The Aussie market is poised to open sharply lower later this morning after Wall Street tumbled again on Friday night amid concerns about economic trouble in China and plunging oil prices.

The SPI futures contract is down 87 points at 4,745.

In local economic news today, the Australian Bureau of Statistics is due to release December new motor vehicles sales figures while the TD Securities-Melbourne Institute’s inflation gauge for December is also expected.

No major equities news is expected.

Key Numbers:

• SPI futures closed down 87 points to 4745
• Aussie dollar buying 68.60 US cents, 79.87 Japanese yen, 62.55 Euro cents and 47.97 British pence
• On Wall St, Dow -2.4%, S&P 500 -2.2%, Nasdaq -2.7%
• US markets will be closed on Monday for a holiday
• In Europe, Stoxx 50 -2.4%, FTSE -1.9%, CAC -2.4%, DAX -2.5%
• In London, BHP -6.4%, Rio -5.3%
• Spot gold up 1% to $US1088.84 at 4.12pm New York time on Friday
• Brent crude down 5.54% to $US29.17 at 3.45pm New York time on Friday

What’s on today

Malcolm Turnbull begins two-day official visit to the US, meets with Barack Obama. Australia new motor vehicle sales December. China property prices (December). US markets closed for Martin Luther King Jr holiday. OPEC releases monthly oil-market report.

On Tuesday: China 4th Qtr GDP. China December industrial production, retail sales, fixed asset investment.

Stocks in focus

Rio will release its fourth-quarter operations review at 8.30am Sydney time on Tuesday. BHP will release its fourth-quarter production report at 8.30am Sydney time on Wednesday. Rio’s full-year 2015 results will follow on February 11; BHP’s results will be released on February 22.

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