Australian market expected to open higher 09/10/19

Australian market expected to open higher 09/10/19

OPENING CALL: The Australian share market is expected to open lower. The SPI200 futures contract expected to open down 64 points.

Oracle plans to hire roughly 2,000 employees globally as it ramps up its cloud computing offerings.  



The new leaders of the International Monetary Fund and World Bank warned in twin speeches of a deteriorating global economic outlook, just a week before they will head the annual meetings of their institutions in Washington for the first time.




Overnight Summary



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Australia’s S&P/ASX 200 index closed up 0.5% at 6593.4, buoyed by U.S.-China trade talks remaining on track despite the White House adding 28 Chinese entities to an export blacklist.

ANZ ended 0.4% higher at A$27.42 despite signaling that it will take a A$559 million post-tax charge in the second half for customer-remediation efforts. NAB, which last week said it will incur A$1.18 billion in new charges for remediation and a software-capitalization change, rose 0.6% to A$28.09 while CBA advanced 0.9% to A$78.60.

Iron-ore miners were mixed, with BHP up 0.7% at A$35.61 and Rio Tinto adding 1.1% to A$88.58.  
Fortescue fell 1.9% to A$8.74, as Credit Suisse signaled concern over a mooted bid to develop two blocks of Guinea’s Simandou deposit.  

U.S. stocks fell intraday after a fresh flare-up in tensions between Washington and Beijing threatened to undermine this week’s trade talks.  
The Dow Jones Industrial Average declined 116 points, or 0.4%, in afternoon trading. The S&P 500 and Nasdaq Composite both fell 0.7%.  

The latest spat between the world’s two largest economies began late Monday when the Commerce Department added 28 Chinese entities to an export blacklist, citing their role in Beijing’s repression of Muslim minorities in northwest China. The U.S. said the move wasn’t related to trade negotiations with Beijing. 

Gold prices gave up earlier gains to finish lower for a third consecutive session, pressured by strength in the dollar, a day ahead of the release of minutes from last month’s Federal Reserve meeting.  
December gold on Comex fell by 50 cents, or 0.03%, to settle at $1,503.90. an ounce, after shedding 0.6% on Monday. December silver added 16 cents, or 0.9%, to $17.70 an ounce, after losing 0.5% in the previous session.  
In other commodity markets, December wheat prices rose 11 cents to $5.00 1/4.  
Oil futures ended lower as traders kept tabs on developments ahead of U.S.-China trade talks due later this week, which could shape expectations around demand for crude.  
West Texas Intermediate crude for November delivery lost 12 cents, or 0.2%, to end at $52.63 a barrel on the New York Mercantile Exchange. December Brent crude settled 11 cents lower, down 0.2%, at $58.24 a barrel on ICE Futures Europe.  

The WSJ Dollar Index, which measures the U.S. currency against a basket of 16 others, recently rose 0.1% to 91.89 from 91.78 Monday.  

Banks felt the pain as European stocks ended lower, as worries over U.S.-China trade talks continued to weigh on sentiment.  The Stoxx Europe 600 slumped 1.1% to 378.71, with banks including Banco Santander and BBVA losing ground.  

The German DAX skidded 1.05% to 11970.20, the French CAC 40 tumbled 1.18% to 5456.62 and the U.K. FTSE 100 dropped 0.76% to 7143.15.  

London Stock Exchange Group shares stumbled 6% after Hong Kong Exchanges & Clearing ended its attempts to buy the LSE. It now needs to wait six months if it wants to bid again. The LSE had said it was opposed to the offer.  

In Asia, stocks saw a broadly higher session amid hopes that U.S.-China trade talks this week could lead to progress in breaking the impasse between the countries.  
The rises in Asia came despite the U.S. decision to add 28 Chinese entities to an export blacklist, citing their role in Beijing’s repression of Muslim minorities in northwest China. China’s top trade envoy, Liu He, will lead a delegation to resume trade talks with U.S. officials in Washington on Thursday, China’s Ministry of Commerce said in a statement.  

Japanese stocks ended higher, led by electronics stocks, as the yen weakened and investors brace for U.S.-China trade talks.  
The Nikkei Stock Average advanced 1.0% to 21587.78. Hong Kong stocks ended higher, extending its morning gains despite news of the U.S. blacklisting several Chinese companies and China’s move to narrow the scope of the trade deal ahead of talks this week. The Hang Seng Index closed up 0.3% at 25893.40.  

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