US looks set to blacklist more Chinese companies: ASX poised to open lower

Market Reports

by Rachael Jones

Following weak leads from US markets, the Australian share market looks set to open lower this morning. US stocks fell yesterday as trade tensions between China continued to rumble. The White House is said to be taking an intense look at blacklisting more Chinese technology companies. The minutes were released from the Federal Reserve Open Market Committee meeting which stated a patient approach to interest-rate changes. This meeting was before US and China trade talks escalated. The US dollar and Treasuries held.


Wall Street closed lower yesterday: The Dow Jones Industrial Average lost 0.4 per cent to 25,777, the S&P 500 fell 0.3 per cent to close at 2856 and the NASDAQ dipped 0.5 per cent to 7751.

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

Asian markets closed mixed, Tokyo’s Nikkei added 0.1 per cent, Hong Kong’s Hang Seng gained 0.2 per cent and China’s Shanghai Composite fell 0.5 per cent.

Taking all of this into equation, the SPI futures are down 11 points. Yesterday, the Australian share market closed 11 points (0.2 per cent) higher at 6511.

Company news

Agribusiness Webster (ASX:WBA) reported a net profit after tax of $2.12 million compared to $3.77 million for the prior corresponding period. Revenue and Other income was $69.1 million, reflecting increased revenue in Agriculture, partially offset by lower pricing in Walnuts driving reduced Horticulture revenue. With the continuation of drought conditions affecting all areas of production and with lower than expected walnut production and pricing, the Company expects to record a near breakeven position for the full year to 30 September 2019. For the first half FY19, harvesting of the Company’s cotton crops had not yet commenced while the harvest of walnut orchards was approximately only 45 per cent complete. Shares in Webster (ASX:WBA) closed 0.63 per cent higher at $1.60 yesterday.


Pendal Group Ltd (ASX:PDL) is paying 20 cents 10 per cent franked.


One Australian Dollar at 7:40AM was buying 68.82US cents, 54.37Pence Sterling, 75.93 Yen and 61.71 Euro cents.


Iron Ore futures suggest a 0.96 per cent gain..
Gold has dropped $0.30 to US$1273 an ounce.
Silver was up $0.01 to US$14.42 an ounce.
Oil fell $1.81 to US$61.32 a barrel.

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