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Morning markets: US shares fall on oil price slide

Thursday, 1 Sep 2016 06:49:50 | Rebecca Hyam Rebecca Hyan

Crude oil prices fell on an unexpected rise in US inventories. (Crude, ABC TV)

A sharp decline in oil prices sent energy stocks lower in the United States overnight, dragging the overall markets down.

Markets at 8:25am (AEST):

  • ASX SPI 200 futures -0.4pc to 5,391
  • AUD: 75.15 US cents, 57.2 British pence, 77.7 Japanese yen, 67.4 euro cents, $NZ1.038
  • US: Dow Jones -0.3pc to 18,401, S&P 500 -0.2pc to 2,171, Nasdaq -0.2pc to 5,213
  • Europe: FTSE 100 -0.6pc to 6,782, EuroStoxx -0.3pc to 3,023, DAX -0.6pc to 10,593
  • Commodities: Iron ore flat at $US59/tonne, Brent crude -2.75pc to $US47.03/barrel, spot gold -0.2pc to $US1,310/ounce

US crude plunged 3.1 per cent, after figures revealed an unexpected weekly increase in crude stockpiles.

"Most markets were well contained, awaiting Friday's US payrolls report. Oil was a standout, falling around 3 per cent on higher reported inventories," Westpac's Imre Speizer noted.

The benchmark London Brent crude price followed, dropping 2.75 per cent.

That overshadowed a surprisingly strong result for private payroll numbers, which added to optimism about Friday's official non-farm payrolls report in the US.

The ADP National Employment Report revealed private employers added 177,000 jobs in August.

Gains for July were also revised up to 194,000 from the originally reported 179,000 increase.

Investors are keeping a close eye on the US employment market, with any positive news seen as building the Federal Reserve's case for a possible interest rate increase in September.

Although an interest rate increase is likely to be a negative for US stocks.

Most of the major European markets also lost value overnight.

Locally, shares are also set to open lower and, at 6:45am (AEST), the ASX SPI 200 was down 0.3 per cent.

At the same time, the Australian dollar was fairly steady.

Today's agenda:

Australia:
  • AiG Performance of manufacturing index - August 9:30am (AEST)
  • CoreLogic RP Data house prices - August 10:00am (AEST)
  • Private capital expenditure - Q2 11:30am (AEST)
  • Private capital expenditure - 3rd estimate 2016-17 11:30am (AEST)
  • Retail sales - July 11:30am (AEST)

China:
  • NBS (official) Manufacturing PMI  - August 11:00am (AEST)
  • Caixin Manufacturing PMI - August 11:45am (AEST)

Europe:
  • Markit Eurozone Manufacturing PMI  - August 6:00pm (AEST)

US:
  • Markit US Manufacturing PMI  - August 11:45pm (AEST)
  • Construction spending - July 12:00pm (AEST)

AustraliaPlus


 

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