The Australian share market is expected to open slightly lower this morning, after Wall Street stabilised a little after sharp losses on Friday.
Figures
On Monday the Dow Jones Industrial Average, closed 1 points higher at 11,953, S&P500 is flat, at 1,272 and the NASDAQ lost 4 points to close at 2,640.
European stocks ended higher; London was up 8, Paris was up 3 and Frankfurt up 15.
Asian markets were mixed; Hong Kong’s Hang Seng was up 88, Tokyo Nikkei was down 66 and China’s Shanghai Composite was down 5 points.
On Friday the Australian share market ended the week higher. The S&P/ASX 200 Index gained 13 points to close at 4,562. While on the futures market the SPI is currently down 9 points.
Currencies
The Australian Dollar at 7.35AM was buying $1.06.15 US cents, 64.81 Pence Sterling, 85.16 Yen and 73.64 Euro cents.
Australian economic news
The Australian Bureau of Statistics (ABS) is set to release lending finance figures for April today, and the Queensland treasurer, Andrew Fraser, will be presenting the state budget for 2011/2012.
Company news
On Friday shares in Fortescue Metals Group (ASX:FMG) were down 0.47 per cent at $6.32. The outgoing boss of the iron ore mining company, Andrew Forrest, has firmly outlined his opposition to the 30 per cent mining tax the government has proposed. He says the tax will hit his company harder than larger rivals, and will cut its value by a solid five per cent. Mr Forrest will back a legal challenge to the tax on constitutional grounds, if the law is enacted as it is currently drafted. In the six months to December 31, Fortescue Metals Group (ASX:FMG) reported a net profit of $309 million.
At the end of last week shares in BHP Limited (ASX:BHP) were up 0.47 per cent at $43.15. The company’s Bowen Basin mines might be a bit slow in production today, as about 3000 workers are expected to strike. Backed by their unions, the workers will be protesting for equal pay for contract workers and employees, as well as a say by union representatives in recruitment. 1,500 non-union employees and 5,000 contractors will remain as skeleton staff over the coming three days while the strikes take place. For the six months to December 31 2010, BHP Limited (ASX:BHP) reported a net profit of $10.5 billion.
Commodities
Gold is down $13.60 to $US1,515 an ounce for the August contract on Comex, silver is down $1.59 to $34.74 for July and copper is down $0.02 at $4.03 a pound. Oil is down $1.99 at $97.30 a barrel for July light crude in New York.
