Australian market expected to open higher 10/01/20

Australian market expected to open higher 10/01/20

 

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

 

In a break with other tech companies, Facebook said it wouldn’t limit how political ads are targeted to potential voters, but would instead give users tools to see fewer of those ads on its platforms.  

 

 

Together with its joint-venture partner Round Hill Capital, Blackstone agreed to sell a residential property portfolio to Swedish real-estate firm Heimstaden Bostad AB for EUR1.3 billion

 

Overnight Summary

 

 

Each Market in Focus

 

Australia’s S&P/ASX 200 index rose 0.83%, closing at 6,874, following a positive lead from the U.S.  The ASX 200 closed at 6817.6 on Wednesday. Among the market leaders on the day was a2 Milk, which rose 0.35% to $14.36 a share.  

The Dow Jones Industrial Average rose nearly 200 points intraday, pushing the blue-chip index closer to 29000, as signs of geopolitical calm pulled investors back into highflying stocks.  

The Dow and other major indexes opened higher, on pace to notch record closes, after China said its top trade negotiator, Vice Premier Liu He, will travel to Washington next week to sign a phase-one accord.  

President Trump gave the Dow industrials an additional boost after saying he didn’t believe a Boeing passenger jet crash in Iran was due to a mechanical malfunction, sending shares of the airplane maker higher.  

The Dow Jones Industrial Average rose 195 points, or 0.7%, to 28936 in recent trading. The blue chips pared their advance from earlier in the session when they made a run at 29000, which would mark a new milestone.  The S&P 500 added 0.6%. The Nasdaq Composite also rose, gaining 0.9%. All three indexes were on track to close at new highs.  

 

Gold futures settled lower for a second day, as worries surrounding tensions between the U.S. and Iran eased, prompting risk-on sentiment among investors and dulling demand for the haven metal. February gold fell $5.90, or 0.4%, to settle at $1,554.30 an ounce, following a loss of 0.9% on Wednesday.  In other commodity markets, March wheat prices rose 9 1/2 cents to $5.62 1/4.  

Oil futures traded lower as traders digested data that revealed a big jump in crude stockpiles in the U.S., and as Mideast tensions saw some apparent easing.  

West Texas Intermediate crude for February delivery on the New York Mercantile Exchange fell 84 cents, or 1.4%, to $58.77 a barrel, after sinking 4.9% on Wednesday, marking the lowest finish for a most-active contract since Dec. 12, according to Dow Jones Market Data.  

The dollar continued to strengthen intraday amid signs of easing tensions between the U.S. and Iran.  A relaxation of global tensions has boosted the dollar against the Japanese yen, which had previously benefited from a flight-to-haven assets. It has also pushed it higher against the Canadian dollar as oil prices decline.  

More broadly, an increase in Treasury yields has made the dollar more attractive to yield-seeking investors.  The WSJ Dollar Index was recently at 90.39, up 0.1% from Wednesday and 0.7% from Monday.  

European shares rose on market relief at the easing of U.S.-Iran trade tensions and lower oil prices, boosting airline stocks. The Stoxx Europe 600 and FTSE 100 gained 0.3%, the CAC-40 advanced 0.2% and the German DAX was up 1.3% after better-than-expected industrial production data.  

European airlines Deutsche Lufthansa, Air France-KLM, Ryanair and IAG got a lift as the price of a barrel of Brent crude dropped 0.3% to $65.25.

The Nikkei Stock Average ended 2.3% higher at 23739.87, as easing U.S.-Iran tensions buoyed Japanese shares.  Consumer stocks were among the best performers, with NH Foods advancing 2.8%, Meiji Holdings gaining 2.7% and Kirin Holdings 2.0% higher.  

South Korean stocks closed higher amid signs of easing tensions in the Middle East. The benchmark Kospi rose 1.6% to 2186.45, led by tech and construction stocks. Analysts said the index was buoyed by U.S. President Donald Trump’s remarks, which signaled no further U.S. military strikes on Iran after the two nations exchanged drone and missile attacks.

Hong Kong stocks closed 1.7% higher at 28561.00 after China confirmed vice premier Liu He will sign the phase-one trade deal with the U.S. next week. After opening higher on easing tensions in the Middle East, the HSI gained further in the afternoon after the confirmation of Liu’s visit. Most constituents on the index were in positive territory.  


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