Outlook: Aus shares set to open lower

Market Reports

Following weak leads from US markets, the Australian share market is set to open in negative territory this morning. Wall Street ended the day lower, wrapping up its worst month in more than 3 years, as speculation mounts that a September rate hike by the Fed is once again on the cards. 
 
Global markets

Wall Street closed lower yesterday: The Dow Jones Industrial Average lost 0.7 per cent to close at 16,528, the S&P 500 slipped 0.8 per cent to close at 1,972 and the NASDAQ lost 1.1 per cent to close at 4,777.
 
European markets closed down: London was closed due to the August bank holiday, Paris lost 0.5 per cent and Frankfurt slipped 0.4 per cent.
 
Asian markets closed mixed: Tokyo’s Nikkei lost 1.3 per cent, Hong Kong’s Hang Seng gained 0.3 per cent, and China’s Shanghai Composite lost 0.8 per cent.
 
The Australian share market closed lower yesterday: The S&P/ASX 200 Index closed 57 points lower to finish at 5,207. On the futures market the SPI is down 21 points. 

Currencies
 
Turning to currencies and the Australian Dollar at 7:20AM was buying 71.14 US cents, 46.39 Pence Sterling, 86.27 Yen and 63.48 Euro cents.
 
Economic news

All eyes will be on the Reserve Bank of Australia today as it meets for its monthly board meeting. The general consensus is that interest rates will remain on hold at a record low of two percent. CoreLogic RP Data will also release the home value index for the month of August, it’s expected that house prices rose by 0.7 per cent in August. 
 
Company news

National Vet Care Limited (ASX:NVL) has announced the appointment of Alison Sherry as non-executive director to its board. She currently serves as a non-exective director on the board of RSPCA Queensland. The company listed on the ASX just two weeks ago and manages a number of vet clinics across Australia. Shares in National Vet Care closed up 2.99 per cent to close at $1.38.
 
NRW Holdings Limited (ASX:NWH) has reported a slump in revenue in its full year results to June 30, on the back of the downturn in the mining sector. The mining contractor experienced a $775.9 million decline in revenue from last year’s $1.13 billion figure. The company also reported a net loss of $229.8 million. Shares in NRW Holdings closed 8 per cent higher yesterday at 13.5 cents.   
 
Commodities

Gold has lost 10 cents to $1,134 an ounce for the December contract on Comex.
Silver has gained 5 cents to $14.60 for September.
Copper has lost 1 cent to $2.34 a pound.
Oil has gained $2.94 to $US48.16 a barrel for October light crude in New York.