The Australian stock market is tipped to open lower, according to ASX futures, with a wad of companies set to release their results this week.
US equity markets etched gains of around 1% last week, despite US stocks closing mixed on Friday after US economic growth slowed more than economists expected.
The Dow Jones Industrial Average slipped 10 points, but held above the 20,000 milestone, with the likes of Goldman Sachs and Chevron contributing the most losses. Falls in crude prices with the WTI shedding 1.13% also weighed on energy stocks.
As a result The S&P500 slipped 0.1% with energy, and real estate leading the decliners, while the Nasdaq higher.
US economic newsOn Friday, figures from the Commerce Department showed the US economy grew at an annual rate of 1.9% in Q4 2016, which is the weakest GDP growth in 5 years.
The department also reported a 0.4% drop in Orders for Durable Goods in December, compared to November, on the back of a steep drop (33%) in defence orders. The fall was also not expected by economists.
Local economic newsOn Tuesday, we can expect the RBA to release its figures for Private Sector Credit for December.
NAB, to release its Business Confidence stats, also for December.
On Thursday, we'll received AIG's Manufacturing Index for Jan. The ABS will report both on International Trade and Building Approvals for November.
On Friday, the ABS will also release its New Car Sales numbers for January.
MarketsWall Street closed mixed on Friday: The Dow Jones Industrial Average closed faltto close at 20,094, the S&P 500 lost 0.1 per cent to close at 2,295 and the NASDAQ gained 0.1 per cent to close at 5,661.
European markets closed mixed: London’s FTSE rose 0.9 per cent, Paris lost 0.6 per cent and Frankfurt fell 0.3 per cent.
Asian markets closed mixed: Tokyo’s Nikkei added 0.3 per cent, Hong Kong’s Hang Seng lost 0.1 per cent, and China’s Shanghai Composite lifted 0.3per cent.
Back home, the Australian share market closed higher on Friday: The S&P/ASX 200 Index closed 43 points up to finish at 5,714. It also gained 59 points over the week. On the futures market the SPI is 11 points down.
Company newsCentral Petroleum Limited
(ASX:CTP) has announced a strong quarterly close for the period ending 31 December 2016, with nearly $2 million more cash on hand, than forecast in the previous quarter. The oil and gas explorer says it was driven by lower operating costs, and higher than expected oil prices and production. Central Petroleum says it intends to accelerate the development of incremental reserves in the Stairway formation at Mereenie. Shares in Central Petroleum Limited closed 2.56% lower on Friday traded to 19 cents.
Ex-dividendsTwo companies are going ex-dividend today:
Aurora Dividend Income Trust
(ASX:AOD) is paying 0.35 cents un-franked and
Djerriwarrh Investments Ltd
(ASX:DJW) is paying 10 cents fully franked.
Currencies The Australian Dollar at 7:20AM was buying $US0.7553, 60.27 Pence Sterling, 87.03 Yen and 70.64 Euro cents.
CommoditiesGold has gained $1.20 to $US1,194 an ounce for the February contract on Comex.
Silver has gained 30 cents to $17.15 for the March contract.
Oil has lost 54 cents to $US53.20 a barrel for March light crude.
