Stocks set to drop on US eco worries
July 29 (AAP) The Australian stock market is likely to open weaker today after a fall on Wall Street overnight.
This morning on the Sydney Futures Exchange, the September share price index contract was down 23 points at 4485 points. Yesterday, the major local indices each finished about two-thirds of a percentage point higher.
What you need to know:
· The SPI was 23 points lower at 4485
· The Australian dollar was buying 89.35 US cents
· In the US, the S&P500 fell 7.71 points to 1106.13
· In Europe, the FTSE 100 fell 45.99 points to 5319.68
· Gold rose $US2.40 an ounce to $US1160.40
· Oil was down 51 US cents a barrel at $US76.99
· The Reuters Jefferies CRB Index rose 0.64%
· Stocks to watch: possible market movers
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In the news this morning
Investors are still feeling gloomy despite Australia weathering the global financial crisis better than most economies, our latest Investor Pulse survey shows.
Australia's largest super funds have barely outperformed inflation this decade, leading analysts to put some of the blame on excessive investment fees.
Nobel Prize-winning economist Joseph Stiglitz has warned that miners have too much say in mining tax debate.
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How we fared yesterday
The Australian share market finished firmer for the fourth consecutive trading day on Wednesday, closing at its strongest level for more than a month.
The benchmark S&P/ASX200 index closed up 32.5 points, or 0.72 per cent, at 4529.9 points, while the broader All Ordinaries index gained 28.2 points, or 0.62 per cent, at 4542.1 points.
It was the benchmark index's strongest close since June 22 when it closed at 4558.3.
Offshore overnight
The US stock market edged lower on news that orders for big-ticket items sank in June.
The Dow fell 39.81 points, or 0.38 per cent, to 10,497.88 in final trades, after a four-day winning streak.
The tech-rich Nasdaq composite index slipped 23.69 points, or 1.04 per cent, to 2264.56 while the broader S&P 500 index lost 7.71 points, or 0.69 per cent, to a provisional close of 1106.13.
Sentiment was soured by news that orders for big-ticket items in the United States suffered the biggest drop in almost a year in June, on weaker demand for airplanes and electronic goods.
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New orders for "manufactured durable goods" -- items such as planes, cars, refrigerators and computers -- decreased by two billion dollars, or one per cent, from the previous month, the Commerce Department said.
European stock markets closed narrowly mixed on Wednesday, consolidating recent gains after weak US data, including from the central bank there, raised fresh doubts over the strength of the economic recovery.
In London, the FTSE 100 index of leading shares closed down 45.99 points, or 0.86 per cent, at 5319.68 points.
The German DAX fell 28.37 points, or 0.46 per cent, at 6178.94 points and in Paris, the CAC 40 index added 3.96 points, or 0.11 per cent, to 3670.36 points.
Commodities
Oil prices fell on Wednesday after a huge unexpected jump in crude stockpiles in the United States added to nerves caused by fading consumer confidence.
New York's main contract, light sweet crude for delivery in September, dropped 51 US cents to $US76.09 a barrel.
August gold added $US2.50 to settle at $US1160.40 a fine ounce on the Comex division of the New York Mercantile Exchange.
September silver fell 18.5 US cents to settle at $US17.441 per ounce.
Copper for September delivery settled 3.95 US cents higher at $US3.2455 per pound.
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"Mogi" Munkhdul Badral
CPS International
Email: mogi@cpsinternational.mn
Mobile: +976-99996779
CPS International is a marketing arm of CPS Securities in Mongolia. CPS Securities is a Perth, Western Australia based ASX Licensed Financial Services Company. To trade ASX stocks, feel free to contact me at mogi@cpsinternational.mn or +976-9999-6779.
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