The Aussie market is poised to begin the new trading week on a negative note, with oil prices continuing to fall on Friday night.
The December SPI futures contract is down 44 points, at 5294.
In local economic news today, the Reserve Bank of Australia releases the index of commodity prices for November while the Australian Bureau of Statistics releases business indicators for the September quarter.
Also due out is the Australian Industry Group’s performance of manufacturing (PMI) index, the TD Securities-Melbourne Institute inflation gauge and the RP Data Core Logic Home Value Index, all for November.
The Governance Institute’s national conference, including speakers ASIC chairman Greg Medcraft, ASX executive and chief compliance officer Kevin Lewis and APRA deputy chair Ian Laughlin, is on in Brisbane.
In equities news, Metcash is expected to post half year results.
– SPI futures down 44 pts at 5294
– AUD at 84.91 US cents, 100.80 Japanese yen, 68.14 Euro cents and 54.25 British pence
– On Wall St, S&P 500 -0.3%, Dow flat, Nasdaq +0.1%
– In Europe, Euro Stoxx 50 +0.2%, FTSE flat, CAC +0.2%, DAX flat
– Spot gold down 2% to $US1167.41 an ounce
– Iron ore adds 1.9% to $US71.32 per metric tonne
– Brent oil down 3.4% to $US70.15 per barrel
What’s on today:
Australia RP Data CoreLogic home prices November, September quarter business indicators, TD Securities inflation gauge, AiGroup manufacturing index; New Zealand RBNZ governor speaks 6.45am; US ISM manufacturing; China PMI official and HSBC.
Stocks to watch:
Retailers, iron ore producers, energy companies.
UBS has a “sell” on Monadelphous Group and a 12-month price target of $9.90 a share, down from $12.10 a share previously.
JPMorgan has a “neutral” recommendation on Cardno Limited and cut the price target to $4.33 a share, from $6.75 a share previously.