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The Australian share market is set for steep falls at open after global markets sank more than 1 per cent overnight amid fears for global growth.  

 

European markets dropped as Germany’s industrial production was shown to have unexpectedly contracted more than expected in August. Wall Street also tumbled as The International Monetary Fund (IMF) downwardly revised global growth expectations. The IMF forecasts the global economy will expand 3.3 per cent this year and has described world growth as mediocre and worse than forecast in July.

 

The Australian dollar has lifted from a four-year low against the greenback and rebounded back above $US0.88. 

 

Global markets

 

Wall Street retreated on Tuesday: The Dow Jones Industrial Average dropped 1.6 per cent to close at 16,719, the S&P 500 dropped 1.5 per cent to close at 1,935 and the Nasdaq dropped 1.6 per cent to close at 4,385.

 

European markets fell on Tuesday: London's FTSE 100 lost 1 per cent, France's CAC 40 lost 1.7 per cent and Germany's DAX lost 1.3 per cent.

 

Asian markets closed mixed on Tuesday: Japan’s Nikkei eased 0.7 per cent, Hong Kong’s Hang Seng added 0.5 per cent and China’s Shanghai Composite remains on public holiday.

 

The Australian share market saw a massive intraday swing yesterday; Starting higher, plunging more than 1 per cent and ending just 0.2 per cent down after the Reserve Bank of Australia (RBA) kept rates on hold: The S&P/ASX 200 index finished 9 points lower at 5,284 on Tuesday. On the futures market the SPI is 60 points lower. 

 

Currencies 

 

The Australian dollar at 7:20am was buying $US0.8814, 54.78 Pence Sterling, 95.24 Yen and 69.62 Euro cents.

 

Economic news due out today 

 

Westpac Banking Corporation (ASX:WBC) - Melbourne Institute: Survey of Consumer Sentiment 

Company news

 

OBJ Limited (ASX:OBJ) has welcomed the successful launch of the world’s first commercial product to incorporate its propriety magnetic micro-array technology. The product launch was by prestige skincare brand SK-II and released to the public for the first magnetic micro-array ‘Wand” in South Korea. SK-II Magnetic Eye Care kit was made possible through OBJ’s technology and the launch is now expected to follow into other markets including Japan and China. Shares in OBJ jumped 9.52 per cent to close at $0.115 on Tuesday following the announcement. 

 

Phosphagenics Limited (ASX:POH) says the second phase of a clinical trial for its acne treatment has delivered successful results. The trial included 53 patients across Australia and New Zealand and investigated the effectiveness of the company’s TPM drug delivery system. Results showed 70 per cent of the trialled patients reported a reduction of acne. Shares in Phosphagenics dipped 1.18 per cent to close at 0.084 on Tuesday following the announcement. 

 

Ex-dividends 

 

Aurora Funds Limited (ASX:AFV) paying a 1 cent fully franked dividend

ARB Corporation Limited (ASX:ARP) paying a 16 cent fully franked dividend

Blackwall Property Funds Limited (ASX:BWF) paying a 1.3 cent fully franked dividend

Blackwall Property Trust Limited (ASX:BWR) paying a 0.35 cent unfranked dividend

NRW Holdings Limited (ASX:NWH) paying a 5 cent fully franked dividend

1300 Smiles Limited (ASX:ONT) paying an 8 cent fully franked dividend

Paragon Care Limited (ASX:PGC) paying a 0.75 cent fully franked dividend

 

Commodities

Gold has gained $5.10 to $US1,212 an ounce for the December contract on Comex. 

Silver has risen $0.02 to $17.24 for December. 

Copper has added $0.003 to $3.04 a pound. 

Oil has dropped $1.49 to $US88.85 a barrel for November light crude in New York.