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Morning Update - Monday 27 July, 2015

The SPI futures are pointing to sharp fall on the open today, after U.S. markets and key commodities continued their recent slide on Friday night. American stocks capped a four-session losing streak with their biggest drop of the week. Disappointing quarterly results and outlooks from several companies pulled the major stock indexes sharply lower. New signs pointing to a slowing of China's economy also added to jitters, bringing down the price of oil and other commodities. While corporate profits have mostly exceeded Wall Street's expectations so far this earnings season, traders have grown uneasy as many companies provided cautious outlooks or weak sales. The S&P 500 ended down 22.5 points (-1.1%) to 2,079.7, while the Dow Jones 163.4 points (-0.9%) to 17569. The Nasdaq lost 57.8 points (-1.1%) to 5,088.6. In the commodity space, Brent oil slipped 1.2% whilst iron ore shed 0.6%. Gold bucked the trend to add 0.8%. The Aussie dollar sold off sharply and this morning is fetching 72.8 U.S. cents.