Australia Stocks Set for Weak Start After Oil Falls — Market Talk

2255 GMT [Dow Jones]–The overnight weakening in commodity prices is likely to set the tone for Australia’s stock market Friday morning. IG expects the ASX 200 to open more than 0.5% lower as materials and energy stocks come under pressure after prices for oil, copper and iron ore all stumbled. U.S. crude slumped 4.8% overnight on worries a glut of gasoline will persist despite the strong summertime driving season, and Brent lost 4.9% to US$46.40/barrel. Even safe-haven gold fell, retreating from a two-year high as investors took profits ahead of the release of the widely anticipated U.S. nonfarm payroll numbers, due later Friday. IG market analyst Angus Nicholson expects markets will be nervous ahead of the release of the data. The ASX 200 rose 0.6% on Thursday to 5227.9. (robb.stewart[a]dowjones.com; Twitter: [a]RobbMStewart)

Copyright (c) 2016 Dow Jones & Company, Inc.