‘Somebody had to take on China’, Trump: ASX set to open lower

Market Reports

by Rachael Jones

Following losses from US markets, the Australian share market looks set to open lower this morning. US President Donald Trump says he’s not ready to make a deal with China on trade. He said "Somebody had to take China on," at an impromptu press conference at the White House. Adding "whether it's good for our country or bad for our country short-term. Over in Europe, Italian bonds climb as Prime Minister Giuseppe Conte resigns
On the commodities front, gold has added and oil has dropped everso slightly. 


Wall Street closed lower yesterday: The Dow Jones Industrial Average lost 0.7 per cent to close at 25,962, the S&P 500 closed 0.8 per cent lower at 2901 and the NASDAQ fell 0. 7 per cent to 7949.

European markets closed lower: London’s FTSE dropped 0.9 per cent, Paris fell 0.5 per cent and Frankfurt was down 0.6 per cent.

Asian markets closed mixed: Tokyo’s Nikkei gained 0.6 per cent, Hong Kong’s Hang Seng was down 0.2 per cent and China’s Shanghai Composite fell 0.1 per cent.

Taking all of this into equation, the SPI futures are pointing to a 0.7 per cent fall.

Yesterday, the Australian share market closed 78 points or 1.2 per cent higher at 6545.

Local economic news 

Westpac-MI- Leading Index for July

Company news

IOOF Holdings (ASX:IFL) yesterday updated the market on the on the licence conditions imposed by the Australian Prudential Regulation Authority (APRA) in December 2018. The independent reviewer has now finalised their report for the quarter to June 30. It found that all 145 actionable items that were required for validation by that date have been completed. Also, the four actionable items relating to the implementation of the Office of the Superannuation Trustee which were outstanding for the quarter ending March 31, have also been completed. Shares in IOOF Holdings(ASX:IFL) closed1.2per cent higher at $5.17yesterday.

Rosenberg Worley, Worley’s (ASX:WOR) Norwegian subsidiary, has been selected by Vår Energi AS to provide life extension services for their Jotun A floating production storage offloading vessel. The project will enable the continued production of oil and gas from the Balder field until 2045. The contract will provide local job opportunities in Norway. Shares in WorleyParsons (ASX:WOR) closed 4.94 per cent higher at $14.46 yesterday.

Reporting Season

- A2 Milk Company (ASX:A2M)
- Aventus Retail Property Fund (ASX:AVN)
- Brambles (ASX:BXB)
- Crown Resorts (ASX:CWN)
- Domino's Pizza Enterprises (ASX:DMP)
- Emeco Holdings (ASX:EHL)
- Iluka Resources (ASX:ILU)
- McMillan Shakespeare (ASX:MMS)
- Nearmap (ASX:NEA)
- St Barbara (ASX:SBM)
- Stockland (ASX:SGP)
- WiseTech Global (ASX:WTC)
- WorleyParsons (ASX:WOR)

Ex – Dividend

AGL Energy (ASX:AGL) is paying 64 cents 80 per cent franked
Bell Financial Group (ASX:BFG) is paying 3.5 cents fully franked
Star Entertainment Group Ltd (ASX:SGR) is paying 10 cents fully franked
Tabcorp Holdings Limited (ASX:TAH) is paying 11 cents fully franked


One Australian Dollar at 7:40AM was buying 67.79US cents, 55.73Pence Sterling, 72.05 Yen and 61.11 Euro cents.


Iron Ore futures suggest a 3.3 per cent fall
Gold has added $5.80 to US$1517 an ounce.
Silver was up $0.20 cents to US$17.14 an ounce.
Oil has dropped $0.02 to US$56.12 a barrel.

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.