Shares to fall as Aussie market watched

WELLINGTON (BestGrowthStock) – Asian stocks will likely make a weak start on economic fears on Monday, with Australian shares set to stumble after an inconclusive election result.

The Australian dollar fell a cent against the U.S. dollar and shares are seen opening lower as Australia faces a hung parliament, with the balance of power probably being held by a number of independent MPs.

Australian shares are picked to open lower, with share index futures 9 points lower at 4,387, a 43.9 point discount to the close of the underlying S&P/ASX 200 (.AXJO: ) index.

The main U.S. indexes ranged between flat and 0.6 percent lower on Friday, as a run of poor economic data weighed on investors, although a late rally pared the losses.

Technology shares were the best performers, with the Nasdaq (.IXIC: ) ending fractionally lower after positive forecasts from Marvell Technology Group Ltd (MRVL.O: ) and Intuit Inc (INTU.O: ), although Hewlett-Packard Co (HPQ.N: ) slumped after several brokerages cut their price targets.

Asian stocks listed on Wall Street (.BKAS: ) closed 0.39 percent lower.

British (.FTSE: ) shares fell 0.3 percent on Friday and European (.FTEU3: ) shares dipped 0.7 percent, with banks and miners lower on concerns of a double-dip recession.

The U.S. dollar closed out the week stronger as economic wariness saw safe-havens such as the greenback favored. The U.S. dollar was a shade higher against the yen on lingering speculation Japanese policy markers would intervene to bring the currency lower.

Japanese markets are set for a flat open, after falling two percent on Friday, with Nikkei futures traded in Chicago the same as the last closing level in Osaka.

TOP ASIA EVENTS:

JAPAN – Tokyo Steel Manufacturing Co (5423.T: ) announces

September prices

AUSTRALIA – Westpac (WBC.AX: ) Q3 update

– Lihir Gold (LGL.AX: ) shareholders vote on

Newcrest’s (NCM.AX: ) A$9.9 bln takeover offer

HONG KONG – China Construction Bank Corporation (0939.HK: )

H1 results news conference

– Aluminum Corporation of China Ltd (CHALCO)

(2600.HK: ) H1 results

– China National Building Material Co Ltd (3323.HK: ) H1 results

– China Resources Power Holdings Co Ltd (0836.HK: )

H1 results

– GOME Electrical Appliances Holding Ltd (0493.HK: ) H1 results

(Reporting by Adrian Bathgate)

Shares to fall as Aussie market watched