The Australian share market looks set to dive at the open, after Wall Street tanked in the final hour of trade following news of explosions at the Boston Marathon.
Offshore markets were also hit by disappointing China economic growth data and a sharp sell-off in commodities.
Figures
The Dow Jones Industrial Average lost 266 points to close at 14,599, the S&P 500 lost 37 points to close at 1,552 and the NASDAQ shed 78 points to close at 3,217.
European markets closed lower: London’s FTSE lost 41 points, Paris lost 19 points and Frankfurt lost 32 points.
Asian markets were also down: Hong Kong’s Hang Seng lost 316 points, Tokyo’s Nikkei was down by 210 and China’s Shanghai Composite lost 25 points.
The Australian share market closed 0.9 per cent down yesterday, failing to recover from a materials led plunge on the back of some falling commodity prices. The S&P/ASX 200 index closed 46 points down to finish at 4,968.
On the futures market the SPI is 63 points down.
Currencies
The Australian Dollar at 7:20AM was buying $US1.03 cents, 67.42 Pence Sterling, 99.20 Yen and 79.04 Euro cents.
Economic news
Due out today from the RBA is the minutes of its April board meeting and the Australian Bureau of Statistics will release new car sales figures for March.
Company news
Rio Tinto Limited
(ASX:RIO) owned Coal & Allied says it’s reviewing the viability of the Mount Thorley Warkworth mine in the Hunter Valley after a court overturned approval for the coal mine’s expansion. Coal & Allied acting managing director Darren Yeates says the court decision comes at a time when the Australian coal industry is struggling to remain globally competitive. The decision followed a legal challenge to the mine's expansion from the Bulga-Milbrodale Progress Association. Shares in Rio Tinto closed 3.18 per cent lower yesterday at $55.09.
The Australian Infrastructure Fund Limited
(ASX:AIX) has finalised the sale of its airport stakes to the Future Fund, and will return the $2 billion in proceeds to security holders.The infrastructure investment company plans to distribute $2.95 to $2.98 per share in May and and $0.24 to $0.25 per share in July. AIF will be delisted after completion of the distribution.Shares in Australian Infrastructure Fund closed 0.96 per cent higher at $3.14.
Ex-dividends Clover Corporation Limited
(ASX:CLV) will pay 0.5 cents fully franked
Katana Capital Limited
(ASX:KAT) will pay 1.5 cents fully franked
Gold is down $140.30 to $US1,361 an ounce for the June contract on Comex. Silver is down $2.97 to $22.36 for May. Copper is down $0.08 at $3.27 a pound. Oil is down $2.58 at $US88.71 a barrel for May light crude in New York.
