The Australian share market is poised to fall at the open, after energy stocks on Wall Street dropped 2 per cent, when the oil price hit a five-month low.
All of the major Commodities fell overnight, with Copper falling over 4 per cent and Iron Ore shedding about 2 per cent.
The Dow Jones closed in the red, with the likes of Chevron and Caterpillar contributing the most losses.
The S&P500 and the tech heavy Nadaqy ended the session almost flat.
Adding to the mixed flavor on the Wall Street, investors were also digesting the House of Representatives' vote, to pass a bill, aimed at repealing and replacing Obamacare.
US economic newsThe US trade deficit has improved slightly in March, amid broad declines in both imports and exports. The trade gap fell less than expected by 0.1% to a $43.7 billion deficit, versus the $44.5 billion deficit forecast.
Meantime, US factory orders rose 0.2% in March versus the 0.4% expected. It is the weakest performance in four months.
Economic newsThe RBA will release its quarterly Monetary Policy Statement about our local economy and HIA will announce the new home sales for March.
Markets Wall Street closed mixed on Thursday: The Dow Jones Industrial Average lost 0.03 per cent to close at 20,951, the S&P 500 added 0.06 per cent to close at 2,390 and the NASDAQ rose 0.05 per cent to close at 6,075.
European markets closed higher: London’s FTSE gained 0.2 per cent, Paris surged1.4 per cent and Frankfurt rose almost 1.00 per cent.
Asian markets closed lower: Tokyo’s Nikkei was not trading, Hong Kong’s Hang Seng fell 0.1 per cent, and China’s Shanghai Composite lost 0.3 per cent.
And back home, the Australian share market closed lower yesterday: The S&P/ASX 200 Index closed 16 points lower to finish at 5,876. On the futures market the SPI is 8 points down.
Company newsMurray River Organics Group Limited
(ASX:MRG) has announced the acquisition of more than 7,700 acres of farmland in North West Victoria for $7.5 million (earnings accretive in FY18). The integrated producer of dried vine fruit says it is expecting to generate a pro forma financial year 2017 NPAT of between $4.2 and $4.9 million (excluding the recent farmland purchase). Meantime, bulk dried vine fruit revenue is tipped to be 30% higher in FY2017, while Cluster revenue will be 100% higher, both compared to FY2016. EBITDA is expected to be between $12.5 and $13.5 million. Shares in Murray River Organics Group Limited
(ASX:MRG) traded 0.48% lower yesterday to $1.03.
Currencies The Australian Dollar at 7:20AM was buying 74.12 US cents, 57.36 Pence Sterling, 83.38 Yen and 67.50 Euro cents.
CommoditiesThe majority of base metals and precious metals trading lower
Gold has fallen $10.50 to $US1,228 an ounce.
Silver has shed 22 cents to $US16.33 an ounce.
Oil has lost $2.12 to $US45.49 a barrel.
