Australian market expected to open higher 17/01/20

Australian market expected to open higher 17/01/20

 

OPENING CALL: The Australian share market is expected to open higher. The SPI200 futures contract expected to open up 36 points.

 

Microsoft Raises Stakes in Corporate Climate-Pledge Race  – The software giant said it would become “carbon negative” by 2030-taking more carbon out of the air than its operations and those of its supply chain produce.  

 

 

Bombardier said it may exit a joint venture with Airbus to build commercial jets because rising production costs threaten future returns on its investment.  

 

Overnight Summary

 

 

Each Market in Focus

 

Australia’s S&P/ASX 200 closed 0.7% higher at 7041.8, setting a record closing high for a third straight session.  

The benchmark passed the 7000 level in early trade, taking cues from U.S. equities after both the DJIA and S&P 500 closed at records.  

The Aussie index remained above that level for the rest of the day as tech, consumer staples and financials stocks led gains. Printed circuit-board company Altium rose 4.3%.Treasury Wines, A2 Milk and QBE Insurance advanced 1.3%, 1.7% and 3.4%, respectively, among stocks to get relief as long-awaited rains hit fire-ravaged eastern states.  

U.S. stocks hit new intraday highs as investors shifted focus to corporate earnings for cues on the health of the economy after an initial U.S.-China trade deal was sealed.  

The Dow Jones Industrial Average added 186 points, or 0.6%, a day after finishing above 29000 for the first time. The S&P 500 climbed 0.6%, and the technology-heavy Nasdaq Composite advanced 0.8%.  

The first week of the U.S. corporate earnings season continued with results from Morgan Stanley, which reported stronger-than-expected profits and revenue. Shares of the investment bank rose 7.1%.  

 

Gold futures gave up earlier gains to finish lower, as some upbeat U.S. economic data dulled haven demand for the precious metal.  

Prices also declined on the back of further gains in U.S. benchmark stock indexes, which followed the completion Wednesday of the first stage in a trade pact between the U.S. and China and the Senate approval of the U.S.-Mexico-Canada trade agreement.  

Gold for February delivery on Comex declined by $3.50, or 0.2%, to settle at $1,550.50 an ounce, trading between a low of $1,548 and high of $1,558.20. Prices settled 0.6% higher a day earlier.  

Oil futures finished higher as news of the Senate approval of the U.S.-Mexico-Canada trade agreement, along with the signing of the China-U.S. trade deal on Wednesday, boosted prospects for energy demand.  

West Texas Intermediate crude for February delivery rose 71 cents, or 1.2%, to settle at $58.52 a barrel on the New York Mercantile Exchange, after trading as high as $58.87. Prices on Wednesday settled at $57.81, the lowest for a front-month contract since Dec. 3, according to Dow Jones Market Data.  

The WSJ Dollar Index, which measures the U.S. currency against a basket of 16 others, climbed recently to 90.27 from 90.20 on Wednesday, paralleling a rise in U.S. stocks.  

The Stoxx Europe 600 rose 0.2%, or almost one point, with the French CAC-40 up 0.1%, the DAX flat and the FTSE 100 down 0.4%.  

European stock markets continued to underperform their U.S. counterparts, after the U.S.-China trade deal signed Wednesday

 In Asia, Japanese stocks ended mixed as gains in pharmaceutical stocks offset losses in financial stocks.  

Daiichi Sankyo rose 4.3% while Nomura Holdings lost 1.8%. The Nikkei Stock Average ended 0.1% higher at 23933.13, while broader market index Topix fell 0.1% to 1728.72. Investors are focused on the earnings season now that a U.S.-China trade agreement has been signed.  

South Korean stocks, meanwhile, closed higher after choppy trade earlier in the day, driven by gains in tech and auto shares. The benchmark Kospi rose 0.8% to 2248.05.

Hong Kong’s Hang Seng Index closed 0.4% higher at 28883.04 on stronger optimism. A PBOC official said the U.S.-China deal boosted the yuan and market confidence.


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