The Australian share market is expected to tread water in early trade after US stocks made modest gains in the face of disappointing economic data.
US economic news
US retail sales rose just 0.2 per cent in August, below the 0.4 per cent expected by analysts.
Analysts were also disappointed by a 76.8 reading on consumer sentiment in September - down from the 82.1 reading in August.
US investors are watching for the outcome of the US Federal Reserve’s policy setting meeting this week, when the Fed is expected to begin tapering its massive bond buying program.
Figures
Wall Street was in positive territory on Friday US time: The Dow Jones Industrial Average added 75 points to close at 15,376, the S&P500 lifted 5 points to close at 1,688 and the Nasdaq gained 6 points to close at 3,722.
European markets were subdued: London’s FTSE lost 5 points, Paris lifted 8 points and Frankfurt added 15 points.
Asian markets were mixed: Tokyo’s Nikkei added 17, Hong Kong’s Hang Seng fell 38 points, and China’s Shanghai Composite dropped 19 points.
The Australian share market ended on a weak note, losing 0.4 per cent during Friday’s session. The S&P/ASX 200 index dropped 23 points, chipping into the weekly gain of 75 points to end at 5,220.
On the futures market the SPI is 10 points up.
The Australian dollar has remained largely flat, failing to recover after last week’s disappointing jobs data. At 7.20AM the Aussie was buying $US93.39 cents, 58.57 Pence Sterling, 92.3 Yen and 69.84 Euro cents.
Company news
New Hope Corporation Limited
(ASX:NHC) is scheduled to report its full year results today. The earnings summary comes after the miner appointed new CEO Shane Stephan last week. Shares in New Hope dropped 1.35 per cent on Friday to close at $4.40.
Woolworths Limited
(ASX:WOW) is considering launching a retail brand called Woolworths Local in an effort to highlight its relationship with Australian farmers and suppliers, according to media reports. Woolworths has also reportedly created marketing imagery around a new label to be titled W Local, which may be used for its supermarket and liquor shops. Shares in Woolworths closed 0.75 per cent higher on Friday at $34.82.
Commodities
Gold is down $11.80 to $US1,308.60 an ounce for the December contract on Comex. Silver is down $0.43 to $21.72 for December. Copper is down $0.01 at $3.20 a pound. Oil is down $0.39 at US$108.21 a barrel for October light crude in New York.
Ex-dividend
