Despite weak leads from US markets, the Australian share market looks set to open higher this morning just ahead of a large week of local economic data released. China insists US tariffs must be rolled back as part of any phase one trade deal with Washington. Last week US President Donald Trump said Washington was in the “final throes” of a deal. Despite this – the final signing of a phase one deal may not be until the new year. In Hong Kong, protests continue with shops and businesses closing as police sprayed tear gas at protesters. On the commodities front, gold is up $12 and oil is down.
Local Economic NewsMonday
We can expect to see CoreLogic will release home prices, CBA & AiGroup indexes, for the manufacturing sector gauges. From the Australian Bureau of Statistics we will see Building approvals (October) Business indicators (September quarter) Profits, sales, stocks & wages
Tuesday
Reserve Bank Board meeting - No change in rates is expected
Balance of Payments (September quarter)
Wednesday
Economic growth (September quarter)
CBA & AiGroup indexes (November) Service sector gauges
Thursday
Retail trade (October) Tipped to lift
International trade (October)
MarketsWall Street closed lower on Friday: The Dow Jones Industrial Average lost 0.4 per cent to close at 28,051, the S&P 500 fell 0.4 per cent to close at 3141 and the NASDAQ shed 0.5 per cent to 8665.
European markets closed lower on Friday: London’s FTSE lost 0.9 per cent, Paris fell 0.1 per cent and Frankfurt closed 0.1 per cent lower.
Asian markets closed lower on Friday: Tokyo’s Nikkei fell 0.5 per cent, Hong Kong’s Hang Seng dropped over 2 per cent higher and China’s Shanghai Composite lost 0.6 per cent.
Taking all of this into equation, the SPI futures are pointing to 0.1 per cent gain. On Friday, the Australian share market closed 18 points (0.3 per cent) lower at 6846.
Company news After a period of exclusivity, Moelis Australia
(ASX:MOE) exchanged contracts on Friday to acquire The Beach Hotel, Byron Bay for $104 million. The Beach Hotel will be the sole asset of a new investment fund which will offer sophisticated investors the opportunity to invest in this iconic asset. Settlement of The Beach Hotel is expected to occur in February 2020. Shares in Moelis Australia
(ASX:MOE) closed flat at $4.63 on Friday.
Ex-DividendsMorphic Eef Ltd
(ASX:MEC) is paying 1 cent fully franked
NB Global Corporate Income Trust
(ASX:NBI) is paying 0.8991 cents unfranked
CurrenciesOne Australian Dollar at 7:40 AM was buying 67.72 US cents, 52.49 Pence Sterling, 74.18 Yen and 61.44 Euro cents.
Commodities Iron Ore has lost 0.7 per cent to US$87.46.
Iron Ore futures suggest a 1.9 per cent fall.
Gold was up $12 to US$1473 an ounce.
Silver added 5 cents to US$17.11 an ounce.
Oil has lost $2.94 to US$55.17 a barrel.
