Australian market expected to open lower 10/12/19

Australian market expected to open lower 10/12/19

 

OPENING CALL: The Australian share market is expected to open lower. The SPI200 futures contract expected to open down 14 points.

 

 

Tiger Global Management, one of Juul’s earliest boosters, slashed its valuation of the e-cigarette startup to $19 billion, the latest sign of a broader reassessment investors are making of several one-time Silicon Valley darlings.

 

HSBC pruned its top ranks and announced new hires as part of a strategic revamp, with three of its most senior executives set to retire or move into other roles.  

Overnight Summary

 

 

Each Market in Focus

 

 
Resources shares helped Australia’s benchmark index notch its third straight advance, as markets continued to unwind last week’s heavy selling on renewed worries about global trade.
 
The S&P/ASX 200 closed 0.3% higher at 6730.0, about 2% shy of the all-time high logged at the end of last month.  
 
The energy subindex gained 1.6% during the session and the materials sector rose 1.1%, while health-care and consumer shares lagged behind with modest declines. A2 Milk also weakened, sliding 3.9% with the departure of its CEO, and Viva Energy lost 6.6% after flagging a drop in 2019 earnings.  
 

U.S. stocks slipped intraday after fresh economic data showed a sharp decline in Chinese exports to the U.S., highlighting the impact of the trade war between the world’s two largest economies.  


The S&P 500 fell 0.2%, while the Dow Jones Industrial Average lost 0.3% and the Nasdaq Composite dropped 0.2%.  

 
Gold futures settled at a slight loss, finding little reason to move in either direction ahead of a mid-week policy update from the Federal Reserve and a U.K. general election that could roil markets.  
 
February gold on Comex lost 20 cents, or 0.01%, to settle at $1,464.90 an ounce, after declining 0.5% last week. March silver , meanwhile, added 4.6 cents, or 0.3%, at $16.642 an ounce, following a weekly decline of 3%, according to FactSet data.  
 
 
 Oil futures fell, but settled above the session’s worst levels, as traders weighed expectations for energy demand, with some economic weakness in China raising concerns over a slowdown, but news of tentative U.S.-Mexico-Canada trade deal offering support.  

West Texas Intermediate crude for January delivery fell 18 cents, or 0.3%, to settle at $59.02 a barrel on the New York Mercantile Exchange, after trading as low as $58.23 during the session
 

The WSJ Dollar Index, which measures the U.S. currency against a basket of 16 others, rose 0.01% to 90.63. That follows a 0.64 point decline in the index last week to 90.62 Friday.  

The Stoxx Europe 600 ticked down 0.2%. ? Tullow Oil was the biggest loser on Monday. The stock dropped more than 60% after the energy company cut production forecasts and its chief executive resigned, effective immediately.  

 
 The Shanghai Composite Index ended the day up less than 0.1%.  China’s exports unexpectedly dropped 1.1% in November from a year earlier, while shipments to the U.S. fell 23%, data from the General Administration of Customs showed Sunday.
 
 The Nikkei 225 index rose 0.3% after data showed the Japanese economy grew faster than expected in the third quarter. Gross domestic product expanded by an annualized 1.8% in the three months ended Sept. 30, surpassing a preliminary official estimate of 0.2%.  
 
Hong Kong’s Hang Seng Index ended mostly flat at 26494.73, as gains in property and energy stocks were offset by drug makers’ declines


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