Sydney, Oct 18, 2007 (ABN Newswire) -
The Australian market could open flat with weak base metal prices weighing on major miners, energy companies could also ease following a dip in oil prices. Lingering concerns about tightening credit conditions as well as the general health of the US economy could also dampen investor sentiment here at home, following a lackluster day in New York.
On Wednesday the S&P/ASX200 shed 12 points to 6,680 but on the future's market the SPI200 is up 8.
Turning to currencies, at 8:45AM the Aussie dollar is buying 89.11 US cents, on the crosses the dollar is buying 103.87 yen, 62.7 Euro cents, and 43.7 British pence.
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http://abnnewswire.net/lnk/CQYJOC3VShares in Rio Tino dropped 3.08% to $110 yesterday, and it could be in focus again today after the miner failed to stop declines in Australian and American mined copper output. Rio's copper output fell 6 per cent in the third quarter because of lower metal content in its ore. Coal output was also lower though demand is high, and aluminium production was flat. However, refined copper production was up and accounted for almost half of first-half profits, with analysts expecting that trend to continue. Rio Tinto has posted a run of record-breaking profits since 2002.
Shares in Qantas last traded steady at $5.89. The airline is reportedly considering a merger between its holiday business and listed travel agent Jetset Travelworld. According to the Financial Review the airline could take a significant stake in the enlarged group. Qantas is also reportedly considering alternative acquisitions in the travel sector as part of the planed restructure of its non-flying businesses. Qantas saw earning surge by more than $225 million in 2007 over the previous year on strong travel demand.
And briefly, the ACCC says it will oppose any acquisition of Coles Group's Kmart and Officeworks by rival Woolworths.
The ASX Top 200 company trading ex-dividend today is Just Group with a 10 cent fully franked on 14th November.
To international markets, US markets ended mixed on strength in the tech sector, but with overall economic worries weighing on investors; The Dow Jones Industrials closed 20 points lower, the S&P500 gained 3 and the Nasdaq composite ended 29 points stronger.
European stocks snapped a two day losing streak. London's FTSE gained 63; Paris advanced 44, and Frankfurt was up 23.
To Asia, where Hong Kong's Hang Sang gained 344; Tokyo's Nikkei was down 183; and China's SSE Composite shed 56.
Back to the US, gold was up 50 cents on the weaker dollar and oil ending at $762.50 US an ounce for the spot contract on Comex, Silver rose 9 cents to $13.75, copper lost 5 cents to $3.60.
And finally, crude oil fell for the first time in seven sessions after hitting an intraday high. Oil settled 21 cents lower to $87.40.
Source: Finance News Network © 2007
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