The Australian share market is set to open lower this morning after Wall Street stocks fell sharply yesterday in volatile trading. The Nasdaq is in a bear market, as concerns of slowing economic growth led investors on the defensive – affecting the technology and communication services. The S&P 500 Index recorded its worst week in seven years. There's uncertainty over the leadership of the Federal Reserve in the US – Chaos in Washington as President Donald Trump’s decision to force a government shutdown over his demand for border wall funding rocked confidence despite only a third of the government to be shut down. Oil slid and base metals drifted lower. The Australian dollar tumbled 1 per cent, lingering near its January 2016 price.
Christmas period hoursASX will close at 2.10pm today Sydney time; It will be closed Tuesday and Wednesday
The ASX futures are pointing to a 40 point fall. on Friday the Australian share market closed 38 points lower or 0.7 per cent with the S&P/ASX 200 Index closing at 5468.
MarketsWall Street closed lower on Friday: The Dow Jones Industrial Average lost 1.8 per cent to close at 22,445, the S&P 500 lost 2.1 per cent to close at 2,417 and the NASDAQ lost 3 per cent to close at 6,333.
European markets closed up: London’s FTSE gained 0.1 per cent, Paris gained 0.04 per cent and Frankfurt gained 0.2 per cent.
Asian markets closed mixed: Tokyo’s Nikkei lost 1.1 per cent, Hong Kong’s Hang Seng gained 0.5 per cent, and China’s Shanghai Composite lost 0.8 per cent.
Company newsCIMIC Group
(ASX:CIM) companies UGL and CPB Contractors have been selected by TasWater, to manage the delivery of its capital works program to develop Tasmania’s water and wastewater infrastructure and major regional water projects. The joint venture between CPB Contractors and UGL will generate revenue to CIMIC Group of approximately $150 million per annum, over an initial four-year period. UGL and CPB Contractors are currently working in partnership to deliver the Western Treatment Plant Stage Two Upgrade for Melbourne Water in Victoria, as well as numerous rail and infrastructure projects across Australia. Shares in CIMIC Group
(ASX:CIM) closed 0.3 per cent higher on Friday at $41.64
CurrenciesOne Australian Dollar at 7:30AM was buying 70.40 US cents, 55.76 Pence Sterling, 78.06 Yen and 61.94 Euro cents.
Commodities Iron Ore has lost 1.7 per cent
Gold has lost $9.80 to US$1258 an ounce.
Silver has lost $0.17 to US$14.70 an ounce.
Oil lost 29 cents to $45.59
