The local S&P/ASX 200 (Index: ^AJXO) (ASX: XJO) is expected to open lower today following weak leads from foreign markets on Friday.
Here's a recap:
- Dow Jones (USA) – down 2.1%
- NASDAQ (USA): down 1.59%
- FTSE 100 (UK): down 0.82%
- DAX (Germany) – down 1.21%
- EURO STOXX 50 (Europe) – down 1.38%
In the US, shares of energy and resources businesses weighed on markets as oil prices fell more than 1% to $US36.68 per barrel, according to the Fairfax Press.
In Europe, shares of miners clawed back some of the heavy losses of recent weeks, with FTSE-listed shares of Rio Tinto Limited (ASX: RIO) and BHP Billiton Limited (ASX: BHP) claiming 2.46% and 0.19%, respectively; UK and European markets ended lower.
Closer to home, the Sydney Futures Exchange is tipping a 40 point, or 0.8% fall in the S&P/ASX 200.
Shares of BHP Billiton will be of particular focus after ratings agency, Moody's, announced on Friday that it is reviewing the mining giant for a possible downgrade to its credit rating. Tumbling commodity prices and the mining disaster at its joint venture project in Brazil were catalysts for the review. Recently, Moody's cut the credit rating of Glencore PLC, a BHP rival, to just above junk status, according to The Wall Street Journal.
In other news, Flight Centre Travel Group Ltd (ASX: FLT) announced its takeover offer for the US-based StudentUniverse.com group has been accepted.
Mining services business, Emeco Holdings Limited (ASX: EHL), announced the appointment of Peter Richards as the successor to Group Chairman, Alec Brennan, commencing 1 January 2016.
Finally, Telstra Corporation Ltd (ASX: TLS) announced construction and maintenance contracts with the NBN Co. Lasting three and four years, respectively, the two contracts are estimated to generate around $80 million of revenue in their first year.
