Overnight, US and European stocks closed marginally lower.
The NASDAQ fell 0.6% on the back of flailing oil prices and US Federal Reserve Chair Janet Yellen's hawkish comments earlier in the week. Talk of higher US interest rates later this year is boosting the US dollar and placing downward pressure on bonds.
The UK market closed lower for the first time this week on Thursday with the FTSE 100 down 0.8%, a result of falls in the resources sector. London-listed shares of BHP Billiton Limited (ASX: BHP) and Rio Tinto Limited (ASX: RIO) closed 0.8% and 1.4% lower, respectively.
Closer to home, Sydney futures are pointing to an 11-point decline at the open for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO).
The Australian dollar is buying US71.43 cents.
The price of gold, iron ore and Brent crude oil modestly declined overnight. Resources sector investors would've been hoping for some relief on the market today with the likes of Woodside Petroleum Limited (ASX: WPL) and Origin Energy Ltd (ASX: ORG) sold down heavily over the past week.
Investors will also be watching shares of National Australia Bank Ltd. (ASX: NAB) and Commonwealth Bank of Australia (ASX: CBA). NAB shares went 'ex-dividend' yesterday and lost 4.2% of their value while Commbank reported its first quarter trading update and subsequently fell 1%. Each of Australia's major banks has fallen more than 10% over the past three months.
Asciano Ltd (ASX: AIO) shareholders will likely be pleased to hear that the Canadian group led by Brookfield Infrastructure Partners L.P has taken the fight back to Qube Holdings Ltd (ASX: QUB). Brookfield is believed to have bought $1.2 billion of Asciano shares and secured an additional 4.3% in commitments after Qube last week increased its stake in the rail and port operator. Brookfield has deferred its previous scheme of arrangement and is expected to launch a formal takeover offer.
In other news, Deutsche Bank upheld its 'hold' rating on shares of Bendigo and Adelaide Bank Ltd (ASX: BEN), Bell Potter downgraded Sealink Travel Group Ltd (ASX: SLK) to 'hold' from 'buy', and BlueScope Steel Limited (ASX: BSL) is an 'outperform' according to Credit Suisse.
