S&P 500 reaches all-time high: Aus shares set to defy leads and open flat

Market Reports

by Anna Napoli

The local sharemarket is expected to open flat this morning despite the S&P 500 reaching an all-time high yesterday. Gains in the US come a day before the Federal Reserve is due to meet for its latest policy meeting with markets expecting the central bank to leave interest rates on hold. US earnings season continues this week with Apple, General Motors and Pfizer all due to report. Shares in Alphabet dropped around 7 per cent after the company reported revenue that missed expectations.


To the figures from around the globe: Wall Street closed higher yesterday: The Dow Jones Industrial Average closed 0.04 per cent higher at 26,554, the S&P 500 added 0.11 per cent to close at 2943 and the NASDAQ gained 0.2 per cent to 8162.

European markets closed higher: London’s FTSE added 0.2 per cent, Paris also gained 0.2 per cent and Frankfurt closed 0.1 higher per cent.

Asian markets closed mixed, Tokyo’s Nikkei was closed,Hong Kong’s Hang Seng gained almost 1 per cent and China’s Shanghai Composite dropped 0.8 per cent.

Returning home, the SPI futures are down 1 point. Yesterday, the Australian share market closed 26 points 0.4 per cent lower at 6359.

Local economic news

Today the Reserve Bank will release its Financial Aggregates publication which includes the latest figures on private sector credit.

Company news

Seven Group Holdings (ASX:SVW) has flagged a strong second half to the year as an expected dip in activity in its Wes Trac business doesn't appear to be happening. The Group again lifted its earnings guidance with full-year underlying earnings before interest and tax expected to come in 40 per cent ahead of the 2018 financial year result of $496.9 million. Shares is Seven Group (ASX:SVW) closed 1.06 per cent higher at $19.00.


MCP Master Income Trust (ASX:MXT) is paying 1 cent unfranked


One Australian Dollar at 7:20AM was buying 70.57 US cents, 54.59 Pence Sterling, 78.81 Yen and 63.11 Euro cents.


Iron Ore futures suggest a 1.4 per cent gain.
Gold has dropped $7.10 to US$1282 an ounce.
Silver ha fallen$0.14 to US$14.95 an ounce.
Oil was up $0.31 to US$63.61 a barrel.


Are you a 708 sophisticated investor?

A sophisticated investor is defined under Section 708 of the Corporations Act (net assets of $2.5 million or annual incomes in excess of $250,000).

They are eligible to receive information regarding wholesale investment opportunities that are not available to regular or retail investors.

Please subscribe if you would like to be alerted to these types of opportunities.