Dow advances: ASX set to open higher

Market Reports

by Rachael Jones

Australian shares are set to rebound which is what has happened globally amid the ease of the reports of china tariffs. Tech stocks led all three major US indices, twenty eight of the Dow's 30 components advanced. The Dow was propelled higher by gains in Intel, Walgreens Boots and Caterpillar. The US dollar dropped and the US 10-year yield ended little changed. Meanwhile the Australian dollar rose towards the US73 mark. On the commodities front, oil has dropped 60 cents, gold has added and silver was up.


Wall Street closed higher yesterday. The Dow Jones Industrial Average added almost 1 per cent to close at 26,657, the S&P 500 gained0.8 per cent to 2,931and the NASDAQended almost 1per centhigherto close at 8028.

European markets closed higher yesterday: London’s FTSE closed 0.5 per cent higher, Paris added 1.1 per cent and Frankfurt gained 0.9 per cent.

Asian markets closed mixed, Tokyo’s Nikkei gained 0.01 per cent,Hong Kong’s Hang Seng added 0.3 per cent and China’s Shanghai Composite was down 0.1 per cent.

On the futures markets, the ASX futures are pointing to a 19 points gain. Yesterday, the Australian share market closed lower with the S&P/ASX 200 Index losing 20 points to close at 6170.

Company news

Propertylink Group (ASX:PLG) has entered into an agreement with the alternative investment and asset management platform, China Merchants Capital, for a new investment management vehicle called the Propertylink Australian Logistics Trust II (PALT II). Under this, Propertylink will leverage the key strategic themes of urbanisation, last mile logistics, ageing population and technology to build a high-quality portfolio of logistics properties. The portfolio will focus on urban infill locations on the east coast of Australia, in particular Sydney and Melbourne, targeting total assets under management of $350 million. Shares in Propertylink (ASX:PLG) closed 0.9 per cent lower to $1.05 yesterday


Atlas Arteria (ASX:ALX) is paying 12 cents unfranked
Big RivIndust (ASX:BRI) is paying 3.5 cents fully franked
Clinuvel Pharmaceut (ASX:CUV) is paying 2 cents unfranked
Enero Group (ASX:EGG) is paying 2.5 cents fully franked
Jupiter Mines (ASX:JMS) is paying 5 cents unfranked

One Australian Dollar at 7:40AM was buying US72.90 cents, 54.94 Pence Sterling, 82.02 Yen and 61.92 Euro cents.


Iron ore futures are pointing to 0.09 per cent gain.
Gold added $3.60 to $US1212 an ounce.
Silver was up 8 cents at $US14.36 an ounce.
Oil dropped 60 cents to $US70.17 a barrel.


The three most traded cryptocurrencies are trading mixed: Bitcoin has fallen 0.5 per cent to US$6399, Ethereum has lost 0.6 per cent to US$210 and XRP has risen 23.2 per cent to 40 cents. 

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