S&P/ASX 200 futures suggest positive start, US markets down on oil

S&P/ASX 200 (INDEXASX:XJO) futures are pointing to a positive open although US markets were lower overnight as the oil price continued to fall.

US chemicals company, DowDuPont Inc (NYSE:DWDP) finished down 6.73% as it reported a fall in earnings for the March quarter.

On the commodity front, oil prices hit a one-year low on news that US crude oil inventories spiked suggesting the market is not as tight as expected.

Crude Oil WTI fell more than US$2 to around US$61.10 before steadying at US$61.66.

Australia building approval data at 11.30am

At 11.30am, the Australian Bureau of Statistics (ABS) will released its monthly building approvals data.

It is considered a good gauge of future construction activity as attaining an approval is among the first steps in constructing a new building.

Economists estimate the monthly figure to be -12.5%.

In pre-market company news, Macquarie Group (ASX:MQG) has relased its full year results and Amcor (ASX:AMC) shareholdes approved the US$6.8 billion takeover of US rival Bemis (NYSE:BMS).

[VIDEO] Dow Jones fell by close to 0.5% overnight (2nd day of falls). The market backed away from the record highs hit earlier in the week. More here https://t.co/O5s9bFSoEl #ausbiz

— CommSec (@CommSec) May 2, 2019

Register here to be notified of future . Company articles

Read More Here...

Bookmark the permalink.