Apple sliced on estimates, Berkshire ups JP stake: ASX looks for ground

Market Reports

by Jessica Amir

Wall Street has failed to snap its losing streak, with the top 500 stocks falling for the fifth straight session. It comes on the back of Apple shares falling over 2 per cent after UBS and a Guggenheim Partners analyst cut iPhone sales estimates. Coupled with that bank shares also copped selling amid US economic concerns, which put pressure on the broader market

Meanwhile, Warren Buffett’s investment company, Berkshire Hathaway snapped up more than 35 million J.P. Morgan shares for $4 billion last quarter. Aftermarket close its shares gained 1.5 per cent.

On the commodities front, oil has made gain of 1 per cent, after hitting a year low yesterday, after it fell about 7 per cent.

US economic news

American consumer prices made the largest rise in 9 months with the Consumer Price Index rising 0.3 per cent as expected

ASX

Futures pointing to a 5 points gain. Yesterday, the Australian share market closed lower with the S&P/ASX 200 Index closing 101 points lower to 5,733. 

Local economic news

Today markets await fresh employment data for October, with the unemployment rate tipped to rise to 5.1 per cent in October. 

Markets

Wall Street closed lower. The Dow Jones Industrial Average fell 0.8 per cent to close at 25,081, the S&P 500 closed 0.8 per cent lower to 2,702 and the NASDAQ dropped 0.9 per cent to 7,136.

European markets closed lower yesterday: London’s FTSE fell 0.3 per cent, Paris dropped 0.7 per cent lower and Frankfurt was down 0.5 per cent.

Asian markets closed mixed, Tokyo’s Nikkei added 0.2 per cent, Hong Kong’s Hang Seng fell 0.5 per cent and China’s Shanghai Composite was down 0.9 per cent.

Company news

NZ based, electricity generation company, Infratil (ASX:IFT) has allotted 11 million bonds at an issue price of $1.00. It comes after it raised $125 million via its infrastructure bonds issue. Shares in Infratil (ASX:IFT) last traded at $3.42 on the 13 November.

Ex-dividends

Plato Income Maximiser (ASX:PL8) is paying 0.5 cents fully franked
Tilt Renewables (ASX:TLT) is paying 1.6 cents unfranked

Currencies

One Australian Dollar is buying 72.34 US cents, 55.66 Pence Sterling, 82.18 Yen and 63.94 Euro cents. (figures at 8:20am)

Commodities

Iron ore price rose 0.2 per cent to US$75.91 and futures are pointing to 0.5 per cent gain
Gold gained $9.80 to US$1,211 an ounce.
Silver was up 14 cents at US$14.12 an ounce.
Oil added $0.63 to US$56.47 a barrel.

Cryptocurrencies

Bitcoin has dropped 12.4 per cent to US$5,576, Ethereum has fallen 14.9 per cent to US$176 and EOS shed 12.7 per cent to US$4.56, the last 24 hours.
 

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