The Aussie market will be crushed on the open, after US and European markets tumbled overnight amid weak Chinese industrial data that added further evidence the world’s second biggest economy is slowing.
The December SPI futures contract is down 100 points, at 5006.
Government data showed China’s crucial industrial companies saw profits fall 8.8% in August from a year ago — hit by August’s shock yuan devaluation, weak demand and plunging share prices.
In local economic news today, the ANZ-Roy Morgan weekly consumer confidence survey is due out.
In equities news, Kathmandu is expected to post its full-year results, while Metcash has an investor briefing.
– SPI futures down 100pts at 5006
– AUD at 69.87 US cents, 83.80 Japanese yen, 62.25 Euro cents and 46.06 British pence
– On Wall St, S&P 500 -2.6%, Dow -1.9%, Nasdaq -3%
– In Europe, Stoxx 50 -2.4%, FTSE -2.5%, CAC -2.8%, DAX -2.1%
– In London, Glencore -29%, BHP -6%, Rio -4.8%
– Spot gold -1.1% at $US1132.53 an ounce at 2.15pm New York time
– Brent crude settled -2.6% at $US47.34 a barrel
What’s on today:
Australia ANZ/Roy Morgan weekly consumer sentiment. US S&P/Case Shiller July home prices, US September consumer confidence
Stocks in focus:
Credit Suisse has an “outperform” on Woodside Petroleum and a target price of $34 a share.
Trading ex dividend today:
Fantastic Holdings, Imperial Pacific, London City Equities, McMillan Shakespeare, SG Fleet Group, Traditional Therapy Clinics.