AUD falls for a second session: ASX poised for a rebound

Market Reports

by Rachael Jones

The Australian share market looks set to rebound morning as the S&P 500, the Dow and the Nasdaq all closed higher as optimism lifted over potential for US unemployment to fall. The UK is set to bring in new measures tomorrow in the fight against Covid-19. Hospitality businesses must close by 10 pm, the use of facemasks is to be extended and the number of people allowed to attend weddings has been reduced to 15. The Aussie dollar continues to fall as the American dollar claws back.

Local Economic News

ABS, Preliminary August retail sales


Wall Street closed higher yesterday: The Dow Jones Industrial Average closed 0.5 per cent higher at 27,288 the S&P 500 gained 1.1 per cent to 3316 and the NASDAQ added 1.7 per cent to 10,963.64.

European markets closed mixed: London’s FTSE gained 0.4 per cent, Paris dipped 0.4 per cent and Frankfurt was up 0.4 per cent.

Asian markets closed mostly lower: Tokyo’s Nikkei was closed due to a public holiday, Hong Kong’s Hang Seng dropped almost 1 per cent and China’s Shanghai Composite was down 1.3 per cent.

Taking all of this into equation, the SPI futures are pointing to a 62- point gain

Yesterday, the Australian share market closed 0.7 per cent lower at 5785.

Company news

Kathmandu Holdings (ASX:KMD) report total FY20 global sales were down 17.1 per cent versus PCP (equivalent nine months of FY19). Wholesale sales were most affected as lockdowns disrupted the sell-in period for the upcoming Northern hemisphere Autumn/Winter season. The company saw an acceleration in online sales, with group online sales up 63 per cent to $106.4 million, now comprising 15.7 per cent of direct to consumer sales. Rip Curl online sales up 52 per cent to $25.5 million. Kathmandu online sales up 67 per cent to $80.9 million. Shares in Kathmandu Holdings (ASX: closed 2.1 per cent lower at $1.18.


AVA Risk Group(ASX:AVA) is paying 1 cent unfranked
Consolidated Operations Group (ASX:COG) is paying 0.152 cents fully franked


One Australian Dollar at 7:10 AM was buying 71.72 US cents, 56.37 Pence Sterling, 75.24 Yen and 61.27 Euro cents.


Iron Ore futures are down 0.2 per cent.
Gold has lost $6.30 to US$1904 an ounce.
Silver has added $0.13 to US$24.43 an ounce.
Oil has gained $0.18 to US$40.03 a barrel.


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