Australian shares are expected to open lower on Thursday after US stocks slumped overnight because of investor fears that the country’s political standoff could force a default or downgrade of US sovereign debt.
At 0704 AEST on the ASX 24 on Thursday, the June share price index futures contract was down 64 points at 4,448 points. The US stockmarket closed lower yesterday with the S&P500 down 27 points to 1,305, while the Dow Jones industrial average lost 199 points at 12,308.
In financial news on Thursday, Wesfarmers is due to report fourth quarter retail sales results.
Macquarie Group will hold its annual general meeting.
Lynas Corporation will report its June production report.
GUD Holdings will report full year results.
On Wednesday, Australian stocks closed lower after the release of worse-than-expected inflation data and as the US debt ceiling stalemate continued.
The benchmark S&P/ASX200 index finished DOWN 35.9 points, or 0.78 per cent, at 4,537.4, while the broader All Ordinaries index FELL 33.7 points, or 0.73 per cent, to 4,612.6.
AAP and Switzer
