Australian market expected to open higher 15/11/19

Australian market expected to open higher 15/11/19

OPENING CALL: The Australian share market is expected to open higher. The SPI200 futures contract expected to open up 21 points.

China has agreed to lift a more than four-year-old ban on U.S. poultry imports, both governments said, in what a U.S. industry group said could lead to sales of $2 billion of poultry.  






After tumbling in the rankings last year, electric car maker Tesla rebounded slightly in Consumer Reports’ latest reliability survey with the organization restoring its recommended rating to two models.  

Overnight Summary

 

 

Each Market in Focus

 

 

Australian shares snapped two days of losses after jobs data edged the odds higher for another interest rate cut by the central bank.  

The S&P/ASX 200 ended 0.6% higher at 6735.1, and now sits almost 0.2% up in the week so far. The biggest gains came from the technology, telecommunications and health care sectors, while the financials inched lower thanks to a 3.4% drop in National Australia Bank as it traded ex-dividend.  

The unemployment rate rose slightly in October to a seasonally adjusted 5.3% and the number of people employed fell against expectations of a rise for the month.  

 

Major U.S. stock indexes pulled back from their records intraday after a disappointing forecast from Cisco Systems sent shares of the networking giant sharply lower.  

Investors also contended with signs of ongoing friction between the U.S. and China, as the two sides haggle over agriculture purchases, The Wall Street Journal reported Wednesday.

That gave investors little enthusiasm to buy riskier assets, such as stocks, and instead encouraged more buying of haven assets, including gold and U.S. Treasurys, analysts said.  

The Dow Jones Industrial Average was recently down 33 points, or 0.1%, to 27751 after the blue-chip index bobbed around the flat line earlier in the session. The S&P 500 fell 0.1%, while the Nasdaq Composite declined 0.1%.  

 
 

Gold futures settled higher, building on gains from a day earlier as weakness in U.S. benchmark stock indexes and a drop in yields on government debt raised the precious  metal’s investment appeal.  

 

West Texas Intermediate crude futures for December delivery fell by 19 cents, or 0.3%, to $56.93 a barrel on the New York Mercantile Exchange.

Global benchmark January Brent crude, however, was up 18 cents, or 0.3%, at $62.55 a barrel on ICE Futures Europe.  

 

The WSJ Dollar Index was recently down 0.1% at 91.02 as the U.S. currency declined against the euro and yen.  

 
European markets were mostly lower after weak Chinese and U.K. economic news eclipsed positive sentiment as German  thrid quarter gross domestic product topped hopes.  

The Stoxx Europe 600 and the DAX both fell 0.4%, the FTSE 100 retreated 0.8% as sterling and the euro gained against the dollar and the CAC-40 was down 0.1%. 

Asian stocks were mixed, with the Shanghai Composite up while Hong Kong’s Hang Seng  waned as antigovernment protests snarled the city.  

Clashes between police and protesters have intensified in recent days. The Nikkei Stock Average closed 0.8% lower at 23141.55 following weaker-than-expected third quarter GDP data.

South Korea’s benchmark Kospi closed 0.8% higher at 2139.23, led by technology, chemicals and auto stocks.

 


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