Local stocks are expected to open sharply lower after US shares slumped on poor earnings results and European stocks dived on fears about a worsening Spanish recession.


On the ASX24, the SPI futures contract was 41 points lower to 4491. The Aussie dollar was also weaker. It was recently buying $US1.0262, down from above $US1.032 late yesterday. It was also buying 81.94 yen, 79.02 euro cents and 64.3 pence.


What you need to know



  • SPI futures are 33 points lower at 4499

  • The $A is lower at $US1.0259

  • In Europe, the FTSE100 fell 1.44% to 5797.91

  • Gold rose $2.10 to $US1707.3 an ounce

  • WTI crude oil fell $US2.79 to $US95.94 a barrel

  • Reuters/Jefferies CRB index was flat at 303.51


Making news today


In economics news:



  • Internet skilled vacancies data is out at 11.00

  • ABS Consumer price index for September quarter is released at 11.30

  • The RBA's head of financial stability Luci Ellis is giving a speech to the CPA Australia Finance and Accounting Expo 2012 in Sydney


In company news:



  • More AGMs today, including: Fairfax, Origin Energy, Southern Cross (Austereo), Tatts and GWA Group


Making news offshore today:



  • China: Bloomberg economic survey for October, plus HSBC flash manufacturing PMI

  • US: Announcement at the conclusion of the Federal Reserve's federal open markets committee two-day monetary policy meeting. Also, potentially market-moving data including the house price index, new home sales and the Markit PMI manufacturing index.


How we fared yesterday


The sharemarket finished flat after early gains evaporated during the session and as investors waited to see if the US Federal Reserve will expand its third round of quantitative easing.


The benchmark S&P/ASX200 index edged up 2.1 points to 4543.1, while the broader All Ordinaries gained 3.4 points, or 0.1 per cent, to 4568.


Among the sectors, financials gained 0.3 per cent, materials added 0.2 per cent, but energy slipped 0.7 per cent and consumer staples lost 0.5 per cent.


BusinessDay with agencies