Wall St lower on global economic growth concerns, oil surges: Aus share to slip at open

Australian shares look set to open slightly lower following negative leads from Wall Street on Monday. Stocks fell amid concerns a surge in oil prices will slow down global economic growth. Shares of US oil supermajors Chevron and Exxon Mobil led gains on the Dow Jones.

Oil prices soared after a drone attack hit the heart of Saudi Arabia's oil industry on Sunday, knocking out fifty per cent of the kingdom's oil output.

Local economic news

Today the Australian Bureau of Statistics (ABS) issues data on home prices for the June quarter in its publication Residential Property Price Indexes. Also today due are the Reserve Bank minutes from its September board meeting.

Markets

To the figures from around the globe:Wall Street closed lower yesterday: The Dow Jones Industrial Average lost 0.5 per cent to close at 27,077, the S&P 500 closed 0.3 per cent lower at 2998 and the NASDAQ dipped 0.3 per cent to 8154.

European markets closed lower:London’s FTSE fell 0.6 per cent, Paris lost 0.9 per cent and Frankfurt fell 0.7 per cent.

Asian markets closed lower:Hong Kong’s Hang Seng dipped 0.8 per cent and China’s Shanghai Composite fell slightly, down 0.02 per cent while Tokyo’s Nikkei was closed

Taking all of this into equation, the SPI futures are pointing to a 0.24 per cent fall.

Yesterday, the Australian share market closed 4 points or 0.1 per cent higher at 6673.

Company news

Contact Energy (ASX:CEN) has today announced the appointment of Mike Fuge as CEO. The appointment comes on the back of Dennis Barnes announcement earlier this year that 2019 would be his last as CEO. would be. Shares in Contact Energy(ASX:CEN) closed 5.03 per cent higher at $8.35 yesterday.

Ex – Dividends
Blackwall Limited (ASX:BWF) is paying 2.1 cents fully franked
IVE Group Ltd (ASX:IGL) is paying 7.7 cents fully franked
Inghams Group (ASX:ING) is paying 10.5 cents fully franked
PSC Insurance Group Ltd (ASX:PSI) is paying 5.2 cents fully franked
Qube Holdings Ltd (ASX:QUB) is paying 2.9 cents fully franked
Service Stream Limited (ASX:SSM) is paying 5.5 cents fully franked

Turning to currencies
One Australian Dollar at 7:40AM was buying 68.66 US cents, 55.29 Pence Sterling, 74.24 Yen and 62.42 Euro cents.

To Commodities
Iron Ore futures suggest a 0.7 per cent fall.
Gold has gained $6.30 to US$1506 an ounce.
Silver has added $0.35 to US$17.92 an ounce.
Oil has soared $6.89 to US$61.69 a barrel.

Source: Finance News Network