News: Outlook: Aus shares set for jittery start

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    Australian shares look set to open lower today, on the back of weak offshore leads and a nervous focus on the situation in the US.


    In US economic news, President Barack Obama is set to give his speech on negotiations to avert a US debt default at 11am AEST.


     On Friday, Dow Jones Industrial Average, closed 97 points weaker at 12,143, S&P500 lost 8 points to close at 1,292 and the NASDAQ lost 10 points to close at 2,756.

    European stocks were lower: London’s FTSE down 58 points, Paris down 40 and Frankfurt down 31.

    Asian stocks were lower: Hong Kong’s Hang Seng was down 130, Tokyo Nikkei was down 68 and China’s Shanghai Composite was down 7 points.


    On Friday the Australian share market ended the week lower: The S&P/ASX 200 Index lost 39 points to close at 4,425. While on the futures market the SPI is currently 3 points lower.



    The Australian Dollar at 7:35AM was buying $1.1001 US cents, 67.11 Pence Sterling, 85.37 Yen and 76.61 Euro cents.

    Economic news

    Due out today is the TD Securities-MI inflation gauge for July; the Housing Industry Association's new home sales for June, the RBA’s index of commodity prices, and the Australian Industry Group/Pricewaterhouse performance of manufacturing index for July.

    Company news

    On Friday shares in National Australia Bank (ASX:NAB) lost 0.74 per cent to close at $24. The bank has decided not to bid for the 630 Lloyds branches that are on sale in Britain, a decision that has trimmed Lloyds shares by as much as four per cent. Sources have told media that NAB was put off by the expected 3 billion pound price tag and a high funding gap. For the six months to March this year, NAB posted a profit of $2.4 billion.

    On Friday shares in Nufarm (ASX:NUF) lost 2.25 per cent to close at $4.34. The agricultural chemical company has had hundreds of investors register for class action against it. Two separate actions have been launched, seeking to recover losses from alleged material non-disclosures. The hearings are set for this week in Sydney’s Federal Court. Nufarm (ASX:NUF) reported a profit of $4.3 million in the six months to the end of January.


    No companies are going ex dividend today. Tomorrow, Djerriwarrh Investments is going ex-dividend.  


    Gold is up $15 to $US1,631 an ounce for the December contract on Comex, silver is up 31 cents to $40.11 for September and copper is up 1 cent at $4.48 a pound. Oil is down $1.74 at $95.70 a barrel for August light crude in New York.

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