Greek saga still weighing on markets; Australian electronics retailer JB Hi-Fi to report today
City Index February 13, 2012 3:30 AM
<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.
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