Stocks set for flat start
July 16 (AAP) The Australian share market has received a modest negative lead from offshore markets as Wall Street traders examined the details of an overhaul of the US financial system and Goldman Sachs' settlement of fraud charges.
This morning on the Sydney Futures Exchange, the September share price index contract was 8 points lower at 4425. Yesterday, the major indices finished about half a percentage point lower.
What you need to know:
· The SPI was down 8 points at 4425
· The Australian dollar was buying 88.36 US cents
· In the US, the S&P500 rose 1.31 points to 1096.48
· In Europe, the FTSE 100 fell 42.23 points to 5211.29
· Gold rose $US1.30 an ounce to $US1208.30
· Crude oil slipped 42 US cents a barrel to $US76.62
· The Reuters Jefferies CRB index rose 0.77%
· Stocks to watch: possible market movers
Overseas, Google has missed analysts estimates, Goldman Sachs has settled the fraud case brought by the US SEC and the Congress has approved the broadest changes to financial regulation since the Great Depression.
How we fared yesterday
The Australian stock market closed lower due to losses in the resources and financial sectors.
The benchmark S&P/ASX200 index lost 19.8 points, or 0.44 per cent, at 4442.6 points, while the broader All Ordinaries index dropped 20.6 points, or 0.46 per cent, to 4456.7 points.
Wall Street staged a late turnaround on expectations that Goldman Sachs Group is settling the government's civil fraud charges.
More uncertainty was lifted from the market late in the day, when the Senate passed and sent to President Barack Obama the financial regulation bill.
A series of disappointing economic reports had sent the Dow Jones industrials down nearly 100 points in late trading. In the last half hour, the Dow scrambled back to a loss of just seven.
The Dow fell 7.41 points, or 0.07 per cent, to 10,359.31. The Standard & Poor's 500 index rose 1.31 points, or 0.12 per cent, to 1096.48, while the Nasdaq composite index fell 0.76 point, or 0.03 per cent, to 2249.08.
European stock markets closed lower as weak US data stoked growing concerns that the global economic recovery is in trouble.
In London, the FTSE 100 index of leading shares closed down 42.23 points, or 0.8 per cent, at 5211.29 points.
Germany's DAX shed 60.4 points, or 0.97 per cent, to 6149.36 points. In France, the CAC 40 lost 51.16 points, or 1.41 per cent, to 3581.82 points.
Oil prices fell after new economic indicators signaled slowing growth in the United States and China, the world's top energy consuming nations
Most metals rose as the US dollar weakened.
Gold for August delivery added $US1.30 to settle at $US1208.30 an ounce.
In September contracts, copper rose 0.35 cent to settle at $US3.0120 a pound. Palladium gained $US1.40 to $US467.20 an ounce. Silver rose 7.2 US cents to $US18.362 an ounce.
October platinum added $US13.10 to settle at $US1533.70 an ounce.
AAP, with BusinessDay
"Mogi" Munkhdul Badral
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