Following negative offshore leads the Australian share market looks set to open lower. Offshore markets responded negatively to Spain selling off its bonds for €2.6 billion, which was below market expectations.
US economic news
Promising Non-Manufacturing Index (NMI) figures were released overnight by the Institute of Supply Management. The NMI registered 56 points for March compared to 57.3 in February. A reading above 50 indicates the non-manufacturing sector is generally expanding.
The ADP reported slightly lower than expected non-farm employment data for March. The payroll processing firm have recorded 209,000 private sector jobs in March which is down from 230,000 in February. US economists say the economy needs 125,000 new jobs each month to keep the unemployment rate steady.
Figures
Wall Street closed down yesterday: The Dow Jones Industrial Average lost 125 points to close at 13,075, the S&P500 lost 14 points to close at 1,399 and the Nasdaq lost 45 points to close at 3,068.
European markets closed down: London’s FTSE lost 135 points, Paris lost 93 and Frankfurt lost 198 points.
Asian markets closed mixed: Hong Kong’s Hang Seng added 269 points, Tokyo’s Nikkei lost 230 and China’s Shanghai Composite added 11 points.
The Australian share market closed lower yesterday: The S&P/ASX 200 Index closed 3 points down to finish at 4,334. On the futures market the SPI is 37 points down.
Currencies
The Australian Dollar at 7:45AM was buying $US1.0265 cents, 64.6 Pence Sterling, 84.62 Yen and 78.11 Euro cents.
Company news
Echo Entertainment Group Limited (ASX:EGP) closed flat yesterday at $4.43. Echo Entertainment Group's chief Larry Mullin will appear at an inquiry next week into the firing of The Star casino's former managing director Sid Vaikunta. The Independent Liquor and Gaming Authority confirmed that Mr Mullin will appear at the inquiry on Tuesday or Wednesday next week to give evidence on sexual harassment allegations made against Mr Vaikunta, who was sacked from The Star in February this year. Former employees Elizabeth Ward and Greg Culpin will also appear at the inquiry. In the first half of its 2012 financial year Echo reported a net profit of $70.2 million.
Shares in Dexus Property Group (ASX:DXS) closed 1.14 per cent up yesterday at $0.885. The property group is seeking expressions of interest for its US property portfolio which are located outside of its core markets. Dexus says it has entered into exclusive negotiations with a buyer and is conditional, subject to due diligence and Dexus board approval. The portfolio is said to be worth $US769 million. In the first half of 2012 financial year Dexus reported a net profit of $146.7 million.
Ex-dividends
Harvey Norman Holdings Limited (ASX:HVN)
Legend Corporation Limited (ASX:LGD)
Marbletrend Group Limited (ASX:MBD)
Commodities
Gold is down $57.90 to $US1,614.10 an ounce for the June contract on Comex.
Silver is down $2.22 to $31.04 for May.
Copper is down $0.13 at $3.79 a pound.
Oil is down $2.54 at $101.47 a barrel for May light crude in New York.
