The Australian market will open lower later this morning, following sharp losses on US and European markets on Friday night amid disappointing US home sales and China factory output data.
The September SPI futures contract is down 54 points, at 5462.
New US home sales ran at an annual pace of 482,000 units in June, and May’s rate was cut to 517,000 units from the original report of 546,000.
China’s Caixin’s Purchasing Manager’s Index (PMI) came in at 48.2 in July, the weakest reading since 48.1 in April 2014, according to Markit’s data.
In local economic news today, CEDA has a panel discussion on the future workforce while the Self Managed Super Fund Association and the National Australia Bank’s report into SMSF sector is due out and the Financial Services Council and Commonwealth Bank release a study on older workers.
In equities news, iiNet has a scheme meeting for a vote on the proposed TPG takeover, Atlas Iron is expected to release June quarter production results while Navitas’ full year results are expected.
SPI down 54 points at 5462
AUD at 72.67 US cents
Dow Jones -0.92%, S&P500 -1.07%, Nasdaq -1.12%
FTSE100 -1.13%, CAC -0.58%, DAX -1.43%
Spot gold up 0.8% at $US1099.05 an ounce
Brent oil down 1.2% at $US54.62 per barrel
Iron ore down 0.6% at $US51.42 per tonne
What’s on today:
iiNet scheme meeting for vote on TPG takeover
Atlas Iron June quarter production report
Navitas full year results
Self Managed Super Fund Association and National Australia Bank report into the self managed super fund sector
Financial Services Council and Commonwealth Bank release a study on older workers
Committee for Economic Development of Australia hosts a panel discussion on future workforce, featuring academics and recruiters