Outlook: AUD drops as ASX looks to fall

Market Reports

The Australian share market looks to fall at open after Wall Street dropped amid rising tensions between Ukraine and Russia. Concerns about China’s economic prospects have also shaken up commodity markets and pushed the Australian dollar under $US0.90.
 
The price of copper has dipped to three year-lows and crude has slipped to a three-week low. The safe haven asset of gold has firmed and iron ore has lifted after sinking more than 8 per cent over the prior session.  
 
Global markets
 
Wall Street extended the weekly decline to end lower on Tuesday: The Dow Jones Industrial Average fell 67 points to close at 16,351, the S&P 500 fell 9.5 points to close at 1,868 and the NASDAQ fell 27 points to close at 4,307.

European markets closed mixed on Tuesday: London's FTSE 100 Index lost 4 points, France's CAC 40 lost 21 points and Germany's DAX added 42 points.
 
Asian markets rebounded from Monday’s falls to end higher on Tuesday: Japan’s Nikkei gained 104 points, Hong Kong’s Hang Seng gained 5 points, and China’s Shanghai Composite gained 2 points.
 
The Australian share market closed flat on Tuesday following Monday’s steep falls: The S&P/ASX 200 Index added 2.3 points yesterday to end at 5,413.8. On the futures market the SPI is 25 points lower. 
 
Currencies 
 
The Australian dollar at 8:10am was buying $US0.8978, 54.05 Pence Sterling, 92.43 Yen and 64.79 Euro cents.
 
Economic news due out today 
 
Westpac Banking Corporation (ASX:WBC) - Melbourne Institute: Survey of Consumer Sentiment 
 
Company news
 
Starpharma Holdings Limited (ASX:SPL) has received a $4.7 million research and development tax incentive. The Melbourne-based pharmaceutical company advises the payment relates to expenditures over the last 2013 financial year. CEO Dr Jackie Fairley says the tax incentive allows Starpharma to confidently advance the development of its proprietary products. This includes the company’s clinical programs for VivaGel and DEP docetaxel. Shares in Starpharma Holdings rose 3.52 per cent following the announcement to close at $0.735. 
 
360 Capital Industrial Fund (ASX:TIX) has inked a deal to sell a property in Victoria for $4.6 million. The Australia-based real estate investment trust expects settlement to occur on or before the first week of May. Proceeds of the sale will be put to paying down debt or funding other capital management initiatives. Part of the company’ strategy is to exit non-core assets and target larger assets with higher quality metrics. Shares in 360 Capital Industrial Fund rose 0.95 per cent to close at $2.12, ahead the announcement. 
 
Ex-dividends 
 
Automotive Group Holdings Limited (ASX:AHE) paying an 8.5 cent fully franked dividend
Breville Group Limited (ASX:BRG) paying a 14 cent fully franked dividend
Grange Resources Limited (ASX:GRR) paying a 2 cent unfranked dividend
IOOF Holdings Limited (ASX:IFL) paying a 22.5 cent fully franked dividend
Lindsay Australia (ASX:LAU) paying a 1.1 cent fully franked dividend
 
Commodities 

Gold has firmed $5.20 to $US1,346.70 an ounce for the April contract on Comex. 
Silver has lost $0.09 to $20.82 for May. 
Copper has dipped $0.08 to $2.95 a pound. 
The price of oil has slipped $1.09 to $US100.03 a barrel for April light crude in New York.

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