The Australian market looks set to open lower later this morning, after Wall Street ended a topsy-turvy session higher overnight amid worries about Greece and China.
The September share price index futures contract was down 13 points at 5,510.
In local economic news today, Reserve Bank of Australia deputy head of Payments Policy Mark Manning is slated to participate in a panel discussion at the Global Investor/ISF Australia Securities Finance Masterclass Conference in Sydney. Meanwhile, ASIC reports on financial benchmarks.
In equities news, Queensland hydro company, Genex Power, debuts on the ASX.
– SPI futures down 13pts to 5510
– AUD at 74.41 US cents, 91.29 Japanese yen, 67.67 Euro cents and 48.18 British pence
– On Wall St, S&P 500 +0.6%, Dow +0.5%, Nasdaq +0.1%
– In Europe, Stoxx 50 -2.1%, FTSE -1.6%, CAC -2.3%, DAX -2%
– Iron ore with 62% iron content delivered to Qingdao sank 5.1% to $US49.60 a dry ton
– Spot gold down $US13.61 or 1.2% to $US1156.72 an ounce
– Brent crude up $US1 or 1.8% to $US57.54 a barrel
What’s on today:
Japan May current account, US FOMC minutes, Canada May building permits
Stocks in focus:
Goldman Sachs has a “buy” recommendation on BlueScope Steel and a 12-month target price of $4.11 a share.
RBC Capital Markets has raised its recommendation on Asciano to ‘sector perform’ from ‘underperform’ and lifted its price target from $6 to $8.50.
Goldman Sachs raised its target price on James Hardie Industries by 3.4 per cent to $18.58 and has a “buy” recommendation on the building materials company.