Wall St glad to say goodbye to October: The ASX poised to open higher

Market Reports

by Rachael Jones

Australian shares are poised to open higher. Wall Street saw a rally yesterday glad to see the end of October which was a turbulent time for US stocks. According to analyst Howard Silverblatt, US markets lost more than $2.5 trillion in October with October set to be the worst month for the S&P 500 since August 2011. The Nasdaq lifted yesterday and Wall St Shares closed higher. The Australian dollar saw a dip. Gold fell and oil dropped just over a dollar.

Markets

Wall Street closed higher yesterday. The Dow Jones Industrial Average added almost 1 per cent to close at 25,116, the S&P 500 gained 1.1 per cent to 2,712 and the NASDAQ rose over 2 per cent higher at 7306.

European markets closed higher yesterday: London’s FTSE added 1.3 per cent, Paris gained 2.3 per cent and Frankfurt closed 1.4 per cent higher.

Asian markets closed higher, Tokyo’s Nikkei added 2.2 per cent, Hong Kong’s Hang Seng gained 1.6 per cent and China’s Shanghai Composite rose 1.4 per cent.

On the futures markets, the ASX futures are pointing to a 26 points gain. Yesterday, the Australian share market closed higher with the S&P/ASX 200 Index closing 25 points higher to 5830.

Local economic news

The Australian Bureau of Statistics is set to release the International Trade in Goods and Services for September
and International Trade Price Indexes. And AiG will release performance of manufacturing

Company news

Tawana Resources NL (ASX:TAW) has finalised the paperwork for the company's $40 million secured funding package with a consortium of lenders led by Tribeca Investment Partners. This strengthens the Company’s balance sheet and allows the continued ramp up of production and planned expansion of the proposed fines lithium and tantalum circuit additions to the existing Dense Media Separation plant at the Bald Hill Mine and additional working capital. The funding package, which comprises two tranches of $20 million each is also expected to assist with facilitating the ASX Listing of Alliance Mineral Assets Limited in connection with the merger between Alliance and Tawana announced on 5 April 2018. As part of the Merger approval, Tawana will seek approval of the proposed supplementary disclosure at a Federal Court hearing set down for 8 November 2018. Shares in Tawana Resources (ASX:TAW) closed 2.13 per cent higher $0.24 yesterday

Ex-Dividends

Aurora Dividend Income Trust (ASX:AOD) is paying 0.27 cents unfranked
NB Global Corporate Income Trust (ASX:NBI) is paying 0.875 cents unfranked

One Australian Dollar at 7:40AM was buying US70.77 cents, 55.44 Pence Sterling, 79.92 Yen and 62.55 Euro cents.

Commodities

Iron ore futures are pointing to 0.09 per cent gain
Gold fell $7.40 to $US1218 an ounce.
Silver was down 19 cents at $US14.28 an ounce.
Oil dropped $1.14 to $US65.04 a barrel.

Cryptocurrencies

The three most traded cryptocurrencies are trading mixed: Bitcoin has lost 0.02 per cent to US$6326, Ethereum has added 0.3 per cent to US$197 and EOS was up 1.9per cent to US$5.22.
 

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