Outlook: Aus shares set to open lower

Market Reports

Following weak leads from Wall Street, the Australian share market looks set to open in negative territory this morning. US stocks retreated on Monday following a sell-off on the Shanghai Composite, highlighting further fears of an economic slowdown in China. Investors are also nervously awaiting an outcome of Friday’s FOMC meeting, where it’s looking like a 50/50 chance of a rate hike by the Fed. 
 
Global markets

Wall Street closed lower yesterday: The Dow Jones Industrial Average lost 0.4 per cent to close at 16,371, the S&P 500 slipped 0.4 per cent also to close at 1,953 and the NASDAQ lost 0.3 per cent to close at 4,806.
 
European markets closed mixed: London’s FTSE lost 0.5 per cent, Paris slipped 0.7 per cent and Frankfurt gained 0.1 per cent.
 
Asian markets were also mixed: Tokyo’s Nikkei lost 1.6 per cent, Hong Kong’s Hang Seng gained 0.3 per cent, and China’s Shanghai Composite retreated 2.7 per cent.
 
The Australian share market closed higher yesterday: The S&P/ASX 200 Index closed 25 points higher to finish at 5,096. On the futures market the SPI is down 15 points. 
 
Currencies

Australian Dollar at 7:20AM was buying 71.35 US cents, 46.26 Pence Sterling, 85.76 Yen and 63.07 Euro cents.
 
Economic news

A slew of economic data expected to be released today. The Australian Bureau of Statistics will release new motor vehicle sales for the month of August; we’ll also get the weekly consumer sentiment read from ANZ/Roy Morgan. Most importantly, the Reserve Bank of Australia will release its board minutes for the September meeting where it once again agreed to keep interest rates on hold at a record low of 2 per cent. 
 
Company news

Yancoal Australia Limited (ASX:YAN) says the New South Wales department of Industry, Resources and Energy has approved the Mining Operations Plan for Yancoal’s Moolarben Stage 2 Project. The company will now proceed with the proposed development of two underground mines and an additional new open cut pit. Once fully developed, the project will produce up to 17 million tons of coal per annum for 24 years. Shares in Yancoal closed flat yesterday at 10.5 cents. 
 
Mortgage Choice Limited (ASX:MOC) has decided to shut down its Help Me Choose business unit. Mortgage Choice released its FY2015 results last month and says Help Me Choose’s financial result needed addressing. CEO John Flavell emphasized Mortgage Choice will continue to focus on its business by building a compelling and differentiated financial services offering. Shares in Mortgage Choice closed 1 per cent lower yesterday at $1.95.  

Commodities

Gold has gained $4.30 to $US1,108 an ounce for the December contract on Comex.
Silver has lost 13 cents to $14.38 for December.
Copper has lost 4 cents to $2.41 a pound.
Oil has lost 59 cents to $US44.57 a barrel for October light crude in New York.

Ex-dividends

Name Code Date Amount(cents) Franking
Equity Trustees EQT 15/09/15 48 100
Gazal Corporation GZL 15/09/15 8 100
InvoCare Limited IVC 15/09/15 16 100
Keybridge Capital KBC 15/09/15 0 100
Metlifecare Ltd MEQ 15/09/15 2 0
Patties Foods Ltd PFL 15/09/15 5 100
Prophecy Internation PRO 15/09/15 2 100
Royal Wolf Holdings RWH 15/09/15 5 100
Vita Life Sciences. VSC 15/09/15 2 0
Breville Group Ltd BRG 16/09/15 13 100
Beyond International BYI 16/09/15 5 0
Carsales.Com Ltd. CAR 16/09/15 19 100
Clime Investment CIW 16/09/15 3 100
Embelton Limited EMB 16/09/15 20 100