The Australian share market looks set to head south in early trade, after US stocks dropped amid global economic growth concerns.
The losses came after the OECD cut its world economic growth forecast for 2013 to 3.1 per cent, down from 3.4 per cent.
Figures
The Dow Jones Industrial Average lost 107 points to close at 15,303, the S&P 500 shed 12 points to close at 1,648 and the NASDAQ finished down 21 points to close at 3,468.
London’s FTSE lost 135 points, Paris lost 76 points and Frankfurt lost 144 points.
Hong Kong’s Hang Seng lost 369 points, Tokyo’s Nikkei added 14 and China’s Shanghai Composite was 3 points higher.
The Australian share market finished just ahead yesterday, gaining 0.1 per cent on the back of a 2.5 per cent gain in the materials sector.
The S&P/ASX 200 index closed 4 points up to finish at 4,975.
On the futures market the SPI is 22 points lower.
Currencies
The Australian Dollar gained in overnight trade as the greenback fell on that disappointing economic growth prediction. At 7:20AM the Aussie was buying $US96.4 cents, 63.72 Pence Sterling, 97.49 Yen and 74.49 Euro cents.
Economic news
The Australian Bureau of Statistics will today release its building approvals data for April as well as private new capital expenditure and expected expenditure for the March quarter.
Company News
Mirabela Nickel Limited
(ASX:MBN) will hold its annual general meeting today.
Seven West Media’s Limited
(ASX:SWM) Don Voelte, who just stepped down as head of the company, may be about to take a new role with Seven Group Holdings Limited
(ASX:SVW), according to media reports. Kerry Stokes is reportedly considering a fresh shuffle that would see Mr Voelte retain his spot on the Seven West board, but also take on the role of executive chairman at Seven Group. Shares in Seven West Media jumped 4.72 per cent yesterday to close at $2.22.
News Corp
(ASX:NWS) is planning relentless cuts in its newspaper division, as it separates from the rest of the media empire next month. News told investors in New York it was splitting the company to take advantage of the shift away from print to digital content, which could be sold around the world. Shares in News Corp rose 3.11 per cent yesterday to close at $34.77.
Ex-dividend National Australia Bank Limited
(ASX:NAB) will pay 93 cents fully franked.
Commodities
Gold is up $12.40 to $US1,391 an ounce for the June contract on Comex. Silver is up $0.26 to $22.45 for July. Copper is down $0.02 at $3.30 a pound. Oil is down $0.40 at $US93.13 a barrel for July light crude in New York.
