MELBOURNE, Feb 2 (Reuters) - Australian stocks are expected
to kick off February on a weak note after U.S. stocks were hit by
data showing the United States economy contracted at the fastest
pace in nearly 27 years in the fourth quarter.
Australia's March share price index (SPI) futures fell 64 points to settle at 3,429.0, a 111.7-point discount to the underlying index.
The benchmark S&P/ASX 200 index had eked out a 0.4 percent gain on Friday, adding 14.5 points to 3,540.7.
Trade could be cautious as investors await an interest rate decision from the Reserve Bank of Australia on Tuesday. Analysts are looking for a cut of 100 basis points in the 4.25 percent cash rate.
A busy week also sees the company earnings season kick off, with first-half results from global miner BHP Billiton on Wednesday.
A report in UK newspaper the Independent on Sunday said in an unsourced report that BHP's chairman Don Argus, 70, could announce his departure as early as this week.
Macquarie Group will update investors on Thursday.
Elsewhere, Telstra Corp's chief executive officer Sol Trujillo downplayed talk of his departure following a report the telco's board appointed executive recruitment firm Egon Zehnder to find his replacement.
'There are always news reports about my departure. Yes I will leave at some point in time but at this stage there is no new news,' Trujillo was quoted as saying in an interview with Bloomberg from the World Economic Forum in Davos.
The Dow Jones industrial average fell 148.15 points, or 1.82 percent, to 8,000.86. The Standard & Poor's 500 Index slid 19.26 points, or 2.28 percent, to 825.88. The Nasdaq Composite Index tumbled 31.42 points, or 2.08 percent, to 1,476.42.
New Zealand's benchmark NZX 50 index fell 0.2 percent to 2,769.5 in early trade.
----------------------MARKET SNAPSHOT @ 2120 GMT ------------
INSTRUMENT LAST PCT CHG NET CHG S&P 500 825.88 -2.28% -19.260 USD/JPY 90 -0.12% -0.110
10-YR US TSY YLD 2.8509 -
0.000 SPOT GOLD 927 0.00% 0.000 US CRUDE 41.74 0.72% 0.300 DOW JONES 8000.86 -1.82% -148.15 ASIA ADRS 85.34 -2.58% -2.26
* U.S. stocks eye stimulus after bad January
* Oil up as OPEC cuts counter sliding demand
* Gold rises 2 pct on strong investment flow
* Copper endsoff lows, stock surge weakens outlook
For a digest of the day's business stories in Australian newspapers, double click on
(Reporting by Miranda Maxwell)
((miranda.maxwell@reuters.com; Reuters Messaging: miranda.maxwell.reuters.com@reuters.net; +61-3 9286-1464))
DIARIES & DATA: IPO diary & data Asia earnings diary U.S. earnings diary European diary Australia diary Wall Street Week Ahead Eurostocks Week Ahead ................................................................ For latest top breaking news across all markets ................................................................ TOP NEWS SUMMARIES ON OTHER SUBJECTS | U.S. Companies | European Companies | | Forex | Global Economy | | Tech.Media,Telecoms | Banking, Financials | | Politics & General | Sports | ................................................................ MAJOR STOCK MARKET REPORTS New York Weekly outlook New York Pan-Europe Weekly outlook Europe London Weekly outlook London Tokyo ................................................................ ASIA STOCK MARKETS Pan-Asia...................... Bangkok...... Karachi........ S/east Asia. Bombay....... Kuala Lumpur... Sydney/NZ... China........ Seoul.......... Taipei...... Hong Kong.... Singapore...... Tokyo........ ................................................................ Access to some items may depend on subscription level. ................................................................ UP-TO-THE-MINUTE HEADLINES Company results Economic indicators Mergers & acquisitions Interest rates LIVE PRICES & DATA World Stocks Currency rates Dow Jones/NASDAQ Nikkei FTSE 100 Debt HOW TO FIND INFORMATION YOU NEED | | | | | || | | | LIVE PRICES & DATA: World Stocks Currency rates Dow Jones/NASDAQ Nikkei FTSE 100 Debt Australian dollar LME price overview Keywords: MARKETS AUSTRALIA STOCKS (Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit http://topnews.session.rservices.com * BridgeStation: view story .134 For more information on Top News, please visit http://topnews.reuters.com) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Australia's March share price index (SPI) futures fell 64 points to settle at 3,429.0, a 111.7-point discount to the underlying index.
The benchmark S&P/ASX 200 index had eked out a 0.4 percent gain on Friday, adding 14.5 points to 3,540.7.
Trade could be cautious as investors await an interest rate decision from the Reserve Bank of Australia on Tuesday. Analysts are looking for a cut of 100 basis points in the 4.25 percent cash rate.
A busy week also sees the company earnings season kick off, with first-half results from global miner BHP Billiton on Wednesday.
A report in UK newspaper the Independent on Sunday said in an unsourced report that BHP's chairman Don Argus, 70, could announce his departure as early as this week.
Macquarie Group will update investors on Thursday.
Elsewhere, Telstra Corp's chief executive officer Sol Trujillo downplayed talk of his departure following a report the telco's board appointed executive recruitment firm Egon Zehnder to find his replacement.
'There are always news reports about my departure. Yes I will leave at some point in time but at this stage there is no new news,' Trujillo was quoted as saying in an interview with Bloomberg from the World Economic Forum in Davos.
The Dow Jones industrial average fell 148.15 points, or 1.82 percent, to 8,000.86. The Standard & Poor's 500 Index slid 19.26 points, or 2.28 percent, to 825.88. The Nasdaq Composite Index tumbled 31.42 points, or 2.08 percent, to 1,476.42.
New Zealand's benchmark NZX 50 index fell 0.2 percent to 2,769.5 in early trade.
----------------------MARKET SNAPSHOT @ 2120 GMT ------------
INSTRUMENT LAST PCT CHG NET CHG S&P 500 825.88 -2.28% -19.260 USD/JPY 90 -0.12% -0.110
10-YR US TSY YLD 2.8509 -
0.000 SPOT GOLD 927 0.00% 0.000 US CRUDE 41.74 0.72% 0.300 DOW JONES 8000.86 -1.82% -148.15 ASIA ADRS 85.34 -2.58% -2.26
* U.S. stocks eye stimulus after bad January
* Oil up as OPEC cuts counter sliding demand
* Gold rises 2 pct on strong investment flow
* Copper endsoff lows, stock surge weakens outlook
For a digest of the day's business stories in Australian newspapers, double click on
(Reporting by Miranda Maxwell)
((miranda.maxwell@reuters.com; Reuters Messaging: miranda.maxwell.reuters.com@reuters.net; +61-3 9286-1464))
DIARIES & DATA: IPO diary & data Asia earnings diary U.S. earnings diary European diary Australia diary Wall Street Week Ahead Eurostocks Week Ahead ................................................................ For latest top breaking news across all markets ................................................................ TOP NEWS SUMMARIES ON OTHER SUBJECTS | U.S. Companies | European Companies | | Forex | Global Economy | | Tech.Media,Telecoms | Banking, Financials | | Politics & General | Sports | ................................................................ MAJOR STOCK MARKET REPORTS New York Weekly outlook New York Pan-Europe Weekly outlook Europe London Weekly outlook London Tokyo ................................................................ ASIA STOCK MARKETS Pan-Asia...................... Bangkok...... Karachi........ S/east Asia. Bombay....... Kuala Lumpur... Sydney/NZ... China........ Seoul.......... Taipei...... Hong Kong.... Singapore...... Tokyo........ ................................................................ Access to some items may depend on subscription level. ................................................................ UP-TO-THE-MINUTE HEADLINES Company results Economic indicators Mergers & acquisitions Interest rates LIVE PRICES & DATA World Stocks Currency rates Dow Jones/NASDAQ Nikkei FTSE 100 Debt HOW TO FIND INFORMATION YOU NEED | | | | | || | | | LIVE PRICES & DATA: World Stocks Currency rates Dow Jones/NASDAQ Nikkei FTSE 100 Debt Australian dollar LME price overview Keywords: MARKETS AUSTRALIA STOCKS (Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit http://topnews.session.rservices.com * BridgeStation: view story .134 For more information on Top News, please visit http://topnews.reuters.com) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.