Consultation period to end for Chinese tariffs: ASX poised to open lower

Market Reports

by Rachael Jones

We are set to see Australian shares dip at the open after a fall yesterday. The Trump administration's consideration on tariffs on another $200 billion in Chinese goods, is moving a step closer after a comment period expires at midnight US time. China is to retaliate with tariffs on $60 billion in US goods. Tech stocks could be under pressure but as yet it is unclear as to how much these tariffs will impact individual companies. On the commodities front, oil has lost and gold has added $4.00. Iron Ore futures are suggesting a 1.8 per cent gain.

Local economic news 

From the Australian Industry Group we can expect to see:-
-Performance construction for July,
-Housing finance for July


To the figures from around the globe: Wall Street closed mixed yesterday. The Dow Jones Industrial Average closed 0.1 per cent higher to 25,996, the S&P 500 lost 0.4 per cent to 2,878 and the NASDAQ fell 0.9per cent to close at 7923.

European markets closedlower yesterday: London’s FTSE fell 0.9 per cent, Paris dropped 0.3 per cent and Frankfurt lost 0.7 per cent.

Asian markets closed lower, Tokyo’s Nikkei lost 0.4 per cent, Hong Kong’s Hang Seng fell almost 1 per cent and China’s Shanghai Composite lost 0.5 per cent.

On the futures markets, the ASX futures are pointing to a24pointsfall. Yesterday, the Australian share market closed lower with the S&P/ASX 200 Index losing 70 points to close at 6160. 

Company news 

On 23 August 2018 Qantas (ASX:QAN) announced the payment of a dividend of A$0.10 per ordinary share. This dividend is fully franked and conduit foreign income has not been declared. Shareholders who have provided New Zealand banking instructions for Direct Credit as at 5:00pm Eastern Standard time yesterday will receive their dividend in New Zealand dollars. The currency conversion rate yesterday was NZ$1.09 to A$1.00, and the converted dividend payment amount is NZ$0.1090 per ordinary share. The payment date for the dividend is 10 October 2018. Shares in Qantas (ASX:QAN) closed 1.6 per cent lower at $6.15.

Amcor (ASX:AMC) is paying 32.65c unfranked


One Australian Dollar at 7:40AM was buying US71.99 cents, 55.70 Pence Sterling, 79.67 Yen and 61.95 Euro cents.


Iron ore futures are pointing to 1.8 per cent gain.
Gold added $4.00 to $US1205 an ounce.
Silver was down 4 cents at $US14.18 an ounce.
Oil lost 83 cents to $US67.89 a barrel.


The three most traded cryptocurrencies are trading lower: Bitcoin has lost 6.8 per cent to US$6480, Ethereum has fallen 7.9 per cent to US$226 and EOS was down6.8per cent to US$5.08.

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