The Australian market has received negative leads from offshore trading overnight, with US stock market indices finishing lower, along with oil and metals.
Concerns about the state of Portugal's finances as well as falling US home sales dragged down Wall Street.
The Census Bureau said new home sales fell unexpectedly by 2.2% to a seasonally adjusted annual rate of 308,000 in February compared to 315,000 in January. New-home sales were down 13% from February last year.
Separately, the Commerce Department’s durable goods report shows, orders rose 0.5% in February compared to a 3.9% increase in January. The result was as many economists had expected.
To the figures now and the Dow Jones Industrial Average fell 53 points to 10,836. The S&P500 Index lost 6 points at 1,168 and the NASDAQ is down 16 points at 2,399.
European stock markets finished mixed as uncertainty continues on the outcome of Greece's debt crisis. London’s FTSE added 4 points, Paris slipped 3 points and Frankfurt rose 22 points.
Asian stocks are higher, Hong Kong’s Hang Seng is up 21 points, Tokyo’s Nikkei gained 41 points and China’s Shanghai Composite rose 4 points.
The Australian share market closed higher yesterday. The S&P/ASX 200 Index finished 17 points stronger at 4,892 and on the futures market the SPI200 is down 13 points. On to currencies: the Aussie Dollar at 8:40AM was buying 90.7 US cents, 61.03 Pence Sterling, 83.74 Yen and 68.15 Euro cents.
To company news around this morning: Rio Tinto (ASX:RIO) shares closed stronger yesterday adding 1.95% to $77.20. Rio executive Stern Hu and at least two of his Chinese colleagues have pleaded not guilty to charges of industrial espionage and have asked the court for leniency ahead of their sentencing for taking bribes. However there are reports that a least one of the four Rio executives on trial in Shanghai has pleaded guilty to stealing state secrets. In a closed court yesterday, all four men begged for leniency after paying back some of the money they received illegally. The Chinese government is yet to announce when a final hearing to reveal a verdict and sentence will be held. Rio is continuing to pay the men their salaries. If found guilty on all charges, the men could face a maximum jail term of 20 years. Rio Tinto’s 2009 net profit was $5.4 billion.
Woolworths (ASX:WOW) shares closed 0.35% higher yesterday to $28.70. Woolworths is getting closer to revealing the name of its new hardware venture. The Australian Financial Review reports that Woolworths has applied to the Australian federal patents and trade markets agency, IP Australia, to register the trademark Masters. The company is now waiting to hear back from the agency. Late last year Woolworths joined forces with US retailer Lowe’s to take on Wesfarmers’ Bunning hardware chain in the $36 billion hardware market. But Woolworths is remaining tight lipped on the final name and has admitted that its registered a number of other names over the past year – which for now will keep us guessing. Woolworth’s 2009 net profit was $1.83 billion, an increased result on the two years before.
To commodities: Gold fell overnight, down $14.90 to US$1,088.60 an ounce for the May contract on Comex. Silver fell 39 cents to US$16.63 and copper is down 3 cents to US$3.34.
And the price of oil fell $1.30 to US$80.61 a barrel for May light crude in New York.
