Morning (AM) Market Report

Details

Published on Wednesday, 14 September 2016 00:00

U.S. shares finished lower overnight after lower oil prices dragged down energy shares and as uncertainty about Federal Reserve interest-rate plans weighed on the market.

Wednesday, 14th September, 2016

Oil prices fell after the International Energy Agency cut its 2016 demand forecast by 100,000 barrels a day to 1.3 million barrels a day and warned that oversupply will continue in 2017, media reports said.

At the closing bell, the Dow Jones, S&P 500 and the NASDAQ were down 1.4%, 1.5%, and 1.1%, respectively.

Shares of Anadarko Petroleum (APC) slumped after the oil and gas company said its board of directors had agreed to buy the deep-water Gulf of Mexico assets of Freeport-McMoRan (FCX) for $2 billion. Tiffany & Co (TIF) was active after the high-end jeweller named Mark Erceg as its chief financial officer, effective October 18. HP (HPQ) announced a definitive agreement to acquire Samsung Electronics' printer business in an all-cash deal valued at $1.05 billion. The acquisition will bolster HP's portfolio of printing equipment and allow the company to capture a greater slice of a shrinking pie.

For Australian ADRs listed on the NYSE, BHP Billiton declined 1.65 cents (-5.32%) to $29.37, ResMed fell 92 cents (-1.40%) to $64.72, Telstra Corporation lost 64 cents (-3.36%) to $18.41, Spark New Zealand fell 51 cents (-3.81%) to $12.87 and Westpac declined 94 cents (-4.22%) to $21.36. At 8:00am (AEST), the 10-year Treasury note yield was 1.73% and the 5-year yield was 1.25%.

European markets fell on Tuesday. The FTSE 100, French CAC 40 and Germany's DAX fell 0.5%, 1.2% and 0.4%, respectively. Asian markets finished mixed. The Hang Seng fell 0.3%, while the Nikkei 225 and Shanghai Composite rose 0.3% and 0.1%, respectively. India's Sensex fell 1.5%.

Ahead of the local open, SPI futures were 11 points lower at 5,183.