The Australian share market looks set to open flat this morning after a disappointing performance yesterday. In the US tech stocks dropped with the NASDAQ seeing heavy losses. Goldman Sachs and Raymond James slashed price targets on video streaming causing Netflix to drop over 1 per cent. Apple also took a hit after Goldman Sachs said demand in China could slow. Amazon, Microsoft and Alphabet also traded lower. Afterpay (ASX:APT) shares to fall more than 7 per cent. Small caps gained in the US as President Donald Trump threatened more tariffs on China.
Local economic news
The Australian Bureau of statistics will release figures for Lending Finance for August later today.
And the Reserve Bank of Australia will release October board meeting minutes
Wall Street closed lower yesterday. The Dow Jones Industrial Average fell 0.4 per cent to close at 25,251, the S&P 500 shed 0.6 per cent to 2,751 and the NASDAQ dropped 0.9 per cent to close at 7431.
European markets closed mixed yesterday: London’s FTSE added 0.5 per cent, Paris closed almost flat and Frankfurt gained 0.8 per cent.
Asian markets closed lower, Tokyo’s Nikkei dropped 1.9 per cent, Hong Kong’s Hang Seng shed 1.4 per cent and China’s Shanghai Composite fell 1.5 per cent.
On the futures markets, the ASX futures are pointing to a flat start. Yesterday, the Australian share market closed lower with the S&P/ASX 200 Index falling 59 points to 5837.
The Independence Group (ASX:IGO) presented their results at the Macquarie Western Australia Forum for this year. The multi-commodity miner reported that their net cash flow from operating activities increased by 256 per cent, driven by the first full year of commercial production at their Nova mine and a strong year for their Kalgoolie gold mine, Tropicana. Their Net Profit After Tax was $52.7 million for this year up from $17 million on the prior corresponding period that's a 210 per cent increase year on year. Net debt reduced from $164 million to $4 million during FY18. Shares in Independence Group (ASX:IGO) closed 2.5 per cent lower to $4.27 yesterday.
Retirement community company Hometown has confirmed that its off-market takeover offer for all the stapled securities of Gateway Lifestyle Group (ASX:GTY) closed at 7.00pm Sydney time yesterday evening. Hometown currently has a relevant interest in 96.45 per cent of Gateway stapled securities. They have commenced the compulsory acquisition process to acquire all the remaining Gateway stapled securities. Shares in Gateway Lifestyle Group (ASX:GTY) closed flat at $2.24 yesterday.
Aims Property Securities Fund (ASX:APW) is paying 1.0681 cent unfranked
Autosports Group (ASX:ASG) is paying 4.8 cent fully franked
Plato Income Maximiser (ASX:PL8) is paying 0.5 cent fully franked
Shaver Shop Group (ASX:SSG) is paying 2.4 cent fully franked
One Australian Dollar at 7:40AM was buying US71.33 cents, 54.27 Pence Sterling, 79.71 Yen and 61.60 Euro cents.
Iron ore futures are pointing to 0.7 per cent fall
Gold gained $8.80 to $US1231 an ounce.
Silver was up 9 cents at $US14.72an ounce.
Oil added 30 cents to $US71.48 a barrel.
The three most traded cryptocurrencies are trading higher: Bitcoin has added 3.7 per cent to US$6561, Ethereum has gained 3.5 per cent to US$206 and XRP has increased 4.95 per cent to US44 cent.