The ASX futures point to a market dip above a per cent following a US sell-off and worrying Chinese data.
US Commerce Department data showed retail sales rose 0.7 per cent in June, nearly double the predicted 0.4 per cent rise.
And so investors are concerned that’ll mean higher interest rates for longer.
The S&P500 fell more than 1.1 per cent – the NASDAQ followed closely – with some of the bank stocks dropping sharply.
China’s retail sales, industrial production and investment is growing at a slower rate than analysts expected and so China-exposed mining stocks had a tough time in Europe overnight – plunging to two-year lows.
The FTSE100 lost 1.6 per cent.
The Aussie dollar is still buying just under 65 US cents and less than 60 EURO cents.
Crude oil lost nearly one and a half per cent to around US$81 a barrel and iron ore shed nearly two per cent to US$103.5 a tonne.
Safe-haven gold continued its downward trend to be around US$1900 an ounce.