The Australian share market looks to slide lower at open after Wall Street dropped overnight. America’s major indexes slipped to two-week lows as traders considered the risk of potential rate hikes. McDonald's Corporation (NYSE:MCD) dipped after reporting lower sales and Apple Inc. (NASDAQ:AAPL) ended lower after revealing new products. Across commodity markets the iron ore price has hit fresh five-year lows and the gold price is at a three-month low.
Global markets
Wall Street fell on Tuesday: The Dow Jones Industrial Average lost 0.6 per cent to close at 17,014, the S&P 500 lost 0.7 per cent to close at 1,988 and the Nasdaq lost 0.9 per cent to close at 4,552.
European markets moved lower on Tuesday: London's FTSE 100 declined 0.08 per cent, France's CAC 40 declined 0.5 per cent and Germany's DAX declined 0.5 per cent.
Asian markets closed mixed on Tuesday: Japan’s Nikkei rose 0.3 per cent, Hong Kong’s Hang Seng eased 0.2 per cent and China’s Shanghai Composite was flat.
The Australian share market broke a four-day losing streak to end about 0.5 per cent higher yesterday: The S&P/ASX 200 index rose 31 points to close at 5,608. On the futures market the SPI is 17 points lower.
Currencies
The Australian dollar at 7:30am was buying $US0.9201, 57.13 Pence Sterling, 97.75 Yen and 71.14 Euro cents.
Economic news due out today
Westpac Banking Corporation
(ASX:WBC) - Melbourne Institute: Survey of Consumer Sentiment
Company news
Fairfax Media Limited
(ASX:FXJ) has hit the headlines amid fresh reports embroiling it with takeover speculation. A number of reports suggest the media company continues to be in the sights of its largest shareholder, mining magnate and Australia’s richest person Gina Rinehart, and former magazine chief and Rupert Murdoch's nephew, Matt Handbury. The reports come after Fairfax last month reported an annual net profit of $224 million after posting a $16.4 million loss the year before. Shares in Fairfax Media lifted 2.45 per cent on Tuesday to close at $0.835.
Shares in CFS Retail Property Trust Group
(ASX:CFX) rose yesterday amid reports naming it as a potential takeover target. The retail sector-specific Australian real estate investment trust only announced last week construction has begun on the $580 million Chadstone Shopping Centre project in Melbourne. CFS Retail Property Trust Group last month boosted its net profit almost 36 per cent to $400 million over the last financial year. Shares in CFS Retail Property Trust Group gained 3.83 per cent on Tuesday to close at $2.17.
Commodities
Gold has dropped $5.80 to $US1,248.50 an ounce for the December contract on Comex.
Silver has slipped $0.04 to $18.92 for December.
Copper has eased $0.06 to $3.10 a pound.
Oil has lifted $0.09 to $US92.75 a barrel for October light crude in New York.
