Again the ASX will open lower today after continued pressure on oil prices weighed down US markets after an initial rally.
March SPI Futures are 15 points lower at 4833
Earlier in Europe equities bounced back from 13-month lows on Tuesday, with mining and energy stocks leading the market higher after prices of major industrial metals and crude oil surged following the release of Chinese growth data.
The pan-European FTSEurofirst 300 index was up 1.4 percent by 0820 GMT after slipping to a 13-month low in the previous session.
The STOXX Europe 600 Basic Resources index, which houses major mining stocks, rose 4.1 percent, while the European oil and gas index was up 1.8 percent, tracking gains in prices of commodities such as oil, copper, nickel and aluminium.
FTSE +.9%
DAX +1.5%
U.S. stocks had opened higher after a report showed China's growth in 2015 was the slowest in 25 years but in line with expectations. The report raised hopes that Beijing would cushion the slowdown with more stimulus policies, but gains in U.S. markets were short-lived and the S&P moved lower in afternoon trade.
"You have a tremendous amount of fear and uncertainty in the markets and we'll need to see more than one good economic data point to overcome that,” said David Carter, chief investment officer at Lenox Wealth Advisors in New York.
In a sign that there more misery may lay ahead, Tuesday's failed rally follows about a dozen similar short-lived gains so far this year. Failed rallies often characterize the early stages of a bear market as some investors buy on dips, but not enough of them to sustain a move up in share prices.
A late rally in the S&P has it 1 point higher at 1881
Nasdaq -.25%
Falling U.S. crude prices pulled down materials stocks as well as the S&P energy sector .SPNY, which slumped 2.91 percent.
Oil at 12-year lows is stoking fears on Wall Street of deeper losses for energy companies and the potential that some may fail to pay their debts. That has created carnage in oil stocks, helping push the S&P 500 down 8 percent since the start of the year.
Oil $28.42 -$1.01
Base metals showed mild gains
Iron Ore +.3% @ $42.78
Gold prices ended the U.S. day session modestly lower Tuesday, on some profit taking amid an increase in risk appetite among traders and investors early this week. The yellow metal’s price did finish up from the session low on some bargain hunting and as the U.S. dollar index backed down from its daily high. February Comex gold was last down $3 at $1,087 an ounce.
HUI -6%
AUD Gold $1570
AUD .6921
BHP ADR -.6% *** 4th quarter report at 8.30 AEST
On today
US consumer prices December
US housing starts December
US Department of Agriculture releases annual estimate for world citrus crops
