Australian market expected to open higher 24/07/19

Australian market expected to open higher 24/07/19

OPENING CALL: The Australian share market is expected to open higher. The SPI200 futures contract expected to open up 33 points.



A U.S. delegation is expected to travel to China for trade talks, National Economic Council Director Larry Kudlow said, marking what would be the first in-person talks since the Group of 20 world leaders’ summit last month.



Coca-Cola’s quarterly profit and sales rose, boosted by higher demand for its namesake soft drinks and the introduction of coffee, energy drinks and other products.



Overnight Summary





Each Market in Focus





Australian shares were among the better performers in Asia-Pacific, as the continued upward push by energy companies amid rising crude prices led broad gains.
Overcoming a lackluster start to the session, the S&P/ASX held gains through most of the day to settle up 0.5% at 6724.6.
The energy subindex outperformed, advancing 1.4%, while shares in National Australia Bank extended their winning streak to a third straight session with a gain of 1.1% after the embattled lender named a new CEO last week. Oil Search also contributed, advancing 2.5% as it continued to recover from last week’s almost 10% retreat after weak quarterly production. 

U.S. stocks climbed intraday, lifted by a series of better-than-expected earnings from companies ranging from Coca-Cola to United Technologies.
The Dow Jones Industrial Average gained 54 points, or 0.2%, to 27226. The S&P 500 added 0.3% and the Nasdaq Composite advanced 0.2%.
More than 100 components of the S&P 500 are set to report second-quarter results this week. So far, earnings have largely proven to be better than investors had feared, helping stocks drift higher in otherwise quiet summer trading.
Coca-Cola jumped 5.8% after reporting a rise in quarterly profit and sales, thanks to higher demand for its namesake soft drinks.
United Technologies, which raised its outlook for the year, gained 0.3%. Hasbro rose 8.8% after the maker of My Little Pony and Monopoly posted better-than-expected results.

Gold ended lower, overshadowed by a stronger U.S. dollar, while silver gained to tally another finish at its highest in more than a year.
Gold for August delivery on Comex declined $5.20, or 0.4%, to settle at $1,421.70 an ounce. Prices saw a brief pop higher in the immediate wake of some downbeat economic data, which showed a fall in June U.S. existing home sales.
September silver, however, rose 6.5 cents, or 0.4%, to finish at $16.476 an ounce, marking its seventh gain in eight sessions. That was the highest most-active contract settlement since June 15, 2018, according to FactSet data.

U.S. benchmark oil prices ended 1% higher at $56.77 a barrel on a late-session rally due to news, a U.S. trade delegation plans to travel to China for more talks.
Oil investors have been bearish in recent weeks on worries that continued trade problems between the U.S. and China are hurting global demand for oil.

Investors are piling into emerging-markets currencies, spurred by expectations that the Federal Reserve will soon cut interest rates.
The MSCI Emerging Markets Currencies Index has risen 1.9% since early last month, following Fed Chairman Jerome Powell’s signals that U.S. policymakers were considering cutting rates. The Brazilian real has climbed 2.9% against the dollar, the South African rand has risen 5.2% and the Mexican peso has gained 2.8% in the period.
The WSJ Dollar Index was up 0.39% at 97.71.

European stocks rose to nearly a seven-month high, helped by optimism over U.S.-China trade talks and an agreement for increased spending in the world’s largest economy.
Up about 16% for the year, the Stoxx 600 rose 1% to 391.54, its sixth gain in the last eight sessions.
The FTSE 100 advanced 0.6% to 7,556.86, with the well-anticipated election of Boris Johnson to lead the U.K. Conservatives having little impact on stocks during the day.
The German DAX jumped 1.6% to a two-week high of 12,490.74, France’s CAC 40 gained 0.9% to 5,618.16, and Italy’s FTSE MIB rose 1% to 21,954.66. 

Japanese stocks rose, led by electronics stocks, as hopes for central bank stimulus in the eurozone and the U.S. persist.
Tokyo Electron gained 3.0% and Murata Manufacturing added 2.5%. All but two sectors (utilities and brokerages) in the 33 Topix subindexes ended higher. Trading was relatively thin, however, ahead of major Japanese companies’ earnings results and rate decisions by the ECB and Federal Reserve.
The Nikkei ended up 1.0% at 21620.88.
Elsewhere, Korean stocks finish higher, lifted by tech and financial shares. The benchmark Kospi rose 0.4% to close at 2101.45. The electronics-electric subindex gained for the fourth trading day, with Samsung Electronics and SK Hynix up 0.2% and 0.5%,
Hong Kong’s Hang Seng Index closed up 0.3% at 28466.48, lifted by gains in biotechnology and consumer stocks. Sino Biopharm and Hengan International Group, a personal-hygiene-product maker, each jumped over 5%. The HSI and its mainland counterparts recovered some of Monday’s losses, which analysts say could be attributed to
local reports that U.S. trade negotiators could visit Beijing to resume talks next week.

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