Following falls on Wall Street and commodity markets the Australian share market is poised to open lower. After Monday’s Memorial Day public holiday American markets dropped on Tuesday amid durable goods orders data.
Closer to home annual financial results are today due from Thorn Group and Programmed Maintenance Services. Annual general meetings will be held for Adelaide Brighton, iCar Asia, Oz Minerals and Northern Iron.
Wall Street started its trading week in the red: The Dow Jones Industrial Average dropped 1.04 per cent to close at 18,042, the S&P 500 dropped 1.03 per cent to close at 2,104, and the Nasdaq dropped 1.1 per cent to close at 5,033.
European markets moved lower on Tuesday: London's FTSE 100 fell 1.2 per cent, France's CAC 40 fell 0.7 per cent and Germany's DAX fell 1.6 per cent.
Asian markets gained ground on Tuesday: Japan’s Nikkei rose 0.1 per cent, Hong Kong’s Hang Seng rose 0.9 per cent, and China’s Shanghai Composite rose 2.02 per cent.
The Australian share market advanced 0.9 per cent on Tuesday: The S&P/ASX 200 index gained 52 points to close at 5,773 yesterday. On the futures market the SPI is 30 points lower.
The Australian dollar at 7:30am was buying $US0.7729, 50.26 Pence Sterling, 95.17 Yen and 71.1 Euro cents.
Economic news due out today
Australian Bureau of Statistics: Construction work done for March quarter
Westpac Banking Group (ASX:WBC)
-Melbourne Institute: Leading Indexes of Economic Activity
Shares in Fortescue Metals Group Limited (ASX:FMG)
gained yesterday amid speculation Chinese groups are preparing to invest in the miner. Media reports claim Chinese companies have applied to Australia’s Foreign Investment Review Board to make a new investment. The Pilbara focussed iron ore miner told the ASX it does not comment on speculation and is not aware of any Foreign Investment Review Board applications by third parties. Shares in Fortescue Metals Group jumped 10.6 per cent to close at $2.40 on Tuesday.
Shares in Seymour Whyte Limited (ASX:SWL)
climbed after reaffirming its earnings guidance for the full 2015 financial year and advising its future outlook is positive. The infrastructure services provider expects to deliver a net profit after tax of between $8 million and $11 million. Seymour Whyte says the health and strength of the business is good with a very strong cash position. Shares in Seymour Whyte climbed 14.08 per cent to close at $1.22 on Tuesday.
DuluxGroup Limited (ASX:DLX)
paying an 11 cent fully franked dividend
Gold has declined $17.10 to $US1,187 an ounce for the June contract on Comex.
Silver has lost $0.31 to $16.75 for July.
Copper has eased $0.03 to $2.78 a pound.
Oil has fallen $1.69 to $US58.03 a barrel for July light crude in New York.