Greek saga still weighing on markets; Australian electronics retailer JB Hi-Fi to report today

<p>Asian stocks are set to open lower on negative leads from US markets and also jitters surrounding the situation in Greece. The Euro was steady […]</p>

Asian stocks are set to open lower on negative leads from US markets and also jitters surrounding the situation in Greece.

The Euro was steady against the US dollar, last trading at 1.3210, while the Australian dollar slipped below 1.07 against the greenback ahead of important Australian jobs data out this week.

On Friday, the Dow Jones Industrial average slipped 0.7%, the same decline as the S&P500 while the Nasdaq was down 0.8%.

Greece dominated headlines over the week-end as parliament sits to vote on the new round of austerity measures, as part of a wider plan to reign in the country’s debt situation.

Australian corporate news will be dominated by the reporting of JB Hi-Fi, one of the largest retailers in the country and one which is leveraged to trends in consumer electronics. It will be a good read into the decline in Australian retail and confidence among managers going forward.

Leighton Holdings has reporting an underlying profit of $272m for the first six months of 2012, exceeding guidance of $250m. Other names including the Commonwealth Bank of Australia and Qantas will be reporting this week.

In commodities, metals took a hit on Friday with copper down almost 3% to US$3.85/lb and gold last at US$1720/oz. Silver held up relatively well, last at US$33.56/oz. Light crude prices settled slightly below US$100 per barrel.

Build your confidence risk free
Join our live webinars for the latest analysis and trading ideas. Register now

StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.

No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

For further details see our full non-independent research disclaimer and quarterly summary.