The Australian share market is poised to open higher, with the SPI pointing up after the tech heavy Nasdaq closed at an all-time high.
The S&P 500 also closed higher with financials, information technology and real estate leading the advancers. Meantime, the Dow Jones closed in the red after President Donald Trump made remarks that he was looking at breaking up the big banks. Boeing led the decliners, while Apple topped the advancers.
But all local eyes today will be on the markets as the Reserve Bank makes a decision about interest rates. We can also expect more ASX companies to report their quarterly and full year results.
US economic newsThe Institute of Supply Management (ISM) reported US factory activity slowed, with the national factory reading falling to 54.8, versus the 56.5 expected. A reading above 50 indicates manufacturing is expanding. The ISM index hit a two-and-half-year high in February, but it is started to soften in the last two months.
US Census Bureau reported US construction spending dropped from its record high to 0.2% in March, versus the forecasted 0.4% growth. February's revised construction outlays advanced to 1.8% to a record $1.22 trillion.
To local economic newsThe Reserve Bank Board will meet today, with expectations the cash rate will remain on hold.
MarketsWall Street closed mixed on Monday: The Dow Jones Industrial Average lost 0.1 per cent to close at 20,913, the S&P 500 firmed 0.2 per cent to close at 2,388 and the NASDAQ soared 0.7 per cent to close at 6,092
European markets were closed for a public holiday.
Asian markets were closed as well, except Tokyo’s Nikkei which rose 0.6 per cent.
And back home, the Australian share market closed higher on Monday: The S&P/ASX 200 Index closed 32 points up to finish at 5,957. On the futures market the SPI is 9 points higher.
Company newsFiducian Group Limited
(ASX:FID) has acquired a further $17 million in funds under advice. The financial services organisation inked an agreement to buy a financial planning client base in Melbourne for $700,000. Fiducian says it will fund the purchase through its excess cash, while the clients will be managed by the firm’s existing salaried financial planners. The company’s Funds Under Management, Administration and Advice is $5.5 billion. Shares in Fiducian Group Limited
(ASX:FID) last traded 0.95% lower to $4.16.
Currencies The Australian Dollar at 7:20AM was buying 75.25 US cents, 58.44 Pence Sterling, 84.16 Yen and 69.05 Euro cents.
Commodities Gold has lost $10.90 to $US1,257 an ounce.
Silver has dropped 39 cents $US16.87 an ounce.
Oil has lost 59 cents $US48.74 a barrel.
