Focus on retailer results and the latest on Alesco

Woolworths to report full year sales today, while ASX set for early falls

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Wall Street posted a down day on Friday with the Dow Jones Industrial Average falling by 0.9% and the S&P 500 Index closing down 1.0%, while the Nasdaq Composite Index slumped by 1.4%. Fears that Spain may require a full bailout after one of its regions, Valencia, said it would require financial aid, weighed on global markets.

European markets also fell, with the UK's FTSE 100 losing 1.1%, Germany's DAX crashed 1.9% while Paris' CAC 40 was the worst performer losing 2.1%.

The Australian dollar was slightly lower against the greenback, buying 103.6 US cents.  The euro continues to fall, hitting an all-time low against the Australian dollar and a two-year low against the US dollar.

Commodities were down, with spot gold falling to US$1,581.22 an ounce, while oil (Brent crude) also closed down, losing 0.9% to trade at US$106.83 a barrel.

Weak start likely

The ASX SPI futures have closed down 21 points, suggesting the S&P / ASX 200 (Index: ^AXJO) (ASX: XJO) is set for a negative start in early trading.

Looking to the week ahead, on Wednesday, the Australian Bureau of Statistics will release consumer price index data for the second quarter, with analysts expecting a rise or around 0.3% from the previous quarter.

Woolworths Limited (ASX: WOW) should report full year sales today, while Wesfarmers Limited (ASX: WES) is also expected to release its annual sales results this week. Analysts are expecting Coles to have outperformed Woolworths for the twelfth consecutive quarter, according to a report in today's Australian Financial Review.

Alesco Corporation (ASX: ALS) will report its full year earnings today, which may have implications for the $2 per share takeover price by DuluxGroup Limited (ASX: DLX).

Resources stocks could take a hit today, as a Deloitte Access Economics report suggested that the mining boom will be over in just two years, thanks to falling commodity prices.

Foolish takeaway

So much for the eurozone's summit four weeks ago, which was expected to finally reassure markets that Europe was taking positive action. For Foolish investors, we'd suggest that it's best to ignore the macro news and focus on companies with strong balance sheets, potential for future growth and if possible, decent dividends.

If you're in the market for some high yielding ASX shares, look no further than our "Secure Your Future with 3 Rock-Solid Dividend Stocks" report. In this free report, we've put together our best ideas for investors who are looking for solid companies with high dividends and good growth potential. Click here now to find out the names of our three favourite income ideas. But hurry – the report is free for only a limited time.

More reading

Motley Fool writer/analyst Mike King owns shares in Woolworths. The Motley Fool's purpose is to help the world invest, better. Take Stock is The Motley Fool's free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead. Click here now to request your free subscription, whilst it's still available. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

 

More on ⏸️ Investing

Close up of baby looking puzzled
Retail Shares

What has happened to the Baby Bunting (ASX:BBN) share price this year?

It's been a volatile year so far for the Aussie nursery retailer. We take a closer look

Read more »

woman holds sign saying 'we need change' at climate change protest
ETFs

3 ASX ETFs that invest in companies fighting climate change

If you want to shift some of your investments into more ethical companies, exchange-traded funds can offer a good option

Read more »

a jewellery store attendant stands at a cabinet displaying opulent necklaces and earrings featuring diamonds and precious stones.
⏸️ Investing

The Michael Hill (ASX: MHJ) share price poised for growth

Investors will be keeping an eye on the Michael Hill International Limited (ASX: MHJ) share price today. The keen interest…

Read more »

ASX shares buy unstoppable asx share price represented by man in superman cape pointing skyward
⏸️ Investing

The Atomos (ASX:AMS) share price is up 15% in a week

The Atomos (ASX: AMS) share price has surged 15% this week. Let's look at what's ahead as the company build…

Read more »

Two people in suits arm wrestle on a black and white chess board.
Retail Shares

How does the Temple & Webster (ASX:TPW) share price stack up against Nick Scali (ASX:NCK)?

How does the Temple & Webster (ASX: TPW) share price stack up against rival furniture retailer Nick Scali Limited (ASX:…

Read more »

A medical researcher works on a bichip, indicating share price movement in ASX tech companies
Healthcare Shares

The Aroa (ASX:ARX) share price has surged 60% since its IPO

The Aroa (ASX:ARX) share price has surged 60% since the Polynovo (ASX: PNV) competitor listed on the ASX in July.…

Read more »

asx investor daydreaming about US shares
⏸️ How to Invest

How to buy US shares from Australia right now

If you have been wondering how to buy US shares from Australia to gain exposure from the highly topical market,…

Read more »

⏸️ Investing

Why Fox (NASDAQ:FOX) might hurt News Corp (ASX:NWS) shareholders

News Corporation (ASX: NWS) might be facing some existential threats from its American cousins over the riots on 6 January

Read more »