Negative leads look to push the Australian share market lower at open ahead of the nation’s quarterly growth figures. Despite edging near the 6,000 mark yesterday the local benchmark retreated after the RBA opted to keep the cash rate on hold. Ahead of today’s key numbers the Australian dollar has stayed above $US.78 but the price of iron ore has continued its decent.
Global markets
Wall Street dropped on Tuesday: The Dow Jones Industrial Average fell 0.5 per cent to close at 18,203, the S&P 500 fell 0.5 per cent to close at 2,108 and the Nasdaq fell 0.6 per cent to close at 4,980.
European markets sank on Tuesday: London's FTSE 100 slipped 0.7 per cent, France's CAC 40 slipped 1 per cent and Germany's DAX slipped 1.1 per cent.
Asian markets declined on Tuesday: Japan’s Nikkei dipped 0.1 per cent, Hong Kong’s Hang Seng dipped 0.7 per cent, and China’s Shanghai Composite dropped 2.2 per cent.
The Australian share market sank after the Reserve Bank decided to keep the cash rate steady at 2.25 per cent: The S&P/ASX 200 index retreated 25 points to close at 5,934. On the futures market the SPI is 13 points lower.
Currencies
The Australian dollar at 8:30am was buying $US0.7819, 50.91 Pence Sterling, 93.63 Yen and 69.99 Euro cents.
Economic news due out today
Australian Bureau of Statistics: National accounts, including gross domestic product for the December quarter
Australian Industry Group: Performance of Services Index (PSI) for February
National Australia Bank Limited
(ASX:NAB): Online retail sales index for January
Company news
Engineering and projects delivery provider Calibre Group Limited
(ASX:CGH) has bought urban development consultancy, Town Planning Management Engineering Pty Ltd. The company says the asset will expand its capability and services in Western Australia and the purchase will be made through shares and cash. Shares in Calibre Group rose 6.52 per cent to close at $0.24 before the announcement was made yesterday evening.
Brierty Limited
(ASX:BYL) has scored an $11 million contract from LandCorp to construct stage 1 of the Broome Road Industrial Park in the Kimberley region of Western Australia. The diversified contractor says the project involves earthworks, drainage, roadworks, water reticulation and services installation. Shares in Brierty fell 3.61 per cent to close at $0.40 before the announcement was made this morning.
Commodities
Gold has declined $3.80 to $US1,203 an ounce for the April contract on Comex.
Silver has slipped $0.15 to $16.30 for May.
Copper has eased $0.04 to $2.66 a pound.
Oil has gained $0.93 to $US50.52 a barrel for April light crude in New York.
Ex-dividends
Century Australia Investments Limited
(ASX:CYA)
