The Australian share market is set to slip in to the red today, with few offshore leads providing direction overnight as Wall Street was closed in observance of Martin Luther King Jnr day and China posted its slowest annual growth in over a decade.
Figures
European markets mostly edged lower, retreating from 5-year highs as shares were hit by a surprise loss from Deutsche Bank, which is the first of the region's lenders to report fourth quarter earnings. London’s FTSE added 7 points, Paris lost 5 points and Frankfurt dropped 27 points.
Disappointing Chinese growth data weighed on Asian markets: Tokyo’s Nikkei shed 93 points, Hong Kong’s Hang Seng fell by 204 points, and China’s Shanghai Composite dropped 14 points.
The Australian share market recovered some of its losses in afternoon trade yesterday to close 0.2 per cent lower, with local investors temporarily buoyed by Chinese growth figures. The S&P/ASX 200 index lost 11 points to end at 5,295. On the futures market the SPI is 7 points down.
Currencies
Turning to currencies and the Australian Dollar at 7:30AM was buying $US88.07 cents, 53.6 Pence Sterling, 91.81 Yen and 64.93 Euro cents.
Company news
Virgin Australia Holdings Limited
(ASX:VAH) is set to have two international airline bosses on its board with Air New Zealand CEO Christopher Luxon and Etihad Airways Chief Executive James Hogan both intending to take a seat, according to media reports. Air New Zealand reportedly told media that Mr Luxon will take up Virgin’s board member offer, after Etihad’s Mr Hogan announced he would join the board. Shares in Virgin Australia closed flat yesterday at 38 cents.
Tatts Group Limited
(ASX:TTS) is in talks with Racing Queensland over a proposal to extend the exclusivity period for its bricks and mortar race wagering outlets in Queensland. The gambling services company’s race wagering licence in Queensland runs until 2098, but its store retailing exclusivity expires on June 30. Shares in Tatts were unmoved yesterday at $3.01.
Ex-dividend Mirrabooka Investments
(ASX:MIR) will pay 3.5 cents per share fully franked.
Commodities
Gold is up $11.70 to $US1,252 an ounce for the February contract on Comex. Silver is up $0.25 to $20.30 for March. Copper is flat at $3.34 a pound. Oil is up $0.41 at US$94.37 a barrel for February light crude in New York.
