The Aussie market is poised to open lower later this morning following a bearish night in Wall Street after more worries about the Chinese economy weighed on market confidence.
The SPI futures contract was down 15 points at 5,061.
U.S. and European stocks across fell for the fifth consecutive day as China fuelled fears about its economy by allowing the yuan to weaken further after weak manufacturing and services sector data this week.
In local news today, official building approvals figures and international trade data for November are released.
No major equities news expected today.
- SPI futures down 15pts at 5061
- AUD at 70.63 US cents, ¥83.689, €65.48 and £48.268
- On Wall St, late, S&P 500 -1.7%, Dow -1.9%, Nasdaq -1.8%
- In Europe, Stoxx 50 -1.2%, FTSE -1%, CAC -1.3%, DAX -0.9%
- In London, BHP -4.9%, Rio -4.8%
- Spot gold up $US16.32, or 1.5%, to $US1094.00/oz at 2.56pm New York
- Brent crude down $US2.16 or 5.9% to $US34.26/bbl at 2.31pm New York
- Iron ore down 0.5 per cent to $US42.91 a dry ton
What’s on today
Australia November trade balance, Australia November building approvals, eurozone November labour force survey
Stocks in focus
BHP Billiton and Rio Tinto Group, the world’s biggest mining companies, could sell as much as $US21 billion ($29.7 billion) of shares to help them buy assets from distressed industry rivals, said analysts at Bank of America. BHP could raise as much as $US15.4 billion and Rio $US5.7 billion to curb reliance on debt, the analysts said.