1min read
PREVIOUS ARTICLE Gold jumps 1% as oil prices sl... NEXT ARTICLE Tax cuts, deregulation on road...

The Australian share market is expected to follow Wall Street lower after US crude oil futures turned negative for the first time amid a coronavirus-induced supply glut.

The SPI 200 futures contract was down 53 points, or 0.99 per cent, at 5,311.0 at 0800 AEST on Tuesday, pointing to a sharp drop at the open for local stocks.

US crude oil futures collapsed below $US0 on Monday for the first time in history, ending the day at minus $US37.63 a barrel as desperate traders paid to get rid of oil.

Brent crude also slumped but was nowhere near as weak as more storage is available worldwide.

The Dow Jones Industrial Average dropped 2.44 per cent to end at 23,650.44 points, while the S&P 500 lost 1.79 per cent to 2,823.16.

The Nasdaq Composite dropped 1.03 per cent to 8,560.73.

Australian stocks started the week with their worst loss in three weeks.

The S&P/ASX200 benchmark index finished Monday 2.45 per cent, wiping out last week’s gains.

The Australian Bureau of Statistics is on Tuesday scheduled to release the latest in its new range of COVID-19 economic data updates: Weekly Payroll Jobs and Wages.

The minutes of the Reserve Bank’s April board meeting will also be released at 1130 AEST and Governor Philip Lowe will address media in the afternoon.

The Australian dollar is worth 63.34 US cents, down from 63.62 US cents at Monday’s close.