Following weak offshore leads the Australian share market looks to fall at open following a drop in US and European markets overnight.
Figures
Wall Street closed down yesterday: The Dow Jones Industrial Average lost 125 points to close at 12,695, the S&P500 lost 15 points to close at 1,338 and the Nasdaq lost 31 points to close at 2,903.
European markets closed down: London’s FTSE lost 110 points, Paris lost 72 and Frankfurt shed 128 points.
Asian markets closed mixed: Hong Kong’s Hang Seng lost 230 points, Tokyo’s Nikkei added 21 and China’s Shanghai Composite shed 14 points.
The Australian share market closed higher yesterday: The S&P/ASX 200 Index closed 12 points up to finish at 4,297. On the futures market the SPI is 31 points down.
Currencies
The Australian Dollar at 7:20AM was buying 99.6 US cents, 61.9 Pence Sterling, 79.56 Yen and 77.69 Euro cents.
Economic news
Due out today from the Reserve Bank of Australia is the minutes to its monthly board meeting. Also out today, The Australian Bureau of Statistics reports on new motor vehicle sales for April.
Company news
Westpac Banking Corporation (ASX:WBC) has joined National Australia Bank Limited (ASX:NAB) and Commonwealth Bank of Australia (ASX:CBA) by slashing its fixed loan interest rates according to The Australian this morning. The bank is reportedly cutting its discounted one and three-year fixed home loan rates to 5.99 per cent. Shares in Westpac closed 2.86 per cent down yesterday at $22.07 with the stock trading ex-dividend.
Qantas Airways Limited (ASX:QAN) has been put under further public pressure by the Fijian government over its shareholding in Air Pacific, according to The Australian Financial Review. A Fijian minister says, Qantas reportedly refused to make a formal offer to sell its 46.3 per cent share in the Fijian airline unless the government agreed to a price arbitrator. Shares in Qantas closed 0.66 per cent up yesterday at $1.52.
Ex-dividends
One company is going ex-dividend today and one is scheduled for tomorrow. Today, there is Whitefield Limited (ASX:WHF) with a fully franked 8.5 cent dividend. Tomorrow will be Buderim Ginger Limited (ASX:BUG).
Commodities
Gold is down $23.00 to $US1,561 an ounce for the June contract on Comex. Silver is down $0.54 to $28.35 for July. Copper is down $0.09 at $3.55 a pound. Oil is down $1.35 at $94.78 a barrel for June light crude in New York.
