News: Outlook: Negative leads look to push ASX lower

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    The Australian share market looks set to extend yesterday’s steep declines following negative offshore leads. Crude oil prices continued to head lower and pull traders into defensive sectors and perceived safe havens such as gold. US economic data showed America’s service sector activity dipped to a six-month low in December and new factory orders dropped for a fourth straight month in November. 
     
    Global markets
     
    Wall Street extended losses on Tuesday: The Dow Jones Industrial Average fell 0.8 per cent to close at 17,371, the S&P 500 fell 0.9 per cent to close at 2,003 and the Nasdaq fell 1.3 per cent to close at 4,593.
     
    European markets widened losses yesterday: London's FTSE 100 lost 0.8 per cent, France's CAC 40 lost 0.7 per cent and Germany's DAX lost 0.04 per cent.
     
    Asian markets ended mixed on Tuesday: Japan’s Nikkei sank 3 per cent, Hong Kong’s Hang Seng pulled back 1 per cent, but China’s Shanghai Composite added 0.03 per cent.
     
    The Australian share market retreated 1.6 per cent yesterday as energy stocks continued their slide south. The S&P/ASX 200 index plunged 85.5 points on Tuesday to end at 5,365. On the futures market the SPI is 21 points lower. 
     
    Currencies

    The Australian dollar at 8:20am was buying $US0.8095, 53.43 Pence Sterling, 95.92 Yen and 68.07 Euro cents.
     
    Economic news due out today 
     
    Australian Industry Group: Performance of Services Index (PSI) for December 
     
    Company news
     
    As the New Year kicks into gear ASX-listed companies are spruiking their partnerships for the year ahead. ANZ Banking Group’s (ASX:ANZ) latest campaign coincides with its sixth-year of sponsorship of the Australian Open and third-year of sponsorship of the Shanghai Rolex Masters. The bank says the campaign will launch across the Asia Pacific and will be headlined by world number one tennis player Novak Djokovic. Shares in ANZ Banking Group fell 1.21 per cent to close at $31.78 on Tuesday. 
     
    Sydney Airport Holdings Limited (ASX:SYD) has affirmed its focus on Australia’s largest city with its sponsorship of the Sydney Festival. For the fourth year running the company will partner with the cultural festival which Sydney Airport believes offers tourists and locals an opportunity to enjoy the city. Shares in Sydney Airport Holdings fell 0.83 per cent to close at $4.79 on Tuesday.
     
    Commodities 

    Gold has gained $14.60 to $US1,219 an ounce for the February contract on Comex. 
    Silver has lifted $0.33 to $16.55 for March. 
    Copper is steady at $2.76 a pound. 
    Oil has dropped $2.19 to $US47.85 a barrel for February light crude in New York. 
 
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Last
$30.88
Change
-0.080(0.26%)
Mkt cap ! $92.13B
Open High Low Value Volume
$30.90 $31.15 $30.75 $142.2M 4.599M

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