Following a positive start to the week the Australian share market looks to slip after global markets fell overnight. Wall Street pulled back from record highs amid disappointing data pointing to soft economic conditions in China and Japan. Across commodity markets the price of iron ore has again retreated under $US70 per tonne and crude oil has declined to a fresh five-year low.
Global markets
Wall Street fell into the new week: The Dow Jones Industrial Average dropped 0.6 per cent to close at 17,852, the S&P 500 dropped 0.7 per cent to close at 2,060 and the Nasdaq dropped 0.8 per cent to close at 4,741.
European markets started the week in the red: London's FTSE 100 dropped just over 1 per cent, France's CAC 40 dropped 1 per cent and Germany's DAX dropped 0.7 per cent.
Asian markets rose on Monday: Japan’s Nikkei gained 0.1 per cent, Hong Kong’s Hang Seng gained 0.2 per cent, and China’s Shanghai Composite spiked 2.8 per cent.
The Australian share market started the week 0.7 per cent higher: The S&P/ASX 200 index rose 37 points on Monday to close at 5,373. On the futures market the SPI is 35 points lower.
Currencies
The Australian dollar at 8:20am was buying $US0.829, 52.99 Pence Sterling, 100.12 Yen and 67.37 Euro cents.
Economic news due out today
ANZ Banking Group
(ASX:ANZ)-Roy Morgan: Weekly consumer confidence survey
National Australia Bank Limited
(ASX:NAB): Business survey for November
Company news
Rio Tinto Limited
(ASX:RIO) and the University of Sydney have announced a five year continuance of their multi-million dollar research partnership. The research partnership’s next phase will provide a step-change improvement in safety, predictability, precision and efficiency of typical surface mining operations through automation. The Rio Tinto Centre for Mine Automation (RTCMA) is based at the University’s Faculty of Engineering and Information Technologies. Shares in Rio Tinto slipped 0.02 per cent on Monday to close at $57.13.
A third Qantas Airways Limited
(ASX:QAN) flight has been turned around after it encountered technical problems. The airline says the latest Sydney to Dallas flight (QF7) returned to Sydney due to technical issues impacting seat power, the in-flight entertainment system and some of the toilets. The news came on the same day Qantas shares rose to the benchmark’s best performer after predicting it will post its best first half result in four years. Shares in Qantas soared 13.81 per cent on Monday to close at $2.39.
Ex-dividends
Gentrack Group Limited
(ASX:GTK) paying a 3.3213 cent dividend, 34 per cent franked dividend
Commodities
Gold has gained $13.40 to $US1,204 an ounce for the February contract on Comex.
Silver has risen $0.11 to $16.37 for March.
Copper has eased $0.02 to $2.88 a pound.
Oil has fallen $2.80 to $US63.04 a barrel for January light crude in New York.
