Australian market expected to open higher 28/11/19

Australian market expected to open higher 28/11/19


OPENING CALL: The Australian share market is expected to open higher. The SPI200 futures contract expected to open up 22 points.


London’s decision to revoke Uber’s operating license opens a window into what drivers say has been a relatively common practice of sharing or renting out driver accounts at a number of ride-hailing apps.





A tentative ruling on a key piece of PG&E Corp.’s restructuring strategy could help California’s largest utility move toward a deal that would end its bankruptcy.

Overnight Summary



Each Market in Focus



Australian Market

Australian shares rose for a fourth session, the longest winning streak in a month, to push the benchmark index to a fresh closing high. The S&P/ASX 200 rose 0.9% to 6850.6, its biggest single-day jump since mid-October, and is now within 25 points of the all-time intraday high reached on July 30.  

The technology, telecom and utilities sectors led broad gains. Bucking the trend, Bank of Queensland fell a further 4.8% in the wake of its equity capital raising and Westpac resumed its decline, edging 0.2% lower to take the drop so far this month to 12%.  

U.S. stocks edged higher intraday after upbeat economic data and optimistic comments from President Trump on progress in the trade talks between China and the U.S.  

The broad S&P 500 index rose 0.4%, extending the record high set Tuesday. The Nasdaq Composite gained 0.6%. Trading was light ahead of Thursday’s Thanksgiving holiday.  

 The Dow Jones Industrial Average rose 0.2%, weighed down by declines at Boeing , among the blue-chip index’s biggest losers in dollar terms. The airplane maker slid 0.7% after reports that regulators in the U.S. plan to conduct their own reviews of new 737 MAX planes, while regulators in Europe and the Middle East plan to do the same for the new 777X.  


Gold for February delivery, the most active contract on Comex, fell $6.60, or 0.4%, to end at $1,460.80 an ounce, as buoyant demand for U.S. stocks ahead of the Thanksgiving holiday kept pressure on the precious metal.  

 Oil prices dropped after official U.S. inventory data posted a rise in the latest week that defied analyst predictions for a drawdown.  

West Texas Intermediate crude futures for January delivery closed down 30 cents, or 0.5%, at $58.11 a barrel on the New York Mercantile Exchange.

The dollar rose against a broad range of currencies, boosted by strong U.S. data and political uncertainty abroad. 

 The WSJ Dollar Index, which measures the U.S. currency against a basket of 16 others, was recently up 0.2% at 91.29, fueled by gains against the yen and emerging markets.  

 European stocks trade mixed after a lackluster opening on Wall Street ahead of the U.S. Thanksgiving holiday. The Stoxx Europe 600, FTSE 100 Index and DAX all rose 0.3%, but the CAC-40 retreated 0.1%.  

The Shanghai Composite Index ended the day down 0.1% after China’s National Bureau of Statistics released data showing a decline in profits for the country’s industrial sector, which has been hit by U.S. tariffs  

Hong Kong stocks closed higher, as fresh positive signals on U.S. China trade talks buoyed market sentiment. The Hang Seng Index rose 0.2% to 26954.00. 

Japanese stocks ended higher, with the Nikkei Stock Average up 0.3% at 23437.77. Electronics stocks extended their morning gains with Hitachi closing up 2.5%, Fujitsu 2.3% higher and Yaskawa Electric gaining 2.1%.  

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