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Following falls on offshore markets the Australian share market is set to drop ahead of domestic jobs figures. Wall Street slumped more than 1 per cent with energy stocks sinking as the price of oil plunged 4 per cent to hit five-year lows after OPEC cut its demand forecast. On the local front the Australian dollar has dipped before official jobs data which is expected to show jobs growth but a higher jobless rate.
Global markets
Wall Street extended losses as Wednesday’s session wore on: The Dow Jones Industrial Average dropped 1.5 per cent to close at 17,533, the S&P 500 dropped 1.6 per cent to close at 2,026 and the Nasdaq dropped 1.7 per cent to close at 4,684.
European markets ended mixed on Wednesday: London's FTSE 100 eased 0.5 per cent, France's CAC 40 lost 0.8 per cent and Germany's DAX firmed 0.1 per cent.
Asian markets also put in a mixed performance: Japan’s Nikkei retreated 2.3 per cent, Hong Kong’s Hang Seng added 0.2 per cent, and China’s Shanghai Composite jumped 2.9 per cent.
The Australian share market shed 0.5 per cent yesterday: The S&P/ASX 200 index fell 24 points to close at 5,259 on Wednesday. On the futures market the SPI is 60 points lower.
Currencies
The Australian dollar at 8:20am was buying $US0.8316, 52.93 Pence Sterling, 98.12 Yen and 66.85 Euro cents.
Economic news due out today
Australian Bureau of Statistics (ABS): Labour force data for November
Housing Industry Association: Housing scorecard for December
Labour force expectations
Ahead of this morning’s jobs data release National Australia Bank Limited (ASX:NAB) expects 15,000 jobs were created in November following a gain of 24,100 jobs in October. The bank has also forecast an anticipated participation rate of 64.6 per cent would see the unemployment rate tick higher to 6.3 per cent from 6.2 per cent in October. However NAB says it will be looking at the data with a big grain of salt for now until the ABS methodology and outcomes regain market credibility. Shares in National Australia Bank fell 0.92 per cent on Wednesday to close at $32.30.
Commonwealth Bank of Australia’s (ASX:CBA) broking arm Commsec has predicted the Australian economy added 10,000 jobs last month. Australia's largest discount stockbroking firm also expects the unemployment rate to have stayed steady at 6.2 per cent. Shares in Commonwealth Bank of Australia rose 0.4 per cent on Wednesday to close at $82.35.
Commodities
Gold has lost $5.40 to $US1,227 an ounce for the February contract on Comex.
Silver has slipped $0.05 to $17.09 for March.
Copper has dipped $0.03 to $2.89 a pound.
Oil has lost $2.64 to $US61.18 a barrel for January light crude in New York.
(20min delay)