US crude takes a tumble: ASX set to open lower

Market Reports

by Rachael Jones

A global sell off sees Australian shares set to open lower this morning. Wall Street was particularly volatile yesterday as the Federal Reserve sent shock waves across assets. The Dow swung throughout the afternoon. The US dollar sank with along with crude oil. Aluminium touched a 16-month low. Europe also saw falls. Taking all of this into equation the ASX futures are pointing to a 1 point fall. Yesterday the Australian share market closed 75 points lower with the S&P/ASX 200 Index closing 1.3 per cent lower at 5506.


Wall Street closed lower yesterday: The Dow Jones Industrial Average lost 2 per cent to close at 22,860, the S&P 500 lost 1.6 per centto close at 2467 and the NASDAQ lost 1.6 per cent to close at 6528.

European markets closed lower: London’s FTSE 0.8 per cent, Paris lost 1.8 per cent and Frankfurt 1.4 per cent.

Asian markets closed lower: Tokyo’s Nikkei added 2.8 per cent, Hong Kong’s Hang Seng 0.9 per cent, and China’s Shanghai Composite lost 0.5 per cent.

Company news

Unibail-Rodamco-Westfield (ASX:URW) has completed the disposal of the Skylight and Lumen office buildings in Warsaw. The total acquisition cost of the transaction is €190 million. Since June 30, 2018, the Group has now disposed of 10 assets, representing a total net disposal price of €2 billion, at a blended net initial yield of 4.6 per cent and with a weighted average premium of 8.4 per cent to the June 30, 2018 book value. Shares in Unibail-Rodamco-Westfield (ASX:URW) closed 1.1 per cent higher $11.01


One Australian Dollar at 8.30AM was buying 71.16 US cents, 56.20 Pence Sterling, 79.15 Yen and 62.13 Euro cents.


Iron Ore has gained 4.5 per cent to at US$72.26. It futures suggest a 1.2 per cent gain.
Gold has gained $7.70 to US$1264 an ounce.
Silver has gained $0.02 to US$14.84 an ounce.
Oil has lost $1.96 to US$46.21 a barrel.

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.