Local shares are poised to open lower as oil extends its rout and investors were disappointed with the latest data from both Europe and the US.
What you need2know:SPI futures down 40pts at 5382 on Saturday morningAUD at 82.06 US cents, 97.1 yen, 69.3 euro cents On Wall St, S&P 500 -0.8%, Dow -1%, Nasdaq -0.7%In Europe, Stoxx 50 -2.9%, FTSE -1%, CAC -1.9%, DAX -1.9%Spot gold up $US14.46 or 1.2% to $US1223.25 an ounce on Friday in New YorkBrent oil down 85 US cents or 1.7% to $US50.11 per barrel on Friday in New YorkIron ore has dropped 0.3 per cent to $US71.18 a tonne
What’s on today
Australia housing finance, credit card and debit card lending, job ads.
Stocks to watch
Energy shares, iron ore producers.
Ben Potter banking analyst TS Lim has a “buy” on Commonwealth Bank and he’s increased his price target to $92.50 from $86.50.
CIMB has retained an “add” recommendation on Qantas and affirmed its previous price target of $3.50 a share.
Credit Suisse has increased its price target on Computershare to $13.60 from $12.60, and has raised it to “outperform” from “neutral”.
CIMB has revised its outlook for the Australian dollar and now expects it to trade down to 77 US cents in the third quarter of this year, before rising to 84 US cents by the end of 2016.
Goldman Sachs has cut its long-term forecasts for the euro. It expects the single currency to slide to $US1.14 in three months, $US1.11 by June and $US1.08 by the end of 2015. It foresees euro parity with the greenback by the end of 2017.
Global oil markets resumed their slide on Friday, with Brent and US crude hitting April 2009 lows and ending down for a seventh straight week.
The number of rigs drilling for oil in the United States fell by 61 last week, the most in a week since 1991, Baker Hughes reported. The rig count has fallen in 10 of the last 13 weeks, from a record high of 1609 in mid-October. The current count of 1421 in the week to January 9 is the lowest since February.
Oil analysis firm Wood Mackenzie said in a report on Friday that even at $US40 levels, less than 2 per cent of global crude production was at risk of making losses.
US stocks fell on Friday following a two-day rally as December’s jobs report gave a mixed view of the economy, with financial shares leading the way lower.
All three major indexes posted slight losses for the week and fell back into negative territory for 2015.
Nonfarm payrolls increased by 252,000 last month after an upwardly revised jump of 353,000 in November, the Labor Department said on Friday. The jobless rate fell 0.2 percentage point to a 6-1/2-year low of 5.6 per cent, but that was mainly because people left the labour force.
A slump in Spanish and Italian lenders sent European stocks down for a second week, the longest streak since October.
The European Central Bank is studying models for buying as much as 500 billion euros of investment-grade assets, reports said. The amount is far lower than some market participants have been expecting.
Banks were the biggest losers among the 19 industry groups in the Stoxx 600, falling 3.2 per cent to their lowest level since September 2013. Spain’s Banco Santander shed 14 per cent.
German exports fell sharply in November and industrial output also declined. Later in the day, S&P affirmed the AAA rating it has for Germany.
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