The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is expected to trade lower today following negative leads from international markets overnight.
Here's a recap:
- Dow Jones (USA): down 0.64%
- NASDAQ (USA): down 1.26%
- FTSE 100 (UK): down 0.92%
- DAX (Germany): down 0.88%
- CAC 40 (France): down 0.86%
In Europe, mining shares were crunched after China released data showing a 24.5% fall in exports during February, in US dollar terms and a 13.8% decline in imports – both worse-than-expected results. FTSE-listed shares of BHP Billiton Limited (ASX: BHP) and Rio Tinto Limited (ASX: RIO) fell 6.15% and 6.75%, respectively.
US markets also reacted negatively to the drop in China's trade levels. Gold prices, often perceived as a hedge against uncertainty, rose to a yearly high of $US1,269.84 an ounce, according to the International Business Times. Shares in the energy and basic materials sectors fell 4% and 3.9%, respectively.
Closer to home, the Sydney Futures Exchange is tipping a 25-point, or 0.5%, fall in the S&P/ASX 200.
Shares of copper producers like Rio Tinto, Oz Minerals Limited (ASX: OZL) and Sandfire Resources Ltd (ASX: SFR) will be in focus following a price fall in the commodity overnight.
In company news, Gateway Lifestyle Group (ASX: GTY) announced the acquisition of six Manufactured Home Estates (MHEs) for a combined consideration of $49.3 million, excluding transactions costs.
It said it is also conducting due diligence on a further two MHEs (worth $9.5 million) and a further MHE asset for a purchase price of circa $23 million, excluding transaction costs. The company said it will undertake a $120 million capital raising to fund the acquisitions and repay debt.
Senex Energy Ltd (ASX: SXY) has locked in a $US45 per barrel hedge for 400,000 barrels of oil via a series of put options for the first half of its 2017 financial year.
Onthehouse Holdings Ltd (ASX: OTH) advises that the "Independent Board Committee" has received a revised, non-binding, conditional proposal to acquire 100% of its shares through a consortium of its two directors and a wholly-owned entity of Macquarie Group Ltd (ASX: MQG). The deal contemplates an all-cash consideration of $0.85 per share. The deal is subject to a number of conditions. The independent board is evaluating the proposal.
Finally, in broker news, Santos Ltd (ASX: STO) has been cut to 'neutral' from 'buy' by analysts at UBS and Bell Potter analysts downgraded Fortescue Metals Group Limited (ASX: FMG) to a 'hold' from 'buy', according to Dow Jones Newswires. Credit Suisse analysts also moved Fortescue shares to a 'hold' from a 'buy'.
