Following negative leads the Australian share market looks to be eyeing a tepid start to the session ahead of the US earnings season. European stocks fell overnight as the eurozone’s unemployment rate hit a record high. US stocks dropped as investors remained cautious ahead of muted profit expectations. Alcoa Inc’s (NYSE:AA, ASX:AAI) better than expected result released after the closing bell could inject some optimism into the local bourse.
Figures
Wall Street lost ground for a second straight day on Tuesday: The Dow Jones Industrial Average lost 55 points to close at 13,329, the S&P500 lost 5 points to close at 1,457 and the Nasdaq lost 7 points to close at 3,092.
European market finished mixed on Tuesday: London’s FTSE eased 11 points, Paris added 1 points and Frankfurt eased 37 points.
Asian markets fell on Tuesday: Hong Kong’s Hang Seng fell 219 points, Tokyo’s Nikkei fell 91 and China’s Shanghai Composite fell 9 points.
The Australian share market sank to session lows on Tuesday, ending 0.6 per cent down: The S&P/ASX 200 index dropped 27 points to finish at 4,690. On the futures market the SPI is 2 points higher.
Currencies
The Australian Dollar at 8:20AM was buying $US1.05 cents, 65.44 Pence Sterling, 91.37 Yen and 80.29 Euro cents.
Economic news due out today
Australian Bureau of Statistics: Retail trade & job vacancies data for November
Housing Industry Association: New home sales data for November
Company news As Australians swelter in the summer heat Village Roadshow Limited
(ASX:VRL) has been revelling in higher than expected box office sales. Fairfax Media cites a report claiming Australian cinema ticket sales have jumped more than 20 per cent between December 25 and January 7, 2013 from the year before. Village Roadshow chief operating officer Clark Kirby told the paper the entertainment company is performing ahead of expectations after an exceptionally strong 2012. Shares in Village Roadshow gained 0.5 per cent on Tuesday, ending at $4.02.
WestSide Corporation Limited
(ASX:WCL) has advised it is continuing to hold talks with its suitor. The coal seam gas producer received a conditional and confidential takeover bid in November 2012 to acquire all of the company for 52 cents cash per share. WestSide has cautioned there is no certainty as to whether an acceptable binding proposal will eventuate. Shares in WestSide Corporation rose 1.23 per cent on Tuesday, ending at $0.41.
Commodities
Gold is up $15.90 to $US1,662 an ounce for the February contract on Comex.
Silver is up $0.38 to $30.46 for March.
Copper is down $0.01 at $3.68 a pound.
Oil is down $0.04 at US$93.15 a barrel for February light crude in New York.
