Australian market expected to open lower 20/11/19

Australian market expected to open lower 20/11/19

OPENING CALL: The Australian share market is expected to open lower. The SPI200 futures contract expected to open down 35 points.

Alibaba will stop collecting orders early for its roughly $13 billion Hong Kong stock sale due to strong investor demand for its shares.  





Two national-security officials testified publicly on Tuesday about their concern at a July 25 call in which President Trump pressed his Ukrainian counterpart to undertake investigations that could benefit him politically.  

Overnight Summary

 

 

Each Market in Focus

 

 
 
Australia’s equities market outperformed most others in the region, rebounding on heightened expectations that the RBA will cut its cash rate further.  
The bounce recovered all of Monday’s retreat and took the S&P/ASX 200 to its highest in over three months. Settling at the session high, the index rose 0.7% to 6814.2 on gains across all sectors, except technology.  
Minutes from the RBA’s last meeting which signaled that the door remained open to another rate cut, helped spark the gains. A2 Milk in particular shone, rallying 11% after lifting its full-year profit margin forecast.  
 
 
The S&P 500 inched higher, though gains were tempered by weakness in shares of Home Depot and other retailers.  
The broad stock-market index rose up 0.1%, and the technology-heavy Nasdaq Composite gained 0.4%. The Dow Jones Industrial Average fell 81 points, or 0.3%, to 27954, weighed down by component Home Depot, which slumped 5.3% after trimming its expectations for sales growth. All three indexes closed at records Monday.  
  
 
 
Gold prices rose, giving up earlier losses as weakness in U.S. Treasury yields helped lift prices for the metal for a second day in a row.  
 
Oil prices closed 3.2% lower at $55.21/barrel, the lowest since Oct. 31 as investors worry about an overproduction of crude oil in 2020 that could be accompanied by tepid demand growth which in turn could lead to a glut.  
 

Sterling edged lower after the Confederation of British Industry said U.K manufacturing orders improved in November but sector activity remained weak. The CBI industrial trends survey showed 13% of manufacturers reported total order books to be above normal while 40% said they were below normal in November, resulting in a net balance of minus 26%, up
fromminus 37% in October.

 
The Stoxx Europe 600 fell 0.1%, or 0.49 points to 405.50 as investors shrugged off U.S.-China trade uncertainty in the hope of an eventual deal. The DAX settled 0.1% higher while the CAC-40 lost 0.3%.  
 

Investors grew less apprehensive about the global economic outlook and the prospects for a U.S.-China trade deal in the absence of fresh shocks.  

The Shanghai Composite gauge advanced 0.9%. Hong Kong’s Hang Seng Index closed 1.6% higher at 27093.80 as most of its constituents inched up to help the index log its second-strongest performance in over a month. Suppliers of electronic components were the top gainers after news of upbeat sales of new iPhones in China.  

India’s BSE Sensex closed 0.5% higher at 40469.70, led by telecom stocks. Bharti Airtel was the biggest gainer with a 7.4% gain on hopes that the government may address concerns about telecom operators’ past dues.

Singapore shares ended the session lower, with the FTSE Straits Times Index down 0.6% at 3238.87.  


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