The Australian share market looks set for a soft start to the day as global markets continue to eye developments in Greece. At home investors will also have their eyes on profit results due from companies including Commonwealth Bank of Australia (ASX:CBA) and Fortescue Metals Group Limited (ASX:FMG).
US economic news
Retail sales in America rose at the beginning of this year but came in less than expected. The Commerce Department reported retail sales gained 0.4 per cent in January, defying expectations for a rise of up to 0.8 per cent.
Figures
Wall Street closed mixed on Tuesday: The Dow Jones Industrial Average added 4 points to close at 12,878, the S&P500 lost 1 point to close at 1,351 and the Nasdaq added almost 0.5 to close at 2,932.
European markets finished lower yesterday: London’s FTSE lost 6 points, Paris lost 9 points and Frankfurt lost 10 points.
Asian markets finished mixed on Tuesday: Hong Kong’s Hang Seng added 30 points, Tokyo Nikkei added 53 and China’s Shanghai Composite lost 7 points.
The Australian share market extended losses throughout Tuesday to end 1 per cent down: The S&P/ASX 200 Index shed 42 points to finish at 4,243. On the futures market the SPI is now 2 points lower.
Currencies
The Australian Dollar at 8:30AM was buying $US1.0684 cents, 68.13 Pence Sterling, 83.82 Yen and 81.44 Euro cents.
Economic news due out today
Australian Bureau of Statistics: Lending finance data for December and new motor vehicle sales for January
Westpac and the Melbourne Institute: Survey of consumer sentiment for February
Company news
Shares in BHP Billiton Limited (ASX:BHP) fell 1.34 per cent on Tuesday, closing at $36.17. The development of BHP’s $30 billion Olympic Dam copper, uranium and gold expansion project in South Australia looks to be advancing. The global miner yesterday awarded Boom Logistics Limited (ASX:BOL) a five-year $100 million contract to supply crane services to its Olympic Dam maintenance operation. In the first half of its 2012 financial year, BHP reported a net profit of $9.88 billion.
Shares in Tabcorp Holdings Limited (ASX:TAH) fell 5.17 per cent yesterday, closing at $2.75. That was on the same day the gaming company announced that it was issuing subordinated notes. Tabcorp intends to raise $200 million through the issue to retail investors, including the company’s Australian shareholders and holders of Tabcorp bonds. The company believes benefits of the issue include funding diversification, increased funding flexibility and an extension of its debt maturity profile. In the first half of the 2012 financial year Tabcorp Holdings net profit dropped to $189 million.
Ex-dividends
No companies are going ex-dividend today. Coming up tomorrow: Academies Australasia Group Limited (ASX:AKG) and Ansell Limited (ASX:ANN).
Commodities
Gold is down $7.20 to $US1,718 an ounce for the April contract on Comex.
Silver is down $0.37 to $33.35 for March.
Copper is down $0.025 at $3.82 a pound.
Oil is down $0.17 at $100.74 a barrel for March light crude in New York.
