Australian Stock Report - Market Pulse

Morning market update 7 January, 2016

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Publish date: Thu, 07 Jan 2016, 09:17 AM
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Welcome to MarketPulse, the Australian Stock Report's financial market blog. In the MarketPulse blog we aim to provide frequent updates on current events across the financial markets, including market wraps, articles in the news, opinions, reviews, financial education and finally our top tip of the week. The blog is published by the Australian Stock Report research and report editing team together with our very own "Passionate Trader", Carl Capolingua.

The Aussie market is poised to open lower later this morning following a bearish night in Wall Street after more worries about the Chinese economy weighed on market confidence.

The SPI futures contract was down 15 points at 5,061.

U.S. and European stocks across fell for the fifth consecutive day as China fuelled fears about its economy by allowing the yuan to weaken further after weak manufacturing and services sector data this week.

In local news today, official building approvals figures and international trade data for November are released.

No major equities news expected today.

Key Numbers:

  • SPI futures down 15pts at 5061
  • AUD at 70.63 US cents, ¥83.689, €65.48 and £48.268
  • On Wall St, late, S&P 500 -1.7%, Dow -1.9%, Nasdaq -1.8%
  • In Europe, Stoxx 50 -1.2%, FTSE -1%, CAC -1.3%, DAX -0.9%
  • In London, BHP -4.9%, Rio -4.8%
  • Spot gold up $US16.32, or 1.5%, to $US1094.00/oz at 2.56pm New York
  • Brent crude down $US2.16 or 5.9% to $US34.26/bbl at 2.31pm New York
  • Iron ore down 0.5 per cent to $US42.91 a dry ton

What’s on today

Australia November trade balance, Australia November building approvals, eurozone November labour force survey

Stocks in focus

BHP Billiton and Rio Tinto Group, the world’s biggest mining companies, could sell as much as $US21 billion ($29.7 billion) of shares to help them buy assets from distressed industry rivals, said analysts at Bank of America. BHP could raise as much as $US15.4 billion and Rio $US5.7 billion to curb reliance on debt, the analysts said.

The post Morning market update 7 January, 2016 appeared first on Market Pulse.

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