Wall St closed up ahead of Trump/Xi’s meeting: Aus shares to open higher

Market Reports

by Jessica Amir

The Australian share market is poised for a modest lift at the open, after Wall Street closed in the green ahead of President Donald Trump’s first meeting with Chinese President Xi Jinping.

All three of the major indices edged up after Donald Trump announced he would act alone on North Korea if China does not step up.

The Presidents are set to begin their two-day meeting on Mr Trump’s turf in Palm Beach, Mar-a-Lago, with a series of issues to be discussed, including North Korea and economic trade.

A rise in base metals overnight will also add fuel to our local market this morning, with the likes of Iron Ore, Platinum, Lead, Tin, Zinc all pushing up. That should also be welcome news for our miners today.

US economic news 

Challenger, Gray & Christmas has reported US job cuts have jumped by 17% from February to March, with US employers announcing plans to cut 43,310 jobs. Despite the monthly hike, the number is 2% lower than the total job cuts in 2016. This year alone (2017), jobs cuts are in fact 30% lower than the first three months of 2016.

Markets

Wall Street closed higher on Thursday: The Dow Jones Industrial Average gained 0.1 per cent to close at 20,663, the S&P 500 added 0.2 per cent to close at 2,357 and the NASDAQ added 0.3 per cent to close at 5,879

European markets closed mixed: London’s FTSE lost 0.4 per cent, Paris added 0.6 per cent and Frankfurt rose 0.1 per cent.

Asian markets closed mixed: Tokyo’s Nikkei dipped 1.4 per cent, Hong Kong’s Hang Seng dropped 0.5 per cent, and China’s Shanghai Composite rose 0.3 per cent.

And back home, the Australian share market closed lower on Thursday: At the closing bell the S&P/ASX 200 index closed 20 points down to finish at 5,856.

On the futures market the SPI is 15 points up.

Company news

Qantas Airways Limited (ASX:QAN) has announced it has appointed a new company secretary, following the resignation of John David Francis Morris. The flying kangaroo says it hired Debra Joan Smith to the role. She has also been nominated as an additional responsible person for ASX communication on Listing Rule Matters. Shares in Qantas Airways Limited (ASX:QAN) last traded 0.76% higher at $3.97

Ex-dividends

Two companies are going ex-dividend today: Aberdeen Leaders (ASX:ALR) is paying 1 cent fully franked and Global Value Fund Limited (ASX:GVF) is paying 3.15 cents 50% franked.

Currencies

The Australian Dollar at 7:30AM was buying 75.44 US cents, 60.51 Pence Sterling, 83.60 Yen and 70.89 Euro cents.

Commodities
Gold has lost $4.50 to $US1,254 an ounce.
Silver has risen 8 cents to US$18.27.
Oil has gained 89 cents to $US51.74 a barrel.