S&P/ASX 200 (INDEXASX:XJO) has given back its earlier gains to be trading flat at around midday.
The ABS monthly building approvals data came in at -15.5% vs -12.5% expectations which saw the AUD sold off but effect on the share market was muted.
Shares in Macquarie (ASX:MQG) are down 6.11% at 12.01pm after it downgraded its outlook in its full-year result.
Buy-now, pay-later company Afterpay (ASX:APT) is up 3% to $27.66 at midday after revealing a new funding facility to continue its rapid US expansion.
Pre-market: S&P/ASX 200 futures suggest positive start, US markets down on oil
ASX 200 futures are pointing to a positive open although US markets were lower overnight as the oil price continued to fall.
US chemicals company, DowDuPont Inc (NYSE:DWDP) finished down 6.73% as it reported a fall in earnings for the March quarter.
On the commodity front, oil prices hit a one-year low on news that US crude oil inventories spiked suggesting the market is not as tight as expected.
Crude Oil WTI fell more than US$2 to around US$61.10 before steadying at US$61.66.
Australia building approval data at 11.30am
At 11.30am, the Australian Bureau of Statistics (ABS) will released its monthly building approvals data.
It is considered a good gauge of future construction activity as attaining an approval is among the first steps in constructing a new building.
Economists estimate the monthly figure to be -12.5%.
In pre-market company news, Macquarie Group (ASX:MQG) has relased its full year results and Amcor (ASX:AMC) shareholdes approved the US$6.8 billion takeover of US rival Bemis (NYSE:BMS).
[VIDEO] Dow Jones fell by close to 0.5% overnight (2nd day of falls). The market backed away from the record highs hit earlier in the week. More here https://t.co/O5s9bFSoEl #ausbiz
— CommSec (@CommSec) May 2, 2019