Australian market expected to open higher 11/10/19

Australian market expected to open higher 11/10/19

OPENING CALL: The Australian share market is expected to open higher. The SPI200 futures contract expected to open up 42 points.

 

Saudi Arabian Oil Co.’s investment bankers could deliver as soon as Friday a recommended valuation of the state-owned energy giant’s IPO below the $2 trillion targeted by Crown Prince Mohammed bin Salman.  



 


 Apple and Google both removed apps associated with Hong Kong’s antigovernment protests from their digital stores in recent days, thrusting the two Silicon Valley giants into controversy related to the unrest.  

 

Overnight Summary

 

 

Each Market in Focus

 

 

Australia’s S&P/ASX 200 index ended roughly flat at 6547.1, as senior U.S. and Chinese officials prepared to hold trade talks.  

Shares were supported by August home-loan data that add to signals of a housing-market recovery. Mortgage finance to investors in August rose the strongest in nearly three years.  

Corporate news was led by Orora’s sale of its Australasian fiber-packaging business to Nippon Paper for a A$1.72 billion enterprise value. Orora jumped 14% to A$3.11 as investors anticipate a capital return, while packaging rival Pact Group gained 2.2% to A$2.33. Banks were mixed, with CBA down 0.1% at A$78.10 while Westpac gained 0.4% to A$28.53. Among the miners, BHP advanced 0.2% to A$35.07.  

 U.S. stocks rallied intraday after U.S. President Donald Trump said he would meet with a key Chinese official for talks Friday, the latest example of trade hopes boosting global markets.  

The Dow Jones Industrial Average rose 129 points, or 0.5%, to 26475, after earlier climbing more than 250 points. The S&P 500 added 0.6%. The broad equity gauge entered the session down nearly 2% so far in October and roughly 3.5% below July’s record, though it was still up 16% for the year. The tech-laden Nasdaq Composite advanced 0.5%.  

The gains came after Mr. Trump said on Twitter that he would meet with Chinese Vice Premier Liu He, the head of the Chinese negotiating team, at the White House Friday, contradicting earlier media reports that Chinese leaders would be leaving Washington Thursday, a day earlier than expected.  

 
 
Gold futures held their ground above the key $1,500 mark by settlement, but posted their lowest finish in more than a week after President Donald Trump said he plans to meet with Chinese Vice Premier Lui He on Friday as the world economic powers hold their first day of talks in Washington, D.C.  
 
December gold on Comex lost $11.90, or 0.8%, to settle at $1,500.90 an ounce, after rising 0.6% on Wednesday. The most-active contract saw its lowest finish since Oct. 1, according to FactSet data. In other commodity markets, December wheat prices were down 7 1/4 cents to $4.93.  
 

U.S. oil prices ended the session 1.8% higher at $53.53/bbl. after OPEC Secretary General Barkindo said the group is willing to consider deeper cuts to production to ensure a tight global market when it meets in December.  

OPEC also reduced its global oil demand forecast for the third consecutive month.

The WSJ Dollar Index recently was down 0.39% at 91.58.  Earlier in the day, sterling rose against the dollar and the euro after U.K. Prime Minister Boris Johnson and his Irish counterpart Leo Varadkar raised hopes of possible progress in the U.K.’s deadlocked talks to leave the EU.  

 
European stocks made gains in late-afternoon trading on fresh hopes of potential progress in stalled U.S.-China trade talks.
 
The Stoxx Europe 600 was up 0.7%, the FTSE 100 gained 0.6%, the DAX advanced 0.7% and the CAC-40 was 1.3% ahead.

Meanwhile in equities, luxury goods stocks rise after LVMH Moet Hennessy Louis Vuitton reported better-than-expected third-quarter sales.  

Markets in China, Hong Kong and Japan rose overnight but other Asian indices fell.  

The Shanghai Composite Index gained 0.8% while Japan’s Nikkei 225 rose 0.5%.  Japanese shares rose, with the Nikkei Stock Average closing 0.5% higher at 21551.98.

Consumer shares were among the best performers. South Korea’s benchmark Kospi fell 0.9% to close at 2028.15, snapping a two-session winning streak. Technology and auto stocks led the decline amid downbeat investor sentiment ahead of new U.S.-China trade talks.  

Hong Kong stocks closed slightly higher. The Hang Seng Index edged up 0.1% to 25707.93. Electronics-parts suppliers provided support amid speculation that Apple may launch an augmented-reality accessory early next year.  


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