The Australian share market looks set for another down day after Wall Street recorded further losses on Wednesday.
Sluggish economic data is putting paid to the US rally earlier in the year with investors worried there is not enough economic foundation to support further gains in the market.
US economic news
Ahead of the non-farm payrolls report due on Friday the ADP employment report showed US provate sector employment rose by just 156,000 jobs in April, well below expectations of a 205,000 job lift.
Markets
Wall Street closed lower yesterday: The Dow Jones Industrial Average lost 0.6 per cent to close at 17,651, the S&P 500 shed 0.6 per cent to close at 2,051 and the NASDAQ lost 0.8 per cent to close at 4,726.
European markets closed lower: London’s FTSE slipped 1.2 per cent, Paris retreated 1.1 per cent and Frankfurt was nearly one per cent lower.
Asian markets closed also closed lower: Tokyo’s Nikkei remains closed, Hong Kong’s Hang Seng was down 0.7 per cent, and China’s Shanghai Composite dipped 0.1 per cent.
The Australian share market closed lower yesterday: The S&P/ASX 200 Index closed 83 points down to finish at 5,271. On the futures market the SPI is 13 points lower.
Currencies
The Australian Dollar at 7:20AM was buying 74.56 US cents, 51.45 Pence Sterling, 79.79 Yen and 64.94 Euro cents.
Economic news
Due out today from the Australian Bureau of Statistics is trade and retail sales for March.
Company news
Crown Resorts Limited
(ASX:CWN) says it is dropping its interest in Melco Crown Entertainment from 34.3 per cent to 27.4 per cent. The divestment will generate proceeds of just over $1 billion which will be used to reduce net debt. Crown says it intends to remain a major shareholder in MCE and may use some of the proceeds to make a distribution to shareholders. Shares in Crown Resorts last closed 1.09 per cent lower at $11.82
IMF Bentham Limited
(ASX:IMF) says settlement of a case in the US should result in a payment of around $10 million to the company. The payment is dependent on currency fluctuations between now and the date the payment becomes due. Shares in IMF Bentham closed 0.38 per cent higher yesterday to $1.31.
Ex-dividends
Four companies are going ex-dividend today: Alcoa Inc, Australian Pharmaceuticals, Henderson Group and Waterco Limited.
Commodities
Gold has retreated $17.40 to $US1,274 an ounce for the June contract on Comex. Silver has slipped 20 cents to $17.30 for June. Copper has slipped 3 cents to $2.19 a pound. Oil is up 13 cents to $US43.78 a barrel for June light crude in New York.
| Name | Code | Date | Amount(cents) | Franking |
| Alcoa Inc. | AAI | 5/05/16 | 2.76 | 0 |
| Australian Pharm. | API | 5/05/16 | 2.50 | 100 |
| Henderson Group | HGG | 5/05/16 | 14.76 | 0 |
| Waterco Limited | WAT | 5/05/16 | 2.00 | 100 |
| ANZ Banking Grp Ltd | ANZ | 9/05/16 | 80.00 | 100 |
| Tasmania Mines Ltd | TMM | 11/05/16 | 3.00 | 100 |
| Tamawood Limited | TWD | 12/05/16 | 10.00 | 100 |
| Westpac Banking Corp | WBC | 12/05/16 | 94.00 | 100 |
| XPD Soccer Gear Grp | XPD | 12/05/16 | 1.00 | 0 |
| | | | | |
