The Australian share market looks set to open flat today following falls on Wall Street. US President Donald Trump moved to impose tariffs on China, raising fears of a trade war.
The Australian dollar is only marginally higher, as falls on Wall Street weigh in on the currency too.
On the commodities front, oil has gained and gold has lost $1.70
The news comes as investors ingest the global political unrest as the sacking of US secretary of state Rex Tillerson weighs heavily on the rest of the market.
US economic news
US producer prices increased slightly more than expected in February as a rise in the cost of services offset a decline in the price of goods. The Labor Department said yesterday said the index for final demand rose 0.2 per cent last month after increasing 0.4 percent in January.
Taking all of this into equation, the ASX futures are pointing to a 5 points fall. Yesterday the Australian share market closed lower with the S&P/ASX 200 Index closing 39 points lower at 5,935 (0.66% lower).
To the figures from around the globe: Wall Street closed lower yesterday: The Dow Jones Industrial Average lost 1.0 per cent to close at 24,758, the S&P 500 lost 0.6 per cent to close at 2,749 and the NASDAQ lost 0.2 per cent to close at 7,497
European markets closed mixed: London’s FTSE fell 0.1 per cent, Paris lost 0.2 per cent and Frankfurt added 0.1 per cent.
Asian markets closed lower: Tokyo’s Nikkei lost 0.9 per cent, Hong Kong’s Hang Seng dropped 0.5 per cent, and China’s Shanghai Composite fell 0.6 per cent.
Aruma Resources has announced that it has entered in a binding sale and purchase agreement with westgold resources to aquire 100 per cent of the Trojan Gold Project in Kalgoorlie in Western Australia.
This will expand the Slate Dam Project by almost 9 kilometres squared.
The company believes there is potential to generate cash-flow if mining operations resumed at the Trojan project.
The news comes as investors seek safe haven stocks such as gold during times of global political unrest as the US sacking of Tillerson weighs heavily on the rest of the market.
Shares in Aruma Resources (ASX:AAJ) closed 4.6 per cent lower at 2.2c ($0.022)
One Australian Dollar at 8:30AM was buying US78.75 cents, 56.42 Pence Sterling, 83.73 Yen and 63.70 Euro cents.
Gold has lost $1.70 to $US1325 an ounce.
Silver has lost $0.08 (8c) to $US16.55 an ounce.
Oil has gained $0.10 to $US60.99 a barrel.
The three most traded cryptocurrencies are trading lower: Bitcoin has fallen 11 per cent to US$8,181, Ethereum has dropped over 11 per cent to US$607.72, and Litecoin has fallen over 7 per cent to US$162.