Aussie shares are likely to open lower today after US stocks dropped following disappointing data on manufacturing growth, fuelling concerns of an economic slowdown.
In US economic news: The Commerce Department revealed factory orders declined 0.5 per cent in August, more than expected. The National Association of Realtors showed pending home sales increased 4.3 per cent in August.
On Monday, the Dow Jones Industrial Average closed 78 points down at 10,751. The S&P 500 Index is down 9 at 1,137 and the NASDAQ is down 26 at 2,345.
European stocks were down: London's FTSE down 37 points, Paris is down 42 and Frankfurt down 77.
Asian markets were mixed: Hong Kong Hang Seng up 260, Tokyo's Nikkei was down 23 and China was closed.
The Australian share market finished higher on Monday. The S&P/ASX 200 Index closed 46 higher to 4,625 and on the futures market the SPI200 is down 24 points.
Turning to currencies and the Aussie Dollar at 8:30AM was buying 96.80 US cents, 61.17 Pence Sterling, 80.71 Yen and 70.76 Euro cents.
In economic news: The Reserve Bank of Australia is tipped to raise interest rates today when it meets for its monthly meeting this afternoon. Also expected out today, The Australian Bureau of Statistics data on international trade in goods and services and retail trade for August. The ANZ Bank job advertisements series for September and The Australian Industry Group/Commonwealth Bank performance of services index for September.
In company news: Shares in BHP Billiton Ltd (ASX:BHP) closed 1.37% up at $40 on Monday. BHP has received a promising sign that its $39 billion hostile takeover bid for Canada's PotashCorp may go ahead. According to Reuters, an independent report from the Conference Board of Canada has cautioned the Canadian Province where PotashCorp is based not to fight the global miner's bid. In September BHP received antitrust clearance from regulators in the US to progress with the bid and is still persisting with its takeover of the fertiliser giant. BHP booked a profit of $15.26 billion in the 2010 financial year.
Shares in National Australian Bank (ASX:NAB) closed 1.8% up at $25.45 on Monday. NAB appears to be reaping the rewards of its turnaround strategy, The Australian reporting that data from the Australian Prudential Regulation Authority shows the bank is increasing its mortgage market share through attracting its rival's customers. According to the report, NAB has the cheapest standard variable rate of 7.24 per cent compared to the country's other major banks and has lifted its home lending portfolio every month since the last interest rate rise in May. In the six months to 31 March this year, National Australia Bank posted a $2.1 billion profit.
To ex-dividends: Four companies are going ex-dividend today, Australian Masters Corporate Bond Fund No3 with a dividend of $3.26, David Jones with an 18 cent dividend, Greencross with a 2.5 cent dividend and Premier Investments with a 28 cent dividend, all fully franked.
To commodities: and the price of gold is down US$1.00 to US $1316 an ounce for the December contract on Comex, silver is down US$0.02 to $22.04 and copper is down $0.03 at $3.66 a pound. The price of oil is down $0.11 to US$81.47 a barrel for November light crude in New York.
