Australian market expected to open higher 12/11/19

Australian market expected to open higher 12/11/19

OPENING CALL: The Australian share market is expected to open higher. The SPI200 futures contract expected to open up 8 points.

Alibaba reached a new sales milestone during China’s Singles Day shopping festival, as the e-commerce giant sold 268.4 billion yuan ($38.3 billion) worth of goods, up 26% from its previous record of 213.5 billion yuan, or about $30.8 billion, set last year.

California Gov. Gavin Newsom questioned PG&E Corp.’s $11 billion settlement proposal for insurance losses tied to wildfires and said it could derail the utility’s bankruptcy exit strategy.

Overnight Summary



Each Market in Focus


Broad gains outside of mining helped Australian shares outperform most equities markets in the region, taking their lead from fresh records for major U.S. indexes on Friday.

Settling at the session’s high, the S&P/ASX 200 advanced 0.7% to 6772.5, the highest close since early August.  

CSL helped buoy health care stocks, rallying 3.5% to a new high. Industrials and property trusts also logged strong gains.
ANZ fell as it traded ex-dividend, the other big banks were up more than 1% each.
Still, the materials sector weakened thanks to a 2.4% drop by Rio Tinto and a 5.5% loss for Fortescue amid weaker iron-ore price.  
The Dow Jones Industrial Average drifted higher, heading toward its ninth record close of the year.  

The blue-chip average rose 25 points, or 0.1%, to 27706, erasing earlier losses. The S&P 500 fell 0.2% and the Nasdaq Composite declined 0.1%.  
With the bulk of third-quarter earnings results out, investors’ attention has lately turned back to the U.S. and China’s trade talks.  
T-Mobile shares slipped 2.6% after The Wall Street Journal reported WeWork is in talks with the company’s chief executive John Legere to take over leadership of the office-sharing startup.  

Boeing jumped 4.8% after the aerospace giant said it expects to resume deliveries of its 737 MAX next month. Gains in the stock added more than 100 points to the Dow industrials.  
Gold futures traded little-changed as the precious commodity sought to gain traction higher after the sharpest weekly skid in percentage terms since 2017 for silver and gold.
December gold on Comex was 50 cents, or less than 0.1%, higher at $1,463.40 an ounce, after the yellow metal marked its biggest weekly slide, off 3.2%

December silver, meanwhile, shed 4 cents, or 0.2%, at $16,775 an ounce, after it booked a 6.8% decline for the week, the sharpest such fall since the week ended July 7, 2017.  
Oil futures settled lower as recent developments in Sino-American trade negotiations reignited some fears about demand for energy assets in the face of a prolonged tariff scuffle.  

West Texas Intermediate crude for December delivery, the U.S. benchmark, fell 38 cents, or 0.7%, to end at $56.86 a barrel.  

The dollar was lower against haven currencies, the Japanese yen and Swiss franc– consistent with selling in global stocks as the pendulum swung back to worries about U.S.-China trade relations.  

The British pound, meanwhile, was recently up 0.6% against the dollar after the Brexit party said it won’t contest Conservative-held seats in the upcoming U.K. election. The WSJ Dollar Index was recently down 0.2% at 91.01.  

 European indices closed mostly in the red as a higher pound hit the FTSE 100 and U.S.-China trade jitters resurfaced.

 The Stoxx Europe dropped 0.02%, or 0.08 points to 405.34 and the DAX falls 0.2%, though the CAC-40 edges 0.07% higher.

 Hong Kong’s benchmark Hang Seng benchmark closed down 2.6%, the fourth-biggest drop of the year, after police fired gunshots at protesters, and demonstrations across the city forced schools and offices to close early.  

Shanghai Composite fell 1.8%. Consumer inflation data out over the weekend showed prices soared in October to the highest level in more than seven years, fueled by a continued surge in pork prices.  

Elsewhere in Asia, Japan’s Nikkei 225 benchmark lost 0.3% and South Korea’s Kospi declined 0.6%.  

Indian shares, however, outperformed their Asian peers as banks rallied and falling oil prices supported sentiment amid volatile trading.

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