Following negative leads from US markets, the Australian share market looks set to open lower this morning.
US stocks did retreat further on Thursday as the US-China trade concerns grew after more businesses cut ties with Chinese telecommunications giant Huawei. As investors look to profit from the US-China trade war the Japanese Yen is a winner, gaining against the dollar. Gold and bonds are also being bought. Shares tumbled across Europe.
Wall Street closed lower yesterday: The Dow Jones Industrial Average lost 1.1 per cent to 25,490, the S&P 500 fell 1.2 per cent to close at 2822 and the NASDAQ dipped 1.6 per cent to 7628.
European markets closed lower: London’s FTSE fell 1.4 per cent, Paris dropped 1.8 per cent and Frankfurt also lost 1.8 per cent.
Asian markets closed lower, Tokyo’s Nikkei fell 0.6 per cent, Hong Kong’s Hang Seng dropped 1.6 per cent and China’s Shanghai Composite lost 1.4 per cent.
Taking all of this into equation, the SPI futures are down 29 points. Yesterday, the Australian share market closed 19 points (0.3 per cent) lower at 6492.
EML payments (ASX:EML) has entered into an eight year agreement with Smartgroup Corporation (ASX:SIQ) to be their provider of branded General Purpose Reloadable card programs for payout of Salary Packaging benefits. EML has worked with Smartgroup since 2017 and currently manages approximately 50,000 benefit accounts. The solution allows customers to have multiple benefit accounts funding a single card managed by a virtual wallet. Once at full potential, EML expects to earn between $4 - $8 million revenue per annum from the incremental volumes in this contract, provided there are no adverse changes in market conditions. Shares in EML payments (ASX:EML) closed 2.56 per cent higher at $2.40 yesterday.
Concentrated Leaders Fund (ASX:CLF) is paying 5.25 cents fully franked
One Australian Dollar at 7:40AM was buying 69.05 US cents, 54.54 Pence Sterling, 75.68 Yen and 61.75 Euro cents.
Iron Ore futures suggest a 0.2 per cent fall.
Gold has gained $9.10 to US$1289 an ounce.
Silver was up $0.13 to US$14.57 an ounce.
Oil fell $3.23 to US$58.19 a barrel.