News out of Europe is that Portugal has been discreetly sounding out advisers on options to restructure its debt, whilst the Greek finance minister admitted that Greece was “on a knife edge”.
German factory orders rebounded by 1.7% in December following a 4.9% fall in November. Factory orders were flat over the year to December.
In the region the FTSE shed nine points (-0.2%) to settle at 5892, whilst the CAC (-0.7%) and DAX (-0.1%) also closed in the red.
Stateside, markets softened as investors elected to take some profits off the table following the recent gains.
The Dow Jones gave up 17 points (-0.1%) to settle at 12845, whilst the broader S&P (-0.1%) and tech-heavy Nasdaq (-0.1%) also lost ground.
The Aussie dollar held around the US$1.07 handle overnight, whilst the euro slid the most in a week against the dollar and yen on concern Greece’s political leaders will fail to reach an agreement allowing the nation to receive a second bailout from international creditors
Oil gave up 1% to US$96.91 a barrel, base metals were generally weaker, whilst gold also lost ground, down 1% to US$1,723 an ounce.
In company news, NAB has reported an unaudited first quarter cash profit $1.4 billion, up almost 8% on the same period last year.
Today’s session will bring us the all-important RBA interest rate decision, slated for release at 2:30pm, AEDT.
Very recently we’ve seen the odds move slightly back in favour of rates being left on hold, according to bond market rates.
As of this morning the data was indicating a 42% chance of rates being left on hold as opposed to 58% chance of a cut.