The Australian share market is set for a steady start to the day after US markets slipped overnight as investors responded to Europe’s debt crisis and the World Bank downgrading its outlook for China’s economy.
Figures
Wall Street closed lower yesterday: The Dow Jones Industrial Average lost 27 points to close at 13,584, the S&P500 lost 5 points to close at 1,456 and the Nasdaq lost 24 points to close at 3,112.
European markets closed lower : London’s FTSE lost 29 points, Paris was down 51 and Frankfurt lost 107 points.
Asian markets closed mixed: Hong Kong’s Hang Seng shed 188 points, Tokyo’s Nikkei added 39 and China’s Shanghai Composite lost 12 points.
The Australian share market closed lower yesterday: The S&P/ASX 200 Index closed 13 points down to finish at 4,482. On the futures market the SPI is 6 points higher.
Currencies
The Australian Dollar at 8:15AM was buying $US1.019, 63.62 Pence Sterling, 79.83 Yen and 78.62 Euro cents.
Economic news
National Australia Bank monthly business survey for September.
Company news Mayne Pharma Group Limited
(ASX:MYX) has reported a solid response to its $65 million equity raising. The Australia based pharmaceutical company says all major institutions had taken up their entitlements with new cornerstone investors also emerging. Mayne is looking to expand into the US through the acquisition of pharmaceutical development company Metrics for about $US120 million. Shares in Mayne Pharma plunged 30.56 per cent yesterday at $0.25.
Responding to China’s economic slowdown, BHP Billiton Limited
(ASX:BHP) has confirmed redundancy and redeployment talks have commenced with workers in its flagship iron ore division. BHP says it will attempt to redeploy people across the business or otherwise offer redundancy packages. The global miner could not confirm how many people would be affected. Media reports have estimated about 200 jobs could be lost after redeployment efforts are made. Shares in BHP closed 0.21 per cent lower yesterday at $33.25.
Ex-dividends Aberdeen Leaders Limited
(ASX:ALR) with a 1.75 cents fully franked dividend
AMA Group Limited
(ASX:AMA) with a 1.6 cents fully franked dividend
Commodities
Gold is down $4.20 to $US1,776 an ounce for the December contract on Comex. Silver is down $0.57 to $34.00 for December. Copper is down $0.06 at $3.72 a pound. Oil is down $0.15 at US$89.73 a barrel for November light crude in New York.
