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Global Wrap:
Australian Market Declines On Higher Commodity Prices
Equity Futures: Dow +12.00. S&P +1.20. NASDAQ +3.00. Japanese Nikkei +50.00. German Dax -18.00
Asian markets have stumbled at the start of trading on Tuesday. The Japanese Nikkei is closed for a bank holiday which is contributing to lower than expected volume. The Australian S&P/ASX is off by 1.10 points after opening 10 points lower because of declines seen in commodities. Mining stocks are helping to lead the declines as BHP Billiton LTD, which is the world’s largest mining company lost over 2 percent while Rio Tinto, the third largest mining company in the world had declines of 3.4 percent.
The MSCI Asia Pacific Index has decline 0.6 percent.
Overnight, Japanese markets are closed for a 5 day bank holiday this week. The Australian S&P/Asx declined 1.10 points (-0.02%) to 4,676.30
Crude oil for October delivery was recently trading at $69.91 per barrel, higher by $0.20.
Gold for October delivery was recently trading higher by $1.70 to $1,006.60.