Wall Street has again plummeted with the Dow Jones now 10 per cent down from its record and on track to post its biggest weekly decline since October 2008. The three major indies fell sharply again on interest rates fears after economic data strengthens. Even better than expected quarter business results from Twitter and Grubhub couldn’t snap the market fall. Twitter shares gained 12 per cent and Grubhub rose over 27 per cent.
On the commodities front, the iron ore futures are pointing to a rise of 1.8 per cent, while the oil price has fallen.
As for the rather weak global sentiment, the ASX futures are pointing a fall of 131 points. And if you look at Wall Street futures they are down 765 points.
Yesterday, the Australian share market closed higher: The S&P/ASX 200 Index closed 14 points up to finish at 5,891
Due out today we can expect December data on home loans and the Reserve Bank releases its quarterly Statement on Monetary Policy as well as an assessment of the state of the economy.
Wall Street closed lower yesterday: The Dow Jones Industrial Average lost 4.2 cent to close at 23,860, the S&P 500 lost 3.8 per cent to close at 2,581 and the NASDAQ shed 3.9 per cent to close at 6,777.
European markets closed lower: London’s FTSE shed 1.5 per cent, Paris lost 2.0 per cent and Frankfurt lost 2.6 per cent.
Asian markets closed mixed: Tokyo’s Nikkei added 1.1 per cent, Hong Kong’s Hang Seng added 0.4 per cent, and China’s Shanghai Composite fell 1.4 per cent.
Casino operator Sky Entertainment Group (ASX:SKC) reported its net profit rose 12 per cent in the six months to 31 December 2017 to NZ$93.5 million while its total revenue lifted about 4 per cent to NZ$554.6 million. It also declared it will pay an interim dividend of NZ$0.10 cents per share on 16 March 2018. Sky Entertainment Group (ASX:SKC) shares closed 0.8 cent higher yesterday at $3.71.
Fund manager Blackrock has informed the market that it closed its position in media company Fairfax (ASX:FXJ) ceasing to be a major shareholder. Fairfax (ASX:FXJ) shares closed 0.7 per cent higher yesterday at $0.68.
Two companies are going ex-dividend today, Kelly Partners Group (ASX:KPG) is paying 1 cent fully franked, Magellan Financial Group (ASX:MFG) is paying 44.5 cents full franked.
One Australian Dollar at 8.30am was buying 77.85 US cents, 56.00 Pence Sterling, 84.66 Yen and 63.58 Euro cents.
Gold has gained $5.80 to $US1,320 an ounce.
Silver has gained $0.11 to $US16.35 an ounce.
Oil has lost $1.37 to $US60.42 a barrel.
The three most traded cryptocurrencies are trading mixed.
Bitcoin has gained 2 per cent to US$8,218
Ethereum has fallen about 1 per cent to US$808
And Tether has gained about 1 per cent to US$1.02.