* US stock markets fell overnight, as sellers stepped in across the board ahead of the Non-Farms Payroll Report.
* European stock markets ended modestly lower overnight.
* Asian share markets ended mostly lower yesterday, after disappointing manufacturing and employment reports from the US and the eurozone sparked concerns of slowing global economic growth.
* Commodities prices were lower, with Gold prices traded around $US1,637 while crude-oil closed around $US102.
The Australian market is expected to sell-off today, particularly our miners, after many stock markets were closed lower overnight. Markets traded lower from the open in the European markets and in the US and were weak in late session trading. Look out for the RBA’s Quarterly Statement due out today, as investors set themselves ahead of next week’s Federal Budget.
The SPI Futures is trading above the key pivot level of 4360, ended down -0.3% (or -12 points) at 4,414. The key levels for our index today are 4360 to 4430.
See below for ASX listed companies in the news today.
Economics News Today
* RBA - Quarterly Statement on Monetary Policy.
US stock markets fell overnight, as sellers stepped in across the board ahead of the Non-Farms Payroll Report.
Investor mood was dampened by the recent disappointing manufacturing and employment reports, and there was caution ahead of the Non-Farm monthly employment report due out tonight.
The S&P500 closed below the 1400 level for the first time in a week. All 10 sectors in the S&P500 traded in the red for the session with the falls led by the materials and energy sectors on the back of weaker commodity prices, due to concerns overn slowing economic global growth.
In economic news the US non-manufacturing sector data showed expansion slowed more than expected in April, according to the Institute for Supply Management (ISM) with the non-manufacturing purchasing index falling to 53.5 last month (down from 56 in March). Traders took some profits ahead of the Non-Farms Payrolls report, which economists expect the report to show that 168,000 jobs were added last month, with the unemployment rate holding steady at 8.2%.
All ten company groups that make up the S&P index traded lower, with the Materials down -1.1% , Energy sector was down -1.7%, Financials sector down -0.8%, Industrials sector was down -0.8%, Technology was down -0.8%, while Consumer Staples were down -0.8%.
The Dow Jones closed down -0.5% (or -62 points) at 13,206, the S&P 500 index down -0.8% (or -10 points) at 1,391, the Nasdaq ended down -1.2 (or -35 points) at 3,024 and the smaller cap Russell 2000 was down -1.5%.
European stock markets ended modestly lower overnight. The Stoxx Europe 600 index closed 0.1% higher, off its session highs.
In London the FTSE 100 index last closed up 0.2% (or 8 points) at 5,766, the German DAX was closed down -0.2% (or -16 points) at 6,694 while in France the CAC was closed down -0.2% at 3,223, Spain closed up 0.3% and Italy closed down -0.7%.
In China the SSE Composite closed up 0.1% (or 2 points) at 2,440, while in Hong Kong the Hang Seng Index closed down -0.3% (or -59 points) at 21,249 and in Japan the Nikkei 225 Index was closed at 9,380, South Korean KOSPI was down -0.2% for the session, while the Indian market closed down -0.8%.
The Dollar Index was higher at 79 on a lower Euro, while the Australian Dollar last traded lower at 1.0264. Commodities prices traded lower.For the session the Benchmark crude NYMEX for June delivery was down -2.5% settled at $US102.59. Copper prices are backing off key resistance level as Copper for June delivery was down -1.3% (or -5 cents) at $US3.737, while June gold was down -1.1% (or -$US17.30) at $US1,637.
ASX News Today
Australian Pharma (API)
ASX – to open lower
US & UK/Europe – sharply lower
Commodities Stock Index down -2.4%
Gold Stocks Index down -3.5%
Oil Stocks Index down -1.7%
US ADRs – Broadly Lower!!…
BHP down -2.1%, RIO down -3.3%; AWC down -4.2%
ANZ down -% & NAB down -0.6%
NEM down -2.0%, JHX down -0.7%, NWS down -0.9%
By Michael Hevern