The Australian share market uncertain open for new year 2/1/20

The Australian share market uncertain open for new year 2/1/20, FP Markets

OPENING CALL: The Australian share market uncertain open for New Year. The SPI200 futures contract was last down 138 points, on December 31,


Huawei Technologies said its revenue rose to a record $122 billion this year despite the Trump administration’s campaign to curtail its global business, but predicted more challenges in 2020.


Starting this week, Tesla loses a U.S. tax credit that effectively lowered the price of its vehicles and helped build interest in fledgling electric cars. Growth for the Silicon Valley auto maker increasingly looks tied to China, where this week it delivered the first of its locally made Model 3 compact cars.


Overnight Summary


Each Market in Focus


Australia’s benchmark index fell 1.8% in its last trading session of the year, dragged by a majority of its components.

The S&P/ASX 200 closed the session 1.8% lower at 6684.1 but gained 18% in 2019, its best annual performance since 2009.
Among industrial stocks, Sydney Airport fell 1.5%, while Transurban Group shed 1.9% after it traded ex-dividend.

Property stocks were also lower, with Vicinity Centres down 1.6% after it also went ex-dividend. Large mining stocks were also broadly lower, with BHP Group down 1.3% and Rio Tinto off 1.2%.

Gold miners, however, rose as investors looked for safe havens; Saracen Mineral gained 1.9%, while Evolution Mining closed 2.4% higher.

On the final trading day of 2019, the S&P 500 and Nasdaq Composite edged up 0.3%, while the Dow Jones Industrial Average rose 74 points, also 0.3%.

All three indexes are up more than 20% for the year. Stocks around the world closed out one of their best years over the past decade,
defying money managers who began 2019 expecting threats from the U.S.-China trade fight to slow growth or upend the bull market. U.S. stock markets are closed Wednesday for the New Year’s holiday.

Gold futures ended 2019 at the highest level since late September, after a strong rally for the precious metal produced the sharpest return in nearly a decade, despite a tandem uptrend for equity indexes.

Gold for February delivery on Comex closed up $4.50, or 0.3%, to settle at $1,523.10 an ounce, marking the highest finish for gold since Sept. 24 and its sharpest annual gain for the metal since 2010, according to FactSet data.

 Oil futures ended lower, ending a strong month and year on a down note.
West Texas Intermediate crude for February delivery on the New York Mercantile Exchange fell 62 cents, or 1%, to end at $61.06 a barrel, but logged a monthly gain of nearly 11% and advanced more than 34% for the year — the strongest performance for the U.S. benchmark since 2016, when it posted a 45% rise.
The WSJ Dollar Index was recently down 0.31% to $89.56.

The Stoxx Europe 600 index fell 0.13% to 415.69 in a holiday-shortened day as traders took profit on the final day of the year.

The pan-European index has risen by more than 23% over 2019 as a whole, according to FactSet, and reached record highs in recent days. Trading volumes, however, were very thin, with equity markets closed in Germany and Italy.

The U.K.’s FTSE 100 fells 0.6%, hurt by a stronger pound.   Meanwhile, France’s CAC 40 was down 0.1% and Spain’s Ibex 35 fell 0.6%.

The Shanghai Composite finished the year up 22.3%. Among the global market laggards was Hong Kong, whose economy stuttered after months of clashes between antigovernment demonstrations and police.
Singapore’s benchmark Straits Times Index ended the year’s last trading day flat at 3222.83 and ended 2019 up 5.0%. The three local banks, heavyweights on the Singapore bourse, posted mixed results for the year.
Hong Kong’s Hang Seng Index ended 2019 with a 9.1% gain, making it one of the best-performing major indexes in Asia in a year marked by U.S.-China trade tensions. Blue-chip stocks helped lift the Hong Kong benchmark for the year.
Indian shares fell amid thin trading ahead of the New Year holiday, mirroring overnight losses in U.S. equity markets. The benchmark Sensex index slipped 0.2% to 41463.75. Among the top decliners were tech and auto stocks and some banks

Start Trading
in Minutes

bullet Access 10,000+ financial instruments
bullet Auto open & close positions
bullet News & economic calendar
bullet Technical indicators & charts
bullet Many more tools included

By supplying your email you agree to FP Markets privacy policy and receive future marketing materials from FP Markets. You can unsubscribe at any time.

Source - database | Page ID - 22366

Get instant Updates in Telegram