Outlook: Oil & iron ore to weigh on ASX

Market Reports

The Australian share market is poised for a weak start to the session after the price of oil and iron ore continued to tumble. Wall Street pulled back from session highs to end in the red as energy stocks extended declines. Global oil prices are now near six-year lows while the iron ore price is hovering at fresh five-year lows. 
Global markets
Wall Street posted a soft finish to Tuesday’s session: The Dow Jones Industrial Average lost 0.2 per cent to close at 17,614, the S&P 500 lost 0.3 per cent to close at 2,023 and the Nasdaq lost 0.1 per cent to close at 4,661.
European markets gained ground on Tuesday: London's FTSE 100 rose 0.6 per cent, France's CAC 40 gained 1.5 per cent and Germany's DAX climbed 1.6 per cent.
Asian markets closed mixed on Tuesday: Japan’s Nikkei dropped 0.6 per cent, Hong Kong’s Hang Seng jumped 0.8 per cent, and China’s Shanghai Composite firmed 0.2 per cent.
The Australian share market ended in the red yesterday but off the day’s low after better than expected Chinese trade data: The S&P/ASX 200 index finished 18 points lower at 5,405 on Tuesday. On the futures market the SPI is 15 points lower. 
The Australian dollar at 8:20am was buying $US0.8166, 53.86 Pence Sterling, 96.27 Yen and 69.38 Euro cents.
Economic news due out today 
Australian Bureau of Statistics: Lending finance and job vacancies figures for November 
Financial forecasts
Shares in Pental Limited (ASX:PTL) fell after warning its net profit will drop 16 per cent to $1.8 million in the first half of the 2015 financial year. The owner of the White King brand also flagged steady sales revenue amid what it describes as tough and competitive trading conditions. Pental has confirmed its cash position remains strong and that it intends to recommence paying regular dividends. Shares in Pental fell 2.04 per cent to close at $0.48 on Tuesday following the announcement. 
Shares in Cellnet Group Limited (ASX:CLT) gained after boosting its first half profit guidance on the back of improved trading at the end of last year. The mobile phone accessory distributor expects to achieve a profit before tax of between $1.7 million to $1.9 million. The anticipated result is up from earlier expectations of between $1.1 million to $1.4 million. Shares in Cellnet Group gained 9.52 per cent to close at $0.23 on Tuesday following the announcement. 
Gold has lost $1.50 to $US1,231 an ounce for the February contract on Comex. 
Silver has added $0.51 to $17.07 for March. 
Copper has declined $0.12 to $2.60 a pound. 
Oil has slightly recovered $0.27 to $US47.03 a barrel for February light crude in New York.

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