The Aussie market is in for another very tough session today, set to open 4% lower after international markets plummeted on further concern over China’s slowing economy.
The SPI is down 200 points, at 4,750.
International markets plunged overnight with the Dow dropping 588.47 points (-3.58%).
London’s FTSE 100 lost 4.7%, Frankfurt’s DAX shed 4.7% and the Nikkei tumbled 4.6%.
In China, the Hang Seng fell 5.2% while Shanghai plummeted a whopping 8.8%.
Commodities were also hit with October delivery WTI oil down $US2.21 to finish below the $US40 mark, at $US38.24, and iron ore shedding $US2.82 to $US53.28. That means Australia’s resources companies can expect to have a bad day today.
In local economic news today, the ANZ-Roy Morgan weekly consumer confidence survey is due out.
In equities news, BHP Billiton, Pacific Brands, Specialty Fashion Group, Amcor, Blackmores and Village Roadshow are among the companies reporting full year results while Oil Search, Petsec Energy and Scentre Group are among the companies due announce half year results.
SPI down 200 points at 4750
AUD at 71.61 US cents
Dow Jones -3.58%, S&P500 -3.94%, Nasdaq -3.82%
FTSE100 -4.67%, CAC -5.35%, DAX -4.70%
Spot gold down 0.6% at $US1154.17 an ounce
Brent oil down 6.3% at $US42.57 a barrel
Iron ore down 5% at $US53.28 per tonne