The Australian market looks set to open lower and snap its seven session winning streak today, following falls on Wall Street on Friday night after disappointing US economic growth report and worrisome data on eurozone inflation.
The March SPI futures contract was down 20 points, at 5522.
US economic growth came in at an annual rate of 2.6 per cent in the fourth quarter, well below the 5.0 per cent in the prior quarter.
Eurozone consumer prices fell by a record 0.6 per cent in January, confirming deflation could be taking hold for the long term, EU data showed.
In local economic news today, the Reserve Bank of Australia’s index of commodity prices and the Australian Industry Group’s performance of manufacturing (PMI) index, both for January, will be released.
Meanwhile, the RP Data Core Logic Home Value Index and the TD Securities-Melbourne Institute’s inflation gauge both for January, are also due out.
In equities news, JB Hi-Fi and Argo Investments are expected to post half year results.
- SPI down 20 points at 5522
- AUD at 77.52 US cents
- Dow Jones -1.45%, S&P500 -1.30%, Nasdaq -1.03%
- FTSE100 -0.90%, CAC -0.59%, DAX -0.41%
- Gold up 2% at $US1281 an ounce
- Brent oil up 7.9% at $US52.99 per barrel
- Iron ore down $US1.06 at $US62.21 a tonne