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The Australian share market is set to drop after global markets fell overnight amid renewed concerns about Greece’s debt load. US stocks steadily declined as America’s trade deficit widened to a six-year high while the Institute for Supply Management’s services sector index grew last month.
Closer to home retail trade data is due this morning and trading updates are expected from Commonwealth Bank of Australia (ASX:CBA) and Woolworths Limited (ASX:WOW). Shareholders meetings will be held for BHP Billiton Limited (ASX:BHP), APN News and Media Limited (ASX:APN) and Sigma Pharmaceuticals Limited (ASX:SIP).
Global markets
Wall Street closed at session lows yesterday: The Dow Jones Industrial Average sank 0.8 per cent to close at 17,928, the S&P 500 tumbled 1.2 per cent to close at 2,089 and the Nasdaq tumbled 1.6 per cent to close at 4,939.
European markets moved lower on Tuesday: London's FTSE 100 fell 0.8 per cent, France's CAC 40 lost 2.1 per cent and Germany's DAX retreated 2.5 per cent.
Asian markets ended mixed yesterday: Japan’s Nikkei added 0.1 per cent, Hong Kong’s Hang Seng dropped 1.3 per cent, and China’s Shanghai Composite declined 4 per cent.
The Australian share market retreated to finish in the red after the Reserve Bank of Australia cut rates to a record low yesterday: The S&P/ASX 200 index closed 1 point lower at 5,827 on Tuesday. On the futures market the SPI is 50 points lower.
Currencies
The Australian dollar at 7:30am was buying $US0.7945, 52.35 Pence Sterling, 95.24 Yen and 71.05 Euro cents.
Economic news due out today
Australian Bureau of Statistics: Retail trade data for March
Company news
BHP Billiton Limited (ASX:BHP) shareholders will today cast their vote on the company’s proposed $US15 billion spin-off named South32. Shareholders are expected to back the diversified mining giant’s plans to demerge the assets into a new entity. South32 is tipped to become one of Australia’s top 20 companies and the third largest miner after BHP Billiton and rival miner Rio Tinto Limited (ASX:RIO). Shares in BHP Billiton dropped 2.37 per cent to close at $32.56 on Tuesday.
Commonwealth Bank of Australia (ASX:CBA) will today release its March quarter update in the same week its rivals results have received mixed responses. Shares in ANZ Banking Group (ASX:ANZ) rose yesterday after reporting better than expected first half cash profit growth of 5 per cent. Shares in Westpac Banking Corporation (ASX:WBC) dropped over the prior session after posting flat cash earnings over the same period. Shares in Commonwealth Bank of Australia rose 0.15 per cent to close at $88.14 on Tuesday.
Ex-dividends
Australian Pharmaceutical Industries Limited (ASX:API) paying a 2 cent fully franked dividend
Henderson Group (ASX:HGG) paying a 12.55 cent unfranked dividend
Sunland Group Limited (ASX:SDG) paying a 6 cent fully franked dividend
Commodities
Gold has gained $6.40 to $US1,193 an ounce for the June contract on Comex.
Silver has risen $0.14 to $16.58 for July.
Copper has lifted $0.01 to $2.94 a pound.
Oil has added $1.47 to $US60.40 a barrel for June light crude in New York.
(20min delay)