Australian shares are poised to open higher this morning as American stocks saw a rally after China released pleasing manufacturing data easing concerns of a global economic slowdown. All three major benchmarks were up at least 1 per cent. Other international stocks also strengthened and oil and iron ore advanced overnight too. This evening Josh Frydenberg and Scott Morrison will deliver their first Budget as Treasurer and Prime Minister. This looks set to be buoyed by sales of iron ore to China and the current low unemployment rate. More income tax is being received than previously predicted.
Local Economic News
Reserve Bank Board Meeting is set to release their Monetary Policy Decision. The Australian Bureau of Statistics will release Building Approvals for February 2019 later today. And of course Federal budget at 7.30pm
Wall Street closed higher yesterday: The Dow Jones Industrial Average rose 1.3 per cent to close at 26,258, the S&P 500 rose 0.2 per cent to close at 2,867 and the NASDAQ was up 1.3 per cent to close at 7829.
European markets closed lower: London’s FTSE gained 0.5 per cent, Paris gained 1 per cent and Frankfurt rose 1.4 per cent.
Asian markets closed higher, Tokyo’s Nikkei closed 1.4 per cent higher, Hong Kong’s Hang Seng rose 1.8 per cent and China’s Shanghai Composite added 2.6 per cent.
Taking all of this into equation, the ASX futures are 36 points up. Yesterday the Australian share market closed 36 points higher or 0.6 per cent higher at 6217.
Ship building company Austal (ASX:ASB) has priced their ordinary shares at $2.20 per share for the first half of financial year 2019 interim dividend. The allocation price was based on an Average Market Price for the five trading days from Monday 25 March to Friday 29 March 2019 inclusive. Shares will be allocated to shareholders participating in the Dividend Reinvestment Plan on Wednesday 17 April 2019. On March 26th this year – the company announced they had been awarded a new $369 million contract for two additional Transport Ships for the US Navy. Shares in Austal (ASX:ASB) closed 2.2 per cent lower yesterday at $2.20.
Adelaide Brighton (ASX:ABC) is paying 15 cents fully franked
Adairs (ASX:ADH) is paying 6.5 cents fully franked
Freedom Foods Group (ASX:FNP) paying 2.25 cents 50 per cent franked
Joyce Corp (ASX:JYC) paying 5 cents fully franked
One Australian Dollar at 7:50 AM was buying 71.16 US cents, 54.27 Pence Sterling, 79.24 Yen and 63.48 Euro cents.
Iron Ore futures suggest a 1.2 per cent gain.
Gold has shed $6.30 to US$1292 an ounce.
Silver has dropped $0.03 to US$15.08 an ounce.
Oil has increased $1.65 to US$61.79 a barrel.