Sydney, July 18, 2007 (ABN Newswire) - Australian shares could pull back today as weaker oil prices weigh on energy firms, while a mixed performance in base metals could pressure mining firms. Focus could be on Qantas Airways as its board meets to discuss a possible restructuring of the airline. And investors will likely pay attention to Orica based on takeover speculation.
On Tuesday, the ASX managed to post a one point gain finishing 6,382. On the futures market the SPI200 is down 12.
Turning to currencies, the Australian dollar is holding above 87 cents in offshore trade but has so far failed to break yesterday's record. At 8:30 AM the Aussie dollar is buying 87.25 US cents, on the crosses the dollar is buying 106.53 yen, 63.29 Euro cents, and 42.62 British pence
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