Australian market expected to open lower 03/09/19

Australian market expected to open lower 03/09/19

OPENING CALL: The Australian share market is expected to open lower. The SPI Futures is expected to be down 15 points.

 

US share and bond markets were closed on Monday for the Labor Day holiday

 

Asian crude palm oil price futures ended higher, lifted by stronger exports. Gains in competing soybean oil prices added support. However, traders remain concerned about higher production in second-largest-grower Malaysia.

 

Overnight Summary

 

 

Each Market in Focus

 

 

The Australian share market is expected to open lower ahead of the central bank’s decision on monetary policy. The SPI200 futures contract was down 15 points, or 0.23 percent, at 6,537.0 at 0700 AEST, suggesting a dip for the benchmark S&P/ASX200 on Tuesday. 

US share and bond markets were closed on Monday for the Labor Day holiday.

Gold prices start September with renewed gains after the U.S. and China imposed tariffs on each other’s exports, raising concerns about the world economy. The precious metal is up 0.3% at $1,533.40 a troy ounce in the New York futures market. The U.S. hit $111 billion worth of Chinese goods with a 15% tariff on Sunday, and Beijing struck back with duties on American oil, soybeans, and other shipments. Meanwhile China’s official manufacturing PMI pointed to a fourth straight month of contracting activity. Traders are pricing in a 97% chance that the Federal Reserve cuts interest rates to offset the global slowdown on Sept. 18. Expectations of lower rates have boosted gold, which carries no yield.

Global oil prices fell on Monday on demand concerns over Hurricane Dorian and the imposition of US$110 billion of US tariffs on Chinese goods. The Brent crude price fell by US$1.77 or 2.9% to US$58.66 a barrel. And the US Nymex price fell by US33 cents or 0.6% to US$54.77 a barrel.

The Euro fell from highs near US$1.0974 to around US$1.0966 and was near US$1.0968 in late US trade. The Aussie dollar fell from highs near US67.30 cents to lows near US67.09 cents, ending US trade near US67.19 cents. The Japanese yen rose from 106.39 yen per US dollar to JPY106.05 and was near  JPY106.20 in late US trade.

European STOXX600 index rose by 0.3% and the German Dax lifted by 0.1%. The UK FTSE lifted by 1.0%, outpacing their European peers, as the internationally-focused stocks got a boost from a slump in the British Pound sterling on fresh Brexit worries.

Japanese shares slipped on Monday after the United States and China imposed more tariffs on each other’s goods, escalating a dispute that is increasingly weighing on export-reliant Asia and disrupting global trade.


« »



Start Trading
in Minutes

Open an account now

bullet Access +10,000 financial instruments
bullet Auto open & close positions
bullet News & economic calendar
bullet Technical indicator & charts
bullet Many more tools included

By supplying your email you agree to FP Markets privacy policy and receive future marketing materials from FP Markets. You can unsubscribe at any time.







Sitemap | © FP Markets 2019