9:05am: Local shares are poised to extend their losses, though the pace of selling appears to be far slower than on Friday.
What you need2know:
• SPI futures down 26 pts, or 0.5%, at 5473
• AUD at 93.11 US cents, 95.49 Japanese yen, 69.35 Euro cents and 55.33 British pence.
• On Wall St, SP 500 -0.3%, Dow -0.4%, Nasdaq -0.4%
• In Europe, Euro Stoxx 50 -1.4%, FTSE -0.8%, CAC -1%, DAX -2.1%
• Spot gold rose 0.8% to $US1293.33 an ounce
• Iron ore slips 0.4% to $US95.20 per metric tonne
• Brent oil down 1.1% to $US104.84 per barrel.
What’s on today
• Australia June retail sales, ANZ jobs advertisements
• UK construction PMI; Euro zone producer price index; US ISM New York
Stocks to watch
• KKR ups offer for Treasury Wine Estates to $5/share from $4.70
• Alacer raised to overweight v neutral at JP Morgan with a price target of $3
• Pact Group rated new buy a BBY; PT $4.19.
• Steadfast agrees to buy 72.3% of Ausure Group
• JPMorgan has downgraded Australia’s biggest annuities provider, Challenger, to “underweight” following concerns about investment spread margins, capital intensity and default risk concerns.
• Hartleys Research maintains an “accumulate” on Independence Group, but said while “nice and profitable” it was looking for growth now. It holds a $4.26 a share price target.
• Deutsche Bank has a “hold” recommendation on OceanaGold and a target price of $3.10 a share after its June quarter report was weaker than expected.
Markets Live: Consumers bounce back