Scoreboard: Oil slump

US oil tumbled into a bear market, weighing on the energy sector and dragging major US indices lower.

A section of the BP Eastern Trough Area Project (ETAP) oil platform in the North Sea, around 100 miles east of Aberdeen in Scotland. Andy Buchanan/Press Pool/Reuters

— Dow Jones Industrial Average: -0.2% at 18,405

— S&P/500: -0.1% at 2,171

— WTI Crude: -3.7% at $US40.06

— FTSE 100: -0.5% at 6,694

— Gold: +0.2% at $US1,359.60

— TSI spot iron ore: +2.9% at $US60.50

— ASX futures: -24 points at 7am (AEST)

— Australian dollar: Down to US75.35c at 7am (AEST)

Good morning,

Here’s what happened overnight:

US stocks

The major indices closed lower after the falling oil price weighed on the energy sector, although the Nasdaq managed a decent gain after last week’s upbeat tech earnings reports.

European stocks

European bourses finished weaker after disappointing manufacturing data and stress tests for the continent’s banks.

Commodities

US oil tumbled into a bear market amid worries of a global oversupply of crude and refined products. Iron ore jumped to a near three-month high and gold edged higher as stocks fell.

Uber capitulates in China

The ride-sharing giant has given up the fight to win Chinese passengers, and will instead buy a 20 per cent stake in local rival Didi Chuxing.

Legal battle bankrupts Gawker founder

Nick Denton has filed for personal bankruptcy after a protracted fight with Hulk Hogan that was funded by Silicon Valley billionaire Peter Thiel.

Goldman Sachs sounds warning on US stocks

Analysts cut their three-month rating on US equities to underweight, saying stocks are expensive and earnings growth is poor.

Investor protection costs hit one-year low

The price of hedging against a fall in US stocks is at its lowest point in a year, as corporate earnings weren’t as bad as analysts had feared.

GlaxoSmithKline teams up with Alphabet

The British drugs giant and the Google parent will form a joint venture to develop bioelectronics medicines, using implantable devices to modify electric signals in the body.

McCain slams his party’s nominee

Senator John McCain sharply criticised Republican presidential hopeful Donald Trump over his spat with the family of a Muslim American soldier killed in Iraq.

Ahead today

In Australia, all eyes will be on the Reserve Bank’s board meeting at 2.30pm (AEST). Building approvals and international trade data are also due. In the US, expect auto sales, personal spending and chain store sales figures.

In today’s ABR

Rivals join to fight betting tax

Loan chase puts lenders ‘at risk’

Guvera creditors accept new deal

Margin Call: Bank on strife from One Nation

DataRoom: Battle for Ausgrid nears end