The Aussie market is poised to open sharply lower later this morning, after U.S. and European stocks plummeted on Friday night amid another big drop in oil prices.
The December SPI futures contract is down 63 points, at 5154.
On Wall Street, the Dow Jones plunged 316 points (-1.8%), while Britain’s FTSE 100 index fell about 2.5% and equity markets in France and Germany each lost more than 2.7%, with traders unnerved by the speed of the free-fall in crude prices.
West Texas Intermediate crude for January delivery, the US benchmark, was down US$2.11 at US$58.08 a barrel.
Brent crude for January fell US$1.78 to US$61.44 a barrel.
In local in economic news today, the federal government releases its mid-year economic and fiscal outlook.
Meanwhile, the Australian Bureau of Statistics releases new motor vehicles sales data for November, while the Housing Industry Association Housing Scorecard for December is also due out.
No major equities news is expected.
- SPI down 63 points at 5154
- AUD at 82.42 US cents
- Dow Jones -1.79%, S&P500 -1.62%, Nasdaq -1.16%
- FTSE100 -2.49%, CAC -2.77%, DAX -2.72%
- Gold down 0.5% at $US1221.66 an ounce
- Brent oil down US$1.83 at US$61.85 per barrel
- Iron ore down 38 US cents at US$68.99