Political unrest shakes markets: ASX set 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. In the US stocks fell mainly due to the political unrest witnessed in Hong Kong and Argentina. The main Argentine stock market fell 35 per cent and the Peso slumped after a surprise primary election result. Investors turned to safe stocks with gold rising.

Local economic news 

The NAB monthly business surveys on conditions and confidence will be released today.

Markets

Wall Street closed lower yesterday: The Dow Jones Industrial Average lost 1.5 per cent to close at 25,898, the S&P 500 closed 1.2 per cent lower at 2883 and the NASDAQ dropped 1.2 per cent to 7863.

European markets closed lower: London’s FTSE lost 0.4 per cent, Paris fell 0.3 per cent and Frankfurt was down 0.1 per cent.

Asian markets closed mixed: Tokyo’s Nikkei was closed,Hong Kong’s Hang Seng was down 0.4 per cent and China’s Shanghai Composite added 1.5 per cent.

Taking all of this into equation, the SPI futures are pointing to a 0.8 per cent loss.

Yesterday, the Australian share market closed 6 points or 0.1 per cent higher at 6590.

Company news

Dicker Data (ASX:DDR) is offering all eligible employees $1,000 worth of new fully paid ordinary shares in the Company for free. Assuming that all eligible employees, which is around 460, accept the Offer, the Company expects to issue approximately 80,000 new Shares on the Issue Date. It's part of its Bonus Employee Share Plan. Shares in Dicker Data (ASX: DDR) closed 4.1 per cent lower at $5.85 yesterday.

Reporting Season

Challenger (ASX:CGF)
Magellan Financial Group (ASX:MFG)

Ex – Dividend

Flagship Investments Ltd (ASX:FSI) is paying 4.25 cents fully franked
Genworth Mortgage Insurance Australia (ASX:GMA) is paying 30.9 cents 29.13 per cent franked
Macquarie Media Ltd (ASX:MRN) is paying 2 cents fully franked

Currencies

One Australian Dollar at 7:40AM was buying 67.52US cents, 55.91Pence Sterling, 71.08 Yen and 60.20 Euro cents.


Commodities

The Iron Ore price remains steady at $94.12
Iron Ore futures suggest a 0.3 per cent fall
Gold has added $13.80 to US$1522 an ounce.
Silver was up $0.11 cents to US$17.05 an ounce.
Oil has gained $0.28 to US$54.78 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.