After posting its worst performance of the year, shedding 5.6 per cent last week, the Australian share market is set to open lower after global markets retreated amid fears for the future of the euro zone and a ratings downgrade for Greece and 16 Spanish banks.
US economic news
Out at the end of last week was the Labor Department’s initial jobless claims figures , coming in steady last week, in line with the revised figure of 370,000 from the week before.
Figures
Wall Street closed down on Friday: The Dow Jones Industrial Average lost 73 points to close at 12,369, the S&P500 lost 10 points to close at 1,295 and the Nasdaq lost 35 points to close at 2,779.
European markets closed down: London’s FTSE lost 71 points, Paris lost 4 and Frankfurt lost 38 points.
Asian markets closed down: Hong Kong’s Hang Seng lost 249 points, Tokyo’s Nikkei was down 265 and China’s Shanghai Composite lost 34 points.
The Australian share market closed lower last week: The S&P/ASX 200 Index closed 111 points down to finish at 4,047. On the futures market the SPI is 8 points lower.
Currencies
The Australian Dollar at 7:15AM was buying 98.40 US cents, 62.3 Pence Sterling, 77.90 Yen and 77.09 Euro cents.
Economic news
Due out today from the Commonwealth Bank is business sales indicator for April .
Stocks to watch
Qantas Airways Limited (ASX:QAN) is expected to announce 400 job losses today at its heavy maintenance base in Tullamarine in Victoria, after negotiations with the Victorian government ended. Qantas has said earlier this year it expects to shed about 60 per cent of its heavy maintenance workforce over the next five to seven years.Shares in Qantas closed 3.70 per cent down on Friday at $1.43.
CSR’s Limited (ASX:CSR) chief says the building products supplier will focus on its organic growth as opposed to acquisitions.
Shares in CSR closed 2.68 per cent down on Friday at $1.635.
Ex-dividends
DuluxGroup Limited (ASX:DLX) with a fully franked dividend of 7.5 cents.
Commodities
Gold is up $17.00 to $US1,592 an ounce for the June contract on Comex. Silver is down $0.75 to $28.71 for July. Copper is up $0.014 cents at $3.47 a pound. Oil is down $1.08 at $91.48 a barrel for June light crude in New York.
