US stocks have snapped a three day winning streak to end lower thanks to a renewed sell-off of bank and energy stocks with local stocks expected to follow suit
Gold has continued its winning streak to add another one per cent meanwhile oil futures again ended lower despite hopes of co-operation between major producers to limit the oil supply glut.
US economic news
The Philly Fed index, a monthly business outlook survey, showed that manufacturing has contracted for the sixth straight month. However it did rise slightly to a negative 2.8 from a negative 3.5.
Markets
Wall Street closed lower yesterday: The Dow Jones Industrial Average lost 0.3 per cent to close at 16,413, the S&P 500 lost 0.5 per cent to close at 1,918 and the NASDAQ lost 1 per cent to close at 4,488.
European markets closed mixed: London’s FTSE shed just under one per cent, Paris added 0.2 per cent and Frankfurt advanced 0.9 per cent.
Asian markets also closed mixed: Tokyo’s Nikkei and Hong Kong’s Hang Seng added 2.3 per cent, and China’s Shanghai Composite slipped 0.2 per cent.
The Australian share market closed strongly higher yesterday: The S&P/ASX 200 Index closed 110 points up to finish at 4,992. However the SPI is pointing 24 points down.
Currencies
The Australian Dollar at 8.30AM was buying 71.52 US cents, 49.93 Pence Sterling, 80.96 Yen and 64.44 Euro cents.
Company news
Automotive Holdings Group Limited
(ASX:AHG) says it will pay $5.4 million for a Knox Mitsubishi dealership located in Melbourne’s eastern suburbs. The company also announced it will retain 4 Covs store in regional WA from its sale to GPC Asia Pacific and rebrand them Skipper Transport Parts. Shares in Automotive Holdings last traded up 1.57 per cent to $4.52.
Air New Zealand Limited
(ASX:AIZ) says it has seen a 6.3 per cent rise in passengers this January compared to last. The new Auckland-Houston and Auckland- Buenos Aires routes lifted the Americas/UK routes by 15.5 per cent whilst domestic market demand was up 9.3 per cent. A new night flight in and out of Queenstown is due to start in July. Shares in Air New Zealand last traded 0.39 per cent lower at $2.57.
Ex-dividends
One company will trade ex-dividend today, The Star Entertainment Group will pay 5.5 cents fully franked.
Commodities
Gold has added $23.10 to US$1,235 an ounce for the April contract on Comex. Silver has added 10 cents to $15.48 for March Copper has slipped 1 cent to $2.07 a pound. Oil has shed 32 cents to US$32.66 a barrel for March light crude in New York.
