The local share market is tipped to open slightly lower following mixed results from global markets overnight.
In the US, sharp falls in commodity prices saw shares of major oil and resources stocks take a hit. Falling $US2.10 or 4.88% overnight, oil prices are now trading near a seven-year low. The Dow Jones and NASDAQ closed 0.65% and 0.79% lower, respectively.
In Europe, most markets pushed slightly higher, as investors recovered from the irrational selloffs last week. London's FTSE 100 closed 0.24% down. Germany's DAX was the standout, rising 1.25%.
FTSE-listed shares of BHP Billiton Limited (ASX: BHP) and Rio Tinto Limited (ASX: RIO) closed 1.95% and 0.25% lower, respectively. Adding pressure on the selloffs was a 2.4% fall in iron ore prices overnight, according to The Metal Bulletin. Iron ore delivered to China was sold for just $US39.06 per tonne — prices have not been this low since 2007. Iron ore fetched over $US180 per tonne in 2011 and $US135 in 2014.
Closer to home, the Sydney Futures Exchange is pointing to a 14-point drop in the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) at today's open.
National Australia Bank Ltd. (ASX: NAB) will reveal its latest monthly business conditions.
NAB released an overview of its proposed demerger of its Clydesdale Bank to the ASX this morning. Its demerger has been a long-time in the making and will see existing NAB shareholders own 75% of the ASX and FTSE-listed bank.
In other news, Insurance Australia Group Ltd (ASX: IAG) announced an organisational restructure that will see it have four key operating segments. IAG's CEO of Personal Insurance business, Andy Cornish, will leave the insurance giant.
Oil and gas giant, Woodside Petroleum Limited (ASX: WPL) withdrew its takeover bid for Oil Search Limited (ASX: OSH).
In broker news, Morgans rates Asciano Ltd (ASX: AIO) as a 'hold' while UBS says Harvey Norman Holdings Limited (ASX: HVN) is a 'buy', according to FNArena.
