Following weak results from Wall Street the Australian share market looks set to open lower, erasing Friday's gains. US stocks had a mixed end to the week with the Dow Jones rising 86 points to a new record but an afternoon sell off reversed gains made by the S&P 500. Declines in tech giants Apple, Amazon and Facebook dragged down the broader market.
In US economic news all eyes will be on the US Federal Reserve when it meets on Wednesday, it's expected to announce another interest rate hike, which is likely drive down the Aussie dollar.
Local economic news
On Wednesday, the Bureau of Statistics (ABS) releases the June quarter publication of Engineering Construction Activity, on Thursday the ABS releases the Finance & Wealth publication, also on Thursday the latest data on job vacancies is issued by the ABS, and, finally on Friday The Reserve Bank issues the August Financial Aggregates publication.
Wall Street closed mixed on Friday. The Dow Jones Industrial Average added 0.3 per cent o close at 26,744, the S&P 500 closed 0.04 per cent lower to 2930 and the NASDAQ was 0.5 per cent lower to 7987.
European markets closed higher on Friday: London’s FTSE added 1.7 per cent, Paris gained 0.8 per cent and Frankfurt was up 0.9 per cent.
Asian markets ALSO higher on Friday, Tokyo’s Nikkei closed 0.8 per cent higher,Hong Kong’s Hang Seng added 1.7 per cent and China’s Shanghai Composite was up 2.5 per cent..
On the futures markets, the SPI futures are pointing to a 23 points fall. On Friday, the Australian share market closed higher with the S&P/ASX 200 Index closing 25 points up to 6195.
RCR Tomlinson (ASX:RCR) has announced the successful completion of its entitlement offer. The engineering and infrastructure company says the retail entitlement achieved a take up of around 47 per cent raising $14.4 million, while the institutional component raised about $70 million. The 16 million new shares not taken up under the retail offer will be allocated to sub-underwriters of the Retail Entitlement Offer. Shares in RCR Tomlinson (ASX:RCR)closed 5.12 per cent higher to $1.13 on Friday.
Carsales.Com (ASX:CAR) is paying 23.7 cents fully franked
Chorus (ASX:CNU) is paying 11.906 cents unfranked
SG Fleet Group (ASX:SGF) is paying 9.958 cents fully franked
And Vita Life Sciences (ASX:VLS) is paying 1.5 cents fully franked
One Australian Dollar at 7:40AM was buying US72.69 cents, 55.60 Pence Sterling, 81.79 Yen and 61.91 Euro cents.
Gold has dropped $10 to $US1201 an ounce.
Silver was up 5 cents to $US14.36 an ounce.
Oil added 46 cents to $US70.78 a barrel.
The three most traded cryptocurrencies are trading mixed: Bitcoin has lost 0.32 per cent to US$6692, Ethereum has added 0.2 per cent to US$241.71 and XRP has gained 0.2 per cent to US56.44 cents.