Outlook: Aus shares set for flat start

Market Reports

The Australian share market looks headed toward a flat start following US markets finishing lower amid disappointing earnings reports and economic data. 
 
US economic news

Initital jobless claims fell to 366 thousand last week, from 371 thousand the week before. According to the US Labor Department it has been difficult to get a clear reading on the jobs market over the past month with claims figures being so volatile. 
 
Figures

Wall Street closed lower yesterday: The Dow Jones Industrial Average lost 43 points to close at 13,944, the S&P500 dropped 3 points to close at 1,509 and the Nasdaq lost 3 points to close at 3,165.
 
European markets finished mixed: London’s FTSE lost 67 points, Paris lost 42 points while Frankfurt gained 10 points.
 
Asian markets closed lower: Hong Kong’s Hang Seng lost 80 points, Tokyo’s Nikkei shed 107 and China’s Shanghai Composite dropped 16 points.
 
The Australian share market closed higher yesterday: The S&P/ASX 200 Index closed 15 points up to finish at 4,936. On the futures market the SPI is 8 points down. 
 
Currencies

The Australian Dollar at 8:40AM was buying $US1.028 cents, 65.48 Pence Sterling, 96.18 Yen and 76.78 Euro cents.
 
Economic news

Due out today from the Reserve Bank of Australia is its Statement on Monetary Policy. 
 
Company news
 
Greenland Minerals and Energy Limited (ASX:GGG) has introduced adjustments to executive service and employment contracts, designed to maximise its cash position. Adjustments include reductions in executive and senior salaries, contract changes and staff shifting to part-time positions. The salary reductions will enable Greenland to achieve $2.48 million in savings over the next 24 months. Shares in Greenland Minerals closed 4.35 per cent higher yesterday at $0.36.  
 
Mirvac Group (ASX:MGR) will write down $273 million on the value of development assets in Queensland and Western Australia. The decision follows a development review that Mirvac says showed evidence that specific micro markets are not recovering as previously expected. Shares in Mirvac closed 2.19 per cent lower yesterday at $1.57.  
 
Ex-dividends

Westfield Group (ASX:WDC): 24.75 cents unfranked dividend
Westfield Retail Trust (ASX:WRT): 9.5 cents unfranked dividend
 
Commodities

Gold is down $7.50 to $US1,671 an ounce for the April contract on Comex. Silver is down $0.47 to $31.40 for March. Copper is down $0.01 at $3.73 a pound. Oil is down $0.79 at US$95.83 a barrel for March light crude in New York.

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