The Australian market looks set to open lower later this morning, after Wall Street and European markets fell overnight as volatile commodity prices and company results hit shares.
The September SPI futures contract is down 30 points, at 5616.
In local economic news today, the Reserve Bank of Australia governor Glenn Stevens is slated to speak at an Anika Foundation event in Sydney.
Meanwhile, the Australian Bureau of Statistics is due to release the June quarter consumer price index while the Westpac-Melbourne Institute Leading Indexes of Economic Activity is also due out.
In equities news, BHP Billiton is expected to release its fourth quarter production report while Petsec Energy is slated to have a briefing on its June quarter results.
Woolworths South Africa chief executive and David Jones chairman Ian Moir, Macquarie Capital’s head of Retail and Consumer David Mustow and Salmat CEO Craig Dower are among the speakers at Australian Israel Chamber of Commerce lunch.
– SPI futures down 30pts to 5616
– AUD at 74.23 US cents, 91.97 Euro cents, 67.87 Euro cents and 47.72 British pence
– On Wall St, S&P 500 -0.4%, Dow -1%, Nasdaq -0.2%
– In Europe, Stoxx 50 -1%, FTSE -0.3%, CAC -0.7%, DAX -1%
– Spot gold up $US4.80, or 0.4% to $US1101.30 an ounce
– Iron ore slips 0.6% to $US52.10 per tonne
– Brent crude up 35 US cents, or 0.6% to $US57.00 a barrel
What’s on today:
Australia Reserve Bank of Australia governor Glenn Stevens speech at the Anika Foundation luncheon, Sydney, consumer price index for June quarter, BHP Billiton production report; UK Bank of England publishes minutes of its Monetary Policy Committee’s July meeting; US home prices, existing home sales, US Energy Information Administration oil inventory report, Earnings from Coca-Cola, American Express, Newmont Mining.
Stocks in focus:
BHP Billiton 4Q15 production report to be released today: Deutsche Bank forecasts a 0.9 per cent QoQ decrease in Cu Eq production mostly due to an expected drop in copper production due to lower grades at Escondida (as reported by Rio last week) and an ongoing mill outage at OD, reduced energy coal volumes after a bumper 3Q, and lower US onshore volumes reflecting field decline for the gas fields and flat QoQ onshore oil production due to takeaway capacity constraints in the Black Hawk. The positives should be a strong performance from the conventional petroleum assets (Bass Strait and the GoM) and we still expect FY15 production guidance to be exceeded for thermal, the Pilbara and petroleum. We also expect guidance will be given for FY16.