The Australian share market looks to turn lower today after global stocks fell. Scepticism over the eurozone’s plans to tackle debt continues to weigh on investors as in Greece and Italy both nations transition to new governments.
Figures
Wall Street started the week lower: The Dow Jones Industrial Average dropped 75 points to close at 12,079, the S&P500 fell 12 points to close at 1,252 and the Nasdaq retreated 22 points to close at 2,657.
European stocks finished lower on Monday: London’s FTSE was down 26 points, Paris was down 40 points and Frankfurt was down 72 points.
To Asian markets, stocks closed higher: Hong Kong’s Hang Seng was up 371 points, Tokyo Nikkei was up 89 and China’s Shanghai Composite was up 48.
Yesterday the Australian share market retreated from earlier gains to close 0.2 per cent higher: The S&P/ASX 200 Index added 8 points to finish at 4,305. On the futures market the SPI is 36 points lower.
Currencies
The Australian Dollar at 8:35AM was buying $US1.0202, 64.18 Pence Sterling, 78.71 Yen and 74.89 Euro cents.
Economic news
Due out today is the Australian Bureau of Statistics' new motor vehicle sales data for October, the Housing Industry Association’s trades report for the September quarter and the minutes from the Reserve Bank of Australia’s last board meeting on November 1, 2011.
Company news
On Monday shares in Goodman Fielder Limited (ASX:GFF) rose 3.85 per cent, closing at $0.54, amid reports the breads and spreads producer is gearing up to reveal more details of its turnaround strategy later this week. The first stages of CEO Chris Delaney's turnaround strategy have been hit with a hurdle though, with supermarket giants Wesfarmers Limited (ASX:WES) owned Coles and Woolworths Limited (ASX:WOW) reportedly opposing the company’s cost-cutting plans to distribute bread to their distribution centres instead of individual supermarkets. In the 2011 financial year Goodman Fielder booked a $161 million net loss.
Yesterday shares in Northern Star Resources Limited (ASX:NST) jumped 8.89 per cent, finishing at $0.735. That was after the gold miner told analysts its output is exceeding target levels. According to Reuters, Northern Star Resources is producing gold slightly above its annual target of 72,000-ounces as it moves towards targeting 200,000 ounces annually. In the 2011 financial year Northern Star Resources moved from a net loss to a net profit of $16.3 million.
Ex-dividends
No companies are going ex-dividend today. Coming up this week are Adelaide Managed Funds Asset Backed Yield Trust and Brickworks.
Commodities
Gold is down $9.70 to $US1,778 an ounce for the December contract on Comex.
Silver is down $0.66 to $34.02.
Copper is up $0.025 at $3.49 a pound.
Oil is down $0.85 at $98.14 a barrel for November light crude in New York.
