Fed tip weaker US economic growth: ASX poised to open lower

Market Reports

by Rachael Jones

Australian shares are poised to open lower this morning following on from the US where stocks advanced before fading at the close after the Federal Reserve stated that economic growth has slowed. They signaled that they won't raise rates this year. US President Donald Trump says he’ll keep tariffs on China 'for a substantial period of time' as he waits to see if China will comply with a trade deal.

Local Economic News 

The Australian Bureau of Statistics will release the figures for the Labour Force for February later today.

Markets

Wall Street closed mixed yesterday: The Dow Jones Industrial Average closed 0.6 per cent lower at 25,746, the S&P 500 dropped 0.3 per cent to 2824 and the NASDAQ gained 0.1 per cent to 7729.

European markets closed lower: London’s FTSE fell 0.5 per cent, Paris shed 0.8 per cent and Frankfurt dropped 1.6 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 closed flat.

Yesterday the Australian share market closed 0.3 per cent lower or 20 points at 6165..

Company news

Borouge has awarded WorleyParsons (ASX:WOR) the project management contract for its Ruwais petrochemicals complex. Borouge is a joint venture between Abu Dhabi National Oil Company and Borealis. Under the contract, WorleyParsons will provide services to the fourth phase of the petrochemicals complex. The complex will include the world’s largest mixed feed cracker with an estimated 1.8 million tonnes per annum of ethylene output. Shares in WorleyParsons (ASX:WOR) closed 1.9 per cent lower at $14.48 yesterday.

The Board of Magellan Financial Group (ASX:MFG) has hired a new company secretary who will start today. Marcia Venegas will also communicate with the ASX regarding listing rule matters. Geoffrey Stirton has resigned as Company Secretary yesterday. Shares in Magellan Financial Group (ASX:MFG) closed 0.6 per cent lower at $36.35 yesterday.

Ex-Dividends

AngloGold Ashanti (ASX:AGG) is paying 7.74 cents unfranked
Auckland International Airport Limited (ASX:AIA) is paying 10.53 cents unfranked
CI Resources Limited (ASX:CII) is paying 1.5 cents fully franked
Clime Investment Management Limited (ASX:CIW) is paying 0.75 cents fully franked
Countplus Limited (ASX:CUP) is paying 1 cent fully franked
Fletcher Building Limited (ASX:FBU) is paying 6.54 cents unfranked
Flight Centre Travel Group Ltd (ASX:FLT) is paying 209 cents fully franked
Huon Aquaculture Group Ltd (ASX:HUO) is paying 3 cents 50 per cent franked
Paragon Care Limited (ASX:PGC) is paying 1.1 cents fully franked
Peet Limited (ASX:PPC) is paying 2 cents fully franked
QMS Media Limited (ASX:QMS) is paying 1 cent fully franked
Xenith IP Group Ltd (ASX:XIP) is paying 3.25 cents fully franked


Currencies

One Australian Dollar at 7:40 AM was buying 71.15US cents, 53.96 Pence Sterling, 78.78 Yen and 62.34 Euro cents.

Commodities

Iron Ore futures are flat.
Gold has added $6.80 to US$1313 an ounce.
Silver has gained $0.11 to US$15.48 an ounce.
Oil was $0.79 higher at US$60.08 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.