Australian market expected to open higher 15/01/20

Australian market expected to open higher 15/01/20

 

OPENING CALL: The Australian share market is expected to open higher. The SPI200 futures contract expected to open up 5 points.

 

A bipartisan group of U.S. senators, alarmed by the rise of Chinese electronics supplier Huawei Technologies, wants Washington to subsidize firms that could counter China’s 5G advances.  

 

 

Google plans to restrict the use of third-party cookies in its Chrome internet browser, a move it says is aimed at tightening users’ privacy when they visit websites.

 

Overnight Summary

 

 

Each Market in Focus

 

Australia’s S&P/ASX200 index closed 0.9% higher at 6962.2, setting a record closing high for the second time in three sessions amid positive cues from U.S. stocks overnight.

Consumer staples, industrials and materials stocks led broad-based gains as the Aussie benchmark also hit a record intraday high at 6962.8.  

Woolworths rose 2.5%, payments provider EML jumped 7.2% on signing a new contract, and Rio Tinto gained 1.9%. Afterpay rose 2.1% after Credit Suisse said the buy-now-pay-later company was on course to beat the bank’s first-half forecasts for customer numbers, transaction volumes and margins.  

The ASX 200 has gained seven out of nine trading days in 2020.  

The Dow Jones Industrial Average edged higher intraday as big banks kicked off fourth-quarter earnings season with mostly strong results.  

The blue-chip index ticked up 0.2%, while S&P 500 and the technology-heavy Nasdaq Composite wavered between small gains and losses.  

Financial stocks were among the best performers in the S&P 500, rising 0.4%, after JPMorgan Chase and Citigroup reported strong results.  

Companies in the S&P 500 are expected to report a fourth-quarter earnings decline of 2.4% from the year earlier, according to Factset. That would mark the fourth consecutive quarter of lower earnings, the longest such stretch since a period from 2015 to 2016.  

 

Gold prices finished lower, suffering their fourth loss in five sessions, as upbeat reports from some of the U.S.’s largest banks, muted signs of inflation and continued progress toward a Sino-American trade pact dulled demand for haven-related assets.  

Gold for February delivery on Comex lost $6, or 0.4%, to settle at $1,544.60 an ounce. For a second straight session, it marked the lowest finish for a most-active contract since Jan. 2, FactSet data show.

U.S. oil prices ended 0.3% higher at $58.23/bbl, putting an end to a five-session streak of declines as investors weigh whether the market overdid the recent sell-off, especially with a looming U.S.-China phase one trade deal that could be bullish.  

The WSJ Dollar Index, which measures the U.S. currency against a basket of 16 others, fell 0.02% to a recent 90.30. 

European stocks traded largely flat, with the prospect of a U.S.-China trade deal failing to impress investors.  

The Stoxx Europe 600 rose 0.3%, the FTSE 100 was up 0.06%, the DAX advanced 0.04% and the CAC-40 gained 0.08%.  

In Asia, Japan’s benchmark Nikkei Stock Average closed up 0.7% at 24025.17, led by electronics and steel stocks, as growing optimism over the U.S.-China relations sent the safe-haven yen to an eight-month low.  

Sony gained 2.5%. Nippon Steel advanced 2.3%. Investors are cautiously monitoring geopolitical risks in the Middle East. South Korean stocks closed higher for a fourth straight session, led by retail and banking stocks.

The benchmark Kospi ended 0.4% higher at 2238.88. Sentiment was boosted by easing U.S.-China trade tensions and the U.S. Treasury Department dropping its designation of China as a currency manipulator.  

Elsewhere, Hong Kong stocks ended the day lower, paring gains from a three-session rally ahead of the signing of a U.S.-China trade deal. The benchmark Hang Seng Index was down 0.2% at 28885.14. Electronics suppliers led the decline after broadly advancing in the past month.  


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