We are set to see a drop in the ASX at the open. Shares in the US ended mixed with the Dow and S&P 500 seeing an up tilt to close. Nasdaq ended lower. The Australian dollar though has seen a small rise - this has been attributed to a current calm surrounding the China and US tariff war. In commodities, crude touched $80 a barrel in London for the first time since May. Worries global supplies could be shrinking. American crude stockpiles dwindled to a 3 and a half year low. Meanwhile, Hurricane Florence threatened East Coast fuel markets.
Local economic news
The ABS will release results for Labour Force, Australia, August 2018.
Wall Street closed mixed yesterday. The Dow Jones Industrial Average gained 0.1 per cent to close at 25,999, the S&P 500 added 0.04 per cent to 2,889 and the NASDAQ lost 0.2per cent to close at 7954.
European markets closed higher yesterday: London’s FTSE closed 0.6 per cent higher, Paris added 0.9 per cent and Frankfurt gained 0.5 per cent.
Asian markets closed lower, Tokyo’s Nikkei lost 0.3 per cent, Hong Kong’s Hang Seng fell 0.3 per cent and China’s Shanghai Composite lost 0.3 per cent.
On the futures markets, the ASX futures are pointing to a 17 point fall. Yesterday, the Australian share market closed slightly lower with the S&P/ASX 200 Index losing 4 points to close at 6176.
Energy technology company ClearVue (ASX:CPV) have released their annual report showing a successfully raised $5 million in May 2018 as part of its Initial Public Offering (IPO). The company also signed a Memorandum of Understanding (MOU) with building company Mirreco to develop carbon-negative residential and commercial solutions that incorporate ClearVue’s solar window technology. Throughout the year ClearVue moved away from dependence on its specifically designed window frames by developing industry standard format Insulated Glass Unit (IGU) window modules for use in multi-vendor window framing solutions. Earlier filed patents are now being granted and issued in different countries around the world. Shares in ClearVue Technologies (ASX:CPV) closed 2.66 per cent higher to 58 cents yesterday.
One Australian Dollar at 7:40AM was buying US71.71 cents, 54.96 Pence Sterling, 79.77 Yen and 61.68 Euro cents.
Iron ore futures are pointing to 1.4 per cent gain.
Gold added $9.40 to $US1212 an ounce.
Silver gained 13 cents at $US14.29 an ounce.
Oil rose $1.02 to $US70.06 a barrel.
The three most traded cryptocurrencies are trading mixed: Bitcoin has added 0.7per cent to US$6348, Ethereum has fallen 0.2per cent to US$184 and EOS was up 0.5 per cent to US$4.92.