ASX is posed for a negative opening with SPI currently down 50 points at 6133. This is on the back of sell off in Wall Street & Major European markets on Friday.
Dow Jones closed down 1.8%, S & P down 1.9% & Nasdaq closed down 2.5%. In Europe, FTSE down 2%, CAC down 2% & DAX closed down 1.6%. The markets reacted to renewed fears of a global economic slowdown, which sparked a savage global sell-off. Disappointed data suggesting more sluggish manufacturing conditions in both US & Germany cast doubt on the equity markets’ strong start to the year, causing shares on Wall Street to record their worst fall since January 5.
AUDUSD is currently trading at US $0.7081 cents. Gold closed higher 0.3% at US $1313.70, Brent Oil down 1.2% at US $67.03 a barrel with Iron Ore up 1.7% at US 85.96 a tonne.
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DATA RELEASES THIS WEEK:
Monday & Tuesday – No Major Dataa
USD – CB Consumer Confidence
NZD – Official Cash Rate & RBNZ Rate Statement
EUR – ECB President Draghi Speaks
CAD – Trade Balance
NZD – ANZ Business Confidence
USD – Final GDP q/q
NZD – RBNZ Gov Orr Speaks
CAD – GDP m/m
GBP – Parliament Brexit Vote