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Wall St closed lower overnight as the Dow Jones ended a 4-day winning streak losing 0.7%. The S&P500 dropped 0.19% and the tech-heavy Nasdaq gained just 0.04%. In terms of US stocks, both General Motors and Ford fell more than 4% following downgrades from Morgan Stanley.

Over in Europe, markets fell as the China-fuelled rally lost momentum. The STOXX600 closed 0.11% with half of the major sectors ending the trading day in the red. Germany’s DAX dropped 0.41%, the French CAC lost half a percent and over in the UK the FTSE100 ended Wednesday’s trading session 0.17% lower.

Locally yesterday, the ASX200 fell 0.13% with the majority of sectors closing in the red. Losses were led by the financial and consumer staples sectors which fell 1.87% and 1.86% respectively. This was offset by the materials sector which rose by 2.42% yesterday.

Monthly inflation data was also released yesterday coming it at 2.7%, which was below its previous result of 3.5% and the forecast of 3.1%.

What to watch today:

• The Australian share market is set to open higher, with the SPI futures suggesting a rise of 0.21% at market open this morning.
• On the commodities front this morning,
  • Oil is trading 2.58% lower at 69 US dollars and 71 cents a barrel, following concerns of supply disruptions in Libya after an agreement to appoint a central bank governor was made.
  • Gold is trading slightly lower, down 0.03% at 2657 US dollars an ounce and iron ore is trading 0.31% higher at 91 US dollars and 88 cents a tonne.

Trading Ideas:

• Bell Potter has initiated coverage on Netwealth Group (ASX:NWL) with a hold rating. Netwealth Group provides integrated wealth management products to financial intermediaries and their clients. Through its web-based platform, NWL offers end-customers and array of Wrap and Superannuation based portfolio and investment management tools, enabling a transparent and efficient way to buy & sell, monitor and administer assets.
• Trading Central has identified a bearish signal Transurban Group (ASX:TCL), indicating that the stock price may fall from the close of $13.21 to the range of $12.40-$12.55 on a pattern formed over 26 days, according to the standard principles of technical analysis.