Australian market expected to open lower 30/01/20

Australian market expected to open lower 30/01/20

 

OPENING CALL: The Australian share market is expected to open lower. The SPI200 futures contract expected to open down 10 points.

 

Fed Holds Benchmark Rate Steady – All 10 members of the central bank’s rate-setting committee voted to hold the fed-funds
rate in a range between 1.5% and 1.75% and reaffirmed its make-no-moves posture.

 

European Parliament Approves Brexit Divorce Deal  – The formalities will be complete once the European Council informs the U.K. it has
ratified the agreement. EU leaders agreed to the deal with U.K. Prime Minister Boris Johnson last October.

Overnight Summary

 

 

Each Market in Focus

 

Australian stocks closed 0.5% higher at 7031.5, rebounding strongly from the previous session’s sharp coronavirus-related sell-off. Nearly every sector gained as the S&P/ASX 200 benchmark clawed back nearly half of Tuesday’s losses.  

The telco sector lost less than 0.1%, but consumer staples was dragged 2.6% lower by Treasury Wine’s unprecedented 26% fall after a round of analyst downgrades on a gloomy profit outlook. With Apple reporting record quarterly revenue after U.S. markets closed,
Australia’s tech sector led gains with a 1.7% rise. Healthcare rose 1.1% for a 10th gain in 11 sessions against the backdrop of the coronavirus outbreak.  

Major U.S. indexes climbed intraday, on pace for back-to-back days of gains, after better-than-expected earnings reports from Apple, McDonald’s and others helped the stock market further recover from its early-week selloff.  

The Federal Reserve also left its benchmark interest rate unchanged Wednesday and reaffirmed that it remains in a holding pattern, a move investors largely expected but added to their overall optimism on stocks right now.  

The Dow industrials added 126 points, or 0.5%, to 28857, and the S&P 500 rose 0.4%. The Nasdaq Composite also rose, adding 0.5%.  
Shares of Apple advanced 3% after the company reported better-than-expected earnings and revenue in the latest quarter. General Electric also gave the market a boost after the industrial conglomerate gave an upbeat outlook for 2020, sending shares up 10%. And
shares of McDonald’s rose 2% after the fast-food chain also topped analysts’ expectations.  

 
Gold futures finished with a modest gain, as traders weighed the spread of coronavirus cases and its potential impact on the global economy.
 
Gold for February delivery on Comex settled at $1,570.40 an ounce, up 60 cents, or 0.04%. In electronic trading shortly after the decision, prices traded at $1,572.10.  
 

Oil futures saw mixed trading, with U.S. prices down after government data revealed that domestic crude inventories posted a bigger-than-expected weekly climb-their largest since November.  

West Texas Intermediate crude for March delivery CLH20, -0.34% on the New York Mercantile Exchange fell 20 cents, or 0.4%, to $53.28 a barrel, while April Brent crude BRNJ20, +0.02% was down 21 cents, or nearly 0.4%, at $59.30 a barrel on ICE Futures Europe.  

 
The U.S. dollar was broadly stronger after the Federal Reserve’s interest-rate decision–gaining against the euro, the and many emerging-market currencies, while falling slightly against the Japanese yen.  The WSJ Dollar Index was recently up 0.1% at 90.88.  
 
 
European stocks settled in positive territory, although gains were modest as continued worries about the coronavirus outbreak in China dragged on sentiment.  
 
The Stoxx Europe 600 closed up 0.4%, the FTSE 100 edged 0.04% higher, the CAC-40 advanced 0.5% and the DAX rose 0.2%.  
 
 
Hong Kong-listed stocks dropped sharply on their first trading day after the Lunar New Year break, as investors assessed the spreading Wuhan coronavirus and its impact on global growth.  

The benchmark Hang Seng Index dropped 2.8% on Wednesday, catching up with a slide in global markets that took place earlier in the week. Markets in mainland China remain closed for the Lunar New Year holiday; they are scheduled to reopen next week.  
 
The market closures didn’t stop investors from placing bets against Chinese companies. The Hang Seng China Enterprises Index, which tracks large Chinese companies listed in Hong Kong, fell 3.3%.  Trading in mainland China is scheduled to resume next week after authorities decided to delay the reopening of exchanges.  
 
Japanese shares closed higher, with the Nikkei Stock Average rising 0.7% to 23379.40. Investors will likely focus on Japan’s corporate earnings season while keeping a lookout for developments on the coronavirus outbreak. 

South Korean stocks bounced back from the prior day’s steep, coronavirus-driven decline. The benchmark Kospi closed 0.4% higher at 2185.28, boosted by investors hunting for bargains and cautioning against panicking about the coronavirus. Most tech shares were up, while some badly hit tourism-linked stocks recouped recent losses.  


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