,892. On the futures market the SPI is 32 points down.
Turning to currencies and the Australian Dollar at 7:30AM was buying 76.16 US cents, 51.37 Pence Sterling, 91.40 yen and 70.87 Euro cents.
Economic news
Due out today from the Australian Industry Group is the performance of manufacturing (PMI) index for February, RP Data Core Logic will release the Home Value Index for March and the ABS will issue building approvals figures for March.
Company news
Paladin Energy Limited
(ASX:PDN) has updated its guidance after a unit it its Langer Heinrich processing plant failed. The unit was off line for around ten day reducing production to around 45% of capacity. As a result Paladin has dropped from the previously aniticipated 5.2Mlb – 5.5Mlb to current expectation of a range between 5.0Mlb-5.2Mlb during the 2015 financial year. Shares in Paladin last traded 1.32 per cent softer at $0.375.
Fairfax Media Limited
(ASX:FXJ) has completed on its merger with Macquarie Radio Network
(ASX:MRN) with all conditions have now been satisfied. Fairfax directors Greg Hywood and James Millar have joined the board of MRN which will remain a listed entity. Fairfax now holds 54.5 per cent of MRN. Shares in Fairfax closed 2.14 per cent higher yesterday at $0.955.
Finally to Commodities Gold has shed $1.70 to $US1,183 an ounce for the April contract on Comex. Silver slipped 8 cents to $16.60 for May. Copper has dipped 4 cents to $2.74 a pound. Oil has slid $1.08 to $47.60 a barrel for May light crude in New York.
