US tech stocks take a tumble: ASX poised to open lower

Market Reports

by Rachael Jones

Australian shares are set to open lower as tech stocks in the US took a tumble. Twitter, Facebook and Alphabet helped send the Nasdaq down over 1 per cent, the most in three weeks. Tech executives face renewed concerns about the potential for a stricter regulations for the sector. Amazon, Google and Apple all closed lower too and Netflix took a 6 per cent slide. On the commodities front, oil has dropped and gold has added. 

Local economic news  

We can expect to see the figures for International Trade in Goods and Services for July 2018.
And some additional information concerning Building Approvals for July 2018


Wall Street closed mixed yesterday. The Dow Jones Industrial Average closed 0.1 per cent higher to 25,975, the S&P 500 lost 0.3 per cent to 2,889 and the NASDAQ fell 1.2 per cent to close at 7995.

European markets closedlower yesterday: London’s FTSE fell 1 per cent, Paris dropped 1.5 per cent and Frankfurt lost 1.4 per cent.

Asian markets closed lower,Tokyo’s Nikkei lost 0.5per cent, Hong Kong’s Hang Seng fell 2.6 per cent and China’s Shanghai Composite lost 1.7 per cent.

On the futures markets, the ASX futures are pointing to a16 points fall. Yesterday, the Australian share market closed lower with the S&P/ASX 200 Index losing 63 points to close at 6230.

Company news

Bega Cheese (ASX:BGA) has released a notice of change of interest of substantial holder in relation to Capilano Honey (ASX:CZZ). They say interest in the shares arose as a result of Amore Foods holding the legal title to the relevant shares as a nominee for Bega. Amore initially paid the consideration for the acquisition but was reimbursed by Bega usually on a weekly basis. There was no written agreement between Amore and Bega. Amore is owned by Kidder Peabody both of which are associated with David Williams. He is the principal of a corporate advisory firm. He was given instructions by Bega on May 21 of this year to buy Capilano shares for Bega on-market up to a specified amount. These instructions were provided verbally with Amore having no rights or interest in the shares. Shares in Bega Cheese (ASX:BGA) closed 0.65 per cent lower at $7.63.


One Australian Dollar at 7:40AM was buying US71.94 cents, 55.75 Pence Sterling, 80.21 Yen and 61.86 Euro cents.


Iron ore futures are pointing to 1.5 per cent gain.
Gold added $3.20 to $US1202 an ounce.
Silver was up 4 cent $US14.21 an ounce.
Oil lost $1.23 to $US68.64 a barrel.


The three most traded cryptocurrencies are trading lower: Bitcoin has lost 5.2 per cent to US$6981, Ethereum has fallen 13.6 per cent to US$247 and EOS was down 15.6 per cent to US$5.48.