Miners and metals retreat: ASX to open higher this morning

Market Reports

by Rachael Jones

Australian shares are poised to open higher this morning – despite a commodities and miners retreat still currently affected by the trade concerns between the US and China. Tech stocks rallied over night as Apple has becomes the first American based company to achieve a market value of US$1 trillion. The company was co-founded four decades ago by Steve Jobs in a Silicon Valley garage and has changed the way we use computers, music and mobile communications. The shares rose 2.9 percent to close at $207.39 in New York on Thursday. On the commodities front, metals and gold are still sliding, Iron Ore is trading at $66.87 a tonne – that’s up 5 per cent.

Local economic news

Ai Group will release the figures for the services industries for July.

Markets

Wall Street closed mixed on Thursday. The Dow Jones Industrial Average closed almost flat, losing 0.03 per cent to close at 25,326, the S&P 500 closed 0.5 per cent higher to close at 2,827 and the NASDAQ gained 1.2 per cent to close at 7803.

European markets closed lower yesterday: London’s FTSE dropped 1.01 per cent, Paris fell 0.7 per cent and Frankfurt closed 1.5 per cent lower.

Asian markets closed lower, Tokyo’s Nikkei fell 1.03 per cent lower, Hong Kong’s Hang Seng lost 2.2 per cent and China’s Shanghai Composite dropped 2 per cent.

On the futures markets, the ASX futures are pointing to a 21pts gain. Yesterday, the Australian share market closed lower with the S&P/ASX 200 Index losing 35 points to close at 6241.

Company news

New South Wales SCA Property Group (ASX:SCP) has bought Sturt Mall in Wagga Wagga for $73 million. There is an implied passing yield of 6.3 per cent. Sturt Mall is anchored by a Coles supermarket and a Kmart discount department store. Shares in SCA Property Group (ASX:SCP) closed flat at $2.38.

And Automotive parts company Bapcor (ASX:BAP) has addressed speculation that they were a likely candidate to acquire the Kmart Tyre and Auto business. They say at this time, Bapcor is not participating in any process to acquire this business. Shares is Bapcor (ASX:BAP) closed 0.58 per cent lower to $6.90

Currencies

One Australian Dollar at 7:40AM was buying 73.66 US cents, 56.60 Pence Sterling, 82.24 Yen and 63.60 Euro cents.

Commodities

Iron ore futures are pointing to 1.4 per cent gain.
Gold dropped $11.70 to $US1216 an ounce.
Silver fell 13c at $US15.32 an ounce.
Oil added $1.33 to $US68.99 a barrel.

Cryptocurrencies

The three most traded cryptocurrencies are trading lower: Bitcoin has dropped 0.3 per cent to US$7578, Ethereum has lost 1 per cent to US$412 and EOS was down 0.7 per cent to US$7.12.
 

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.