Stocks set for sharp early loss

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Aussie stocks are set to follow world markets lower after Bank of Japan Governor Haruhiko Kuroda said he sees no need to expand monetary stimulus immediately, triggering fears among investors that central banks would step back from stimulus efforts.

On the ASX24, the SPI futures contract was 44 points lower to 4721. The Aussie was trading higher against the greenback despite hitting a fresh 32-month low. The dollar slipped to 93.3 US cents late on Tuesday night, the lowest point since mid September 2010, but recovered to 94.39 US cents by 6.45am today. It was also buying 90.6 yen, 70.88 euro cents and 60.25 British pence.

What you need to knowSPI futures are 44 points lower at 4721The $A is higher at 94.39 US centsIn New York, the S&P500 was 1% lower at 1626.13 In Europe, the FTSE100 lost 0.94% to 6340.08China iron ore was flat at $US110.90 a metric tonne Gold lost $US9 to $1377 an ounceWTI crude oil lost 39 US cents to $US95.38 a barrelReuters/Jefferies CRB index lost 0.5% at 285.01

Making news today

In economics news:Australian Bureau of Statistics (ABS) lending finance for AprilWestpac/Melbourne Institute Survey of Consumer SentimentDragon boat festival public holiday in China

There is no major economics news scheduled for today.

Analyst rating changes:Gindalbie Metals raised to neutral at JPMorganCochlear cut to underperform at Credit SuisseFairfax cut to buy at BBY LtdNewcrest cut to neutral at BofA-Merrill Lynch

How we fared yesterday

The Australian share market closed higher as cautious investors searched for higher yielding and defensive stocks.

Banks and defensive stocks led a 19.4 point, or 0.4 per cent, gain in the S&P/ASX 200 index to 4757.1. The index moved further away from 4-1/2 month lows hit last week. The broader All Ordinaries index was up 19.6 points, or 0.4 per cent, at 4748.9.

BusinessDay with agencies

The original release of this article first appeared on the website of Hangzhou Night Net.

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