Monday: 4th Jun 2018

OPENING CALL: The Australian market looks to open higher with SPI Futures up 34 points.

The Australian share market is expected to open more than half a percent higher.

Wall Street stocks have closed higher after the latest monthly jobs report pointed to strength in the US economy and geopolitical tensions eased.

Overnight Summary


Market Quotes by TradingView

Each Market In Focus

Australian Market

The Australian share market is expected to open more than half a per cent higher.
At 0700 AEST on Monday, the Australian share price futures index was up 34 points, or 0.57 per cent, at 6,029 points.
Government data showed that in May the US economy added 223,000 non-farm jobs and average hourly wages increased 0.3 per cent, both topping economist estimates.
The unemployment rate fell to an 18-year low of 3.8 per cent. Data on construction spending and industrial production also pointed to accelerating economic growth.
The Australian share market on Friday closed lower with most sectors losing ground, led by banking, telco and energy stocks.
The benchmark S&P/ASX200 fell 21.5 points, or 0.36 per cent, at 5,990.4 points while the broader All Ordinaries index was down 19.5 points, or 0.32 per cent, at 6,104.0 points.
In economics news on Monday, CoreLogic’s weekly capital city house prices report is due out, and the Australian Bureau of Statistics releases retail trade figures for April, as well as business indicators data for the March quarter.

US Markets

Wall Street stocks have closed higher after the latest monthly jobs report pointed to strength in the US economy and geopolitical tensions eased.
Technology stocks led the rally, with gains in heavyweight companies such as Apple, Microsoft and Alphabet lifting the S&P 500 tech index to a record high.
Government data showed that in May the US economy added 223,000 non-farm jobs and average hourly wages increased 0.3 per cent, both topping economist estimates.
Further calming geopolitical concerns, US President Donald Trump announced the resumption of plans for a summit with North Korea’s leader Kim Jong Un on June 12.
The Dow Jones Industrial Average rose 219.37 points, or 0.9 per cent, to 24,635.21, the S&P 500 gained 29.35 points, or 1.08 per cent, to 2,734.62 and the Nasdaq Composite added 112.22 points, or 1.51 per cent, to 7,554.33.

Commodities

Gold prices fell back below $1,300 Friday after the latest jobs report showed the U.S. added more jobs than expected last month and unemployment fell to an 18-year low.
IRON ORE: $64.45 -0.36(July contract)

Oil Futures

Oil prices declined on Friday, weighed down by rising U.S. production and concerns over a potential increase in output from other major exporters, including Saudi Arabia and Russia.

Forex

The Australian dollar is slightly higher against its US counterpart.
At 0635 AEST on Monday, he local currency was worth 75.58 US cents, from 75.48 US cents on Friday.

European Markets

European shares breathed a sigh of relief on Friday with Italian stocks supported after a deal to form a coalition government ended three months of political deadlock and removed the risk of another general election.
The pan-European STOXX 600 index rose 1 per cent, while German stocks gained 0.9 per cent and Britain’s FTSE 100 rose 0.3 per cent.
Italian stocks rallied as much as 2.9 per cent, the standout performers in Europe as Italian banks gained 3.8 per cent. Recent political uncertainty has roiled Italian stocks, resulting in a slide of more than 9 per cent for the Italian benchmark in May, its worst month since June 2016.
The blue chip FTSE 100 index gained 0.3 per cent, while mid caps also advanced 0.7 percent.

Asian Markets

Japan’s Nikkei share average ended lower on Friday, as selling in large cap stocks and concerns about US tariffs on metal imports erased earlier gains made after a weaker yen supported exporter firms.
The Nikkei fell 0.1 per cent to 22,171.35, swinging into negative territory after a rise earlier in the session. For the week, it dropped 1.2 per cent.
Chinese stocks fell as US tariffs reignited fears of a global trade war, overshadowing the long-awaited inclusion of A-shares in MSCI Inc’s benchmark indexes which had been expected to trigger a surge of cash from foreign investors.
The addition was upstaged overnight after the US slapped tariffs on metal imports from major allies and several quickly retaliated, days ahead of a third round of trade talks between Washington and Beijing which were already looking rocky.
The Shanghai Composite Index started out flat but ended the day down 0.7 per cent, while the benchmark CSI300 dropped 0.8 per cent.
In Hong Kong, the Hang Seng China Enterprises Index, which tracks mainland shares, bounced between negative and positive territory to end the day up 0.4 per cent. Hong Kong’s blue-chip index was little changed.
On Friday, New Zealand’s S&P/NZX 50 index fell 0.26 per cent, to 8,636.16.

Related Posts