need2know: Rally needs data fuel

Local shares are poised to open flat, with a data focused day and week ahead as a hectic corporate earnings season starts to fade. • AUD at 93. 25 US cents, 97. 07 Japanese yen, 71. 01 Euro cents and 56. 19 British pence. • On Wall St, S&P 500 +0. 3%, Dow +0. 1%, Nasdaq +0. • In Europe, Euro Stoxx 50 +0. 3%, FTSE +0. 2%, CAC +0. 3%, DAX +0. • Iron ore adds 0. 7% to $US87. • Spot gold down 0. 1% to $US1287.

Shares in Britain’s supermarket giant Tesco plunged, closing down 6. 6 per cent. “Tesco has shocked the markets by announcing another profits warning, slashing its dividend by 75 per cent and rushing in the new CEO Dave Lewis a month before he was originally due to start,” said IG analyst Alistair McCaig. “All this smacks of desperation.

Read more here: SMH


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