The Australian market is poised for a weaker start this morning, one day after snapping its 12 session winning streak, after Wall Street moved lower overnight amid growing concerns of a Greek debt default.
The March SPI share price index futures contract is down seven points, at 5753.
U.S. stocks extended losses in the last hour of trade this morning, with traders jittery in the wake of disappointing trade data from China and the ongoing Greek debt drama.
Higher oil prices initially provided a lift to energy stocks but those gains soon evaporated, while risk-aversion was evident from rallying government bonds and gold.
In a rousing policy speech to parliament, Greek Prime Minister Alexis Tsipras refused to apply for an extension for an international bailout, raising the prospects that the country could quit the eurozone.
In local economic news slated for release today, National Australia Bank will release its monthly business survey while the Australian Bureau of Statistics will release quarterly property price data.
In equities news, law firm Slater and Gordon are expected to release their half year results, along with biotech firm Cochlear.
- SPI futures down 7pts at 5753
- AUD at 78.20 US cents, 92.72 Japanese yen, 68.98 Euro cents and 51.35 British pence
- In late trade, S&P 500 -0.3%, Dow -0.4%, Nasdaq -0.2%
- In Europe, Stoxx 50 -1.5%, FTSE -0.2%, CAC -0.9%, DAX -1.7%
- Spot gold up $US7.62 or 0.6% to $US1241.66 an ounce
- Brent oil up 92 US cents or 1.6% to $US58.72 per barrel
- Iron ore slips 2.1% to $US61.20 per metric tonne
What’s on today:
Australia NAB business survey, ABS house price index; China inflation; US wholesale inventories.
Stocks to watch:
Earnings results from Bradken, Cochlear.
Macquarie Wealth Management has an “outperform” on Downer EDI and a target price of $4.80 a share. Deutsche Bank rates it a “sell” with a price target of $3.94.
UBS has a “sell” recommendation on Telstra and a price target of $4.35 a share.