Australian market expected to open higher 22/11/19

Australian market expected to open higher 22/11/19

OPENING CALL: The Australian share market is expected to open higher. The SPI200 futures contract expected to open up 38 points.

China’s chief trade negotiator has invited his American counterparts for a new round of talks, according to people briefed on the matter, as both sides are struggling to strike a limited deal to help de-escalate tensions.  




Macy’s said sales declined in the third quarter and lowered its guidance for the year, highlighting the continuing struggle to attract shoppers to traditional department stores

Overnight Summary

 

 

Each Market in Focus

 

 
Australian Market

Rising uncertainty over global trade and dimming prospects for a deal between the U.S. and China weighed on Australian shares, which fell a third day in the last four.

The S&P/ASX 200 closed down 0.7% at 6672.9, with all industry subindexes in the red.  

Westpac was again one of the biggest decliners, falling a further 2% after the financial-crimes agency said it was pursuing penalties. The big miners also lost ground, with BHP down 1.4% and Fortescue Metals 1.8% lower after overnight weakness in commodity prices.  

Bucking the trend, BlueScope Steel climbed 2% after sticking with its 1H earnings guidance.  

 

U.S. stocks edged lower as investors assessed conflicting signals on prospects for the U.S.-China trade talks.  

The Dow Jones Industrial Average dropped less than 0.1%, a day after the gauge of blue-chip stocks logged its biggest fall of the month.

The S&P 500 slipped 0.1%, and the  Nasdaq Composite slid 0.2%. All three major U.S. indexes earlier this week notched the latest in a string of recent all-time highs.  

 
 

December gold lost $10.60, or 0.7%, to settle at $1,463.60 an ounce, with prices for the most-active contract at the lowest finish since Nov. 13, according to FactSet data.  

Among other metals, December copper fell 1% to $2.6235 a pound. January platinum shed 0.3% to $917.50 an ounce, while December palladium lost 0.6% to $1,731.90 an ounce.  

 
Oil rose sharply, ending up 2.8% at $58.58/bbl., the highest closing price since Sept. 23 on increasing expectations OPEC will agree next month to continue its output quota system for members to limit global supplies and prevent a glut. Crude’s rise follows a 3.4% surge Wednesday.  
 

The dollar crept higher, as investors awaited developments in trade talks between the U.S. and China.  

The WSJ Dollar Index, which measures the U.S. currency against a basket of 16 others, was recently up 0.1% at 90.93. China’s chief trade negotiator late last week invited his American counterparts for a new round of face-to-face talks, according to people briefed on the matter, The Wall Street Journal reported Thursday. Chinese officials hope the negotiations can take place before the Thanksgiving holiday, but the U.S. side hasn’t committed to a date.  

The pan-continental Stoxx Europe 600 index retreated 0.4%, led by losses in sectors most exposed to the global economic impact of worsening trade tensions.  

German steelmaker Thyssenkrupp was among the biggest losers. The stock dropped 10% after it said that its 2019 loss had widened, and that restructuring costs would likely cause a bigger loss next fiscal year.  

 

The Hang Seng Index ended 1.6% lower at 26466.88 as the market grew increasingly concerned over the U.S.-China trade talks and the U.S. Congress passing a bill backing the Hong Kong protests, which could raise tensions with China. 

India’s BSE Sensex closed 0.2% lower at 40575.17, as sentiment weakened on uncertainties around the U.S.-China trade negotiations.  

 


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