Outlook: ASX looks lower after weak leads

Market Reports

The Australian share market looks to open lower following negative global leads. US traders absorbed weaker than expected tech earnings, pushing Apple Inc. (NASDAQ:AAPL) and Microsoft Corporation (NASDAQ:MSFT) lower by close. Local miners will be in focus today with the price of gold and iron ore having continued to decline. 
Global markets
Wall Street traded and ended in the red on Wednesday: The Dow Jones Industrial Average dipped 0.4 per cent to close at 17,851, the S&P 500 slipped 0.2 per cent to close at 2,114 and the Nasdaq eased 0.7 per cent to close at 5,172.
European markets retreated on Wednesday: London's FTSE 100 dropped 1.5 per cent, France's CAC 40 dropped 0.5 per cent and Germany's DAX dropped 0.7 per cent.
Asian markets ended mixed on Wednesday: Japan’s Nikkei fell 1.2 per cent, Hong Kong’s Hang Seng fell 1 per cent, and China’s Shanghai Composite added 0.2 per cent.
The Australian share market plunged 1.6 per cent on Wednesday: The S&P/ASX 200 Index shed 92 points to close at 5,615. On the futures market the SPI is 2 points lower. 
The Australian dollar at 7:30am was buying $US0.7383, 47.3 Pence Sterling, 91.52 Yen and 67.57 Euro cents.
Company news
Shopping Centres Australasia Property Group (ASX:SCP) has revealed the launch of the SCA Unlisted Retail Fund No. 1 to be managed by the company. The real estate investment trust says its new fund will comprise five non-core assets to be acquired from the company for $60.9 million. All assets are located in New South Wales and have been identified as non-core as they are either freestanding stores or have only one or two specialty stores. Shares in Shopping Centres Australasia Property Group closed 2.33 per cent lower at $2.10 following the announcement yesterday.  
Money3 Corporation Limited (ASX:MNY) has confirmed its annual profit guidance while announcing the retirement of its CEO and Managing Director Robert Bryant. The company provides fast approvals of short term loans, personal loans & vehicle finance and has appointed its Chief Operating Officer Scott Baldwin as acting chief as it starts the search for a permanent boss. Shares in Money3 Corporation closed 0.78 per cent higher at $1.29 ahead of the announcement yesterday.

Gold has declined $12 to $US1,091.50 an ounce for the August contract on Comex. 
Silver has fallen $0.02 to $14.77 for September. 
Copper has dropped $0.05 to $2.43 a pound. 
Oil has lost $1.67 to $US49.19 a barrel for September light crude in New York.


Subscribe to our Daily Newsletter?

Would you like to receive our daily news to your inbox?