News: Outlook: ASX set to slip as Wall St dips

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The Australian share market is set to slip into the session after global markets tumbled overnight. Last week’s record breaking run on Wall Street came to a standstill as the excitement from America's jobs report faded. Major US indexes started the week in the red but the Dow still managed to stay above the 17,000 barrier it broke for the first time last week. Closer to home local investors can expect a read on business conditions and confidence as well as an indication of consumer confidence. 

 

Global markets

 

After returning from the Independence Day long weekend Wall Street dipped on Monday: The Dow Jones Industrial Average fell 0.3 per cent to close at 17,024, the S&P 500 fell 0.4 per cent to close at 1,978 and the Nasdaq fell 0.8 per cent to close at 4,452.

 

European markets also dropped into the new week: London's FTSE 100 dropped 0.6 per cent, France's CAC 40 dropped 1.4 per cent and Germany's DAX dropped 1 per cent.

 

Asian markets ended mixed on Monday: Japan’s Nikkei lost 0.4 per cent, Hong Kong’s Hang Seng lost 0.02 per cent, and China’s Shanghai Composite added 0.03 per cent.

 

The Australian share market posted a soft start to the week: The S&P/ASX 200 Index eased 6 points on Monday to close at 5,519. On the futures market the SPI is 4 points lower. 

 

Currencies 

 

The Australian dollar at 7:30am was buying $US0.9369, 54.71 Pence Sterling, 95.45 Yen and 68.88 Euro cents.

 

Economic news due out today 

 

National Australia Bank Limited (ASX:NAB): Business Survey, including a read on business conditions and confidence

 

ANZ Banking Group (ASX:ANZ)-Roy Morgan: Weekly consumer confidence index

 

Company news 

 

Watpac Limited (ASX:WTP) has affirmed its annual underlying operating profit guidance in the wake of amending a contract with Pluton Resources Limited (ASX:PLV). The construction company’s board remains confident its full fiscal 2014 underlying financial result will exceed the prior year’s $17.2 million result in fiscal 2013. The confirmation comes as Watpac has further amended its contract with Pluton for the provision of mining services at the Cockatoo Island project in Western Australia. Shares in Watpac rose 2.5 per cent to close at $0.82 on Monday following the announcement. 

 

Shares in Antares Energy Limited (ASX:AZZ) jumped after announcing it has received a $US300 million offer for US assets, about double the value of its market capitalisation. The oil and gas explorer told the market it has scored a confidential and non-binding letter of intent for the sale of its assets in the Permian basin of West Texas. CEO James Cruikshank will now travel to the US to hold meetings with the interested party. Shares in Antares Energy jumped 9.35 per cent to close at $0.585 on Monday following the announcement. 

 

Ex-dividends

Transmetro Corporation Limited (ASX:TCO) paying a 5 cent fully franked dividend

Commodities 

 

Gold has lost $3.60 to $US1,317 an ounce for the August contract on Comex. 

Silver has eased $0.05 to $21.04 for September. 

Copper has declined $0.02 to $3.26 a pound. 

Oil has fallen $0.53 to $US103.53 a barrel for August light crude in New York.