need2know: Flat open ahead

A weak lead from overseas, where Wall Street ended mostly lower, and caution ahead of China growth statistics are expected to keep local shares in a narrow range to start the session.

What you need2know:

• SPI futures up 6 points to 5467• AUD at 93.72 US cents• On Wall St, S&P500 -0.2%, Dow +0.03%, Nasdaq -0.5%• In Europe, Euro Stoxx 50 -1%, FTSE -0.5%, CAC -1%, DAX -0.7%• Spot gold down $US12.56 to $US1294.59 an ounce• Brent oil down $US1.20 to $US105.78 per barrel

What’s on today

Australia: building activity;

China: economic data;

US:  industrial production, capital flows, import and export prices, Testimony by US Federal Reserve chair Janet Yellen to the House finance committee.

Stocks to watch

Rio Tinto will release its 2Q14 production report.

Fortescue Metals Group production and sales quarterly report.

Commonwealth Bank has an “underweight” recommendation on Fortescue Metals Group after it pre-released production and sales data ahead of its quarterly report on Wednesday.

Private equity giant KKR & Co has teamed up with Canada’s largest asset manager, Canada Pension Plan Investment Board, on its $3.05 billion buyout offer for Treasury Wine Estates.

Deutsche Bank is maintaining a “buy” rating on rubber glove manufacturer Ansell, with a target price of $22.50.


The US dollar climbed against most other leading currencies on Tuesday after Federal Reserve chief Janet Yellen championed continuing loose US monetary policies to boost employment and stagnant wages.

The British pound jumped to a multi-year high against the greenback, meanwhile, as inflation data encouraged speculation Britain will raise interest rates sooner than other big economies.

The US dollar index, which weighs the greenback against six currencies, was up 0.24 per cent to 80.382 in late trading, versus a 0.02 per cent decline shortly before the US government reported a 0.2 per cent rise in retail sales in June.


Stock depletion, mine closures and rising demand have driven the price of zinc close to three-year highs, making it the best performing base metal after nickel on the London Metal Exchange this year.

Indonesia could terminate Newmont Mining’s copper mine contract if the US-based firm does not withdraw a legal challenge to the country’s export taxes, a government official said.

Oil prices dropped, deepening their biggest slide this year as rising Libyan supplies and downbeat economic data sharpened concerns the global market was heading into a near-term glut.

United States

US stocks mostly pulled back on Tuesday after Federal Reserve chair Janet Yellen and her fellow Fed policymakers raised concerns about “substantially stretched valuations” in some equity sectors.

JPMorgan shares gained after the biggest US bank, when ranked by assets, reported second-quarter results that were not as bad as investors had feared. Shares of Goldman Sachs rose after the company reported a 5 per cent increase in second-quarter profit.

Intel forecast third-quarter revenue above Wall Street’s expectations, signaling that a shrinking personal computer industry may be stabilising. The chipmaker’s shares rose 3.9 per cent in extended trading. 


Investment sentiment in Germany fell to the lowest level for 19 months in July amid signs of a dent in activity in Europe’s top economy, a survey showed.

In Lisbon, shares in Portugal’s largest listed lender Banco Espirito Santo slumped for the seventh day on concerns that one of the bank’s holding companies is at risk of default.

Jean-Claude Juncker of Luxembourg was elected Tuesday to lead the most powerful agency of the European Union after overcoming fierce opposition from Britain and some lawmakers at the European Parliament. 

What happened yesterday

Early gains on the sharemarket on Tuesday were erased after bank stocks suffered a late morning decline as the interim report from the financial system inquiry spooked bank shareholders.

The S&P/ASX 200 slipped 0.1 point to 5511.3.

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