Outlook: Aus shares set for weaker open

Market Reports

by David Chau

Following negative leads, the Australian share market looks set to open lower today.  Wall Street ended weaker, with eight out of 10 major S&P sectors closing in the red.  Microsoft was the largest drag on the S&P500.  Analysts say the dip in US shares may be due to concerns about the US Fed potentially raising interest rates as early as June.

Markets
 
Wall Street closed higher yesterday: The Dow Jones Industrial Average lost 0.1 per cent to close at 17,493, the S&P 500 lost nearly 0.2 per cent to close at 2,048 and the NASDAQ lost 0.1 per cent to close at 4,766.
 
European markets closed lower: London’s FTSE lost 0.3 per cent, Paris lost 0.7 per cent and Frankfurt was down 0.7 per cent.
 
Asian markets closed mixed: Tokyo’s Nikkei lost 0.5 per cent, Hong Kong’s Hang Seng lost 0.2 per cent, and China’s Shanghai Composite gained 0.6 per cent.
 
The Australian share market closed higher yesterday: The S&P/ASX 200 Index closed 32 points down to finish at 5,319. On the futures market the SPI is down 1 point. 

Currencies
 
Turning to currencies and the Australian Dollar at 7:30AM was buying $US0.7226 cents, 49.91 Pence Sterling, 78.92 Yen and 64.42 Euro cents.
 
Company news
 
Lifestyle Communities Limited (ASX:LIC) has purchased a site for $12.6 million at Ocean Grove, Victoria.  The company says that this will be their 13th community for over 50s in Victoria.  Settlement will occur in December 2017 with construction anticipated shortly afterwards. 
 
Shares in Lifestyle Communities closed 4 per cent lower yesterday at $2.88.  
 
Evolve Education Group Limited (ASX:EVO) has announced positive financial results.  The early childhood education company says that its income was $139 million, and its statutory NPAT was $15.6 million for the year ended 31 March 2016.
 
Shares in Evolve Education closed 4.35 per cent up yesterday at $0.96.  

Commodities
Gold has lost $1.40 to $US1,252 an ounce for the June contract on Comex.
Silver has lost $0.11 to $16.42 for July.
Copper is steady at $2.06 a pound.
Oil has lost $0.33 to $US48.08 a barrel for June light crude in New York.

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