Wall St sell-off wipes out gains: ASX set to open lower

Market Reports

by Rachael Jones

We are set to see the market open lower this morning. US stocks struggled at the end of trading with most losses coming in the last hour of the session. The tech-heavy NASDAQ fell 4.4 per cent. The Dow also plunged and the S&P benchmark fell. On the commodities front, oil continues to climb after a two month low – with American crude stockpiles seeing an increase. 


Wall Street closed lower yesterday. The Dow Jones Industrial Average dropped 2.4 per cent to close at 24,583, the S&P 500 shed 3.1 per cent to 2,656 and the NASDAQ plunged 4.4 per cent to close at 7108

European markets closed mixed yesterday: London’s FTSE added 0.1 per cent, Paris fell 0.3 per cent and Frankfurt closed 0.7 per cent lower.

Asian markets closed mixed, Tokyo’s Nikkei added 0.4 per cent, Hong Kong’s Hang Seng fell 0.4 per cent and China’s Shanghai Composite added 0.3 per cent.

On the futures markets, the ASX futures are pointing to a 94 points fall. Yesterday, the Australian share market closed lower with the S&P/ASX 200 Index closing 14 points lower to 5829.

Company news 

Ecommerce marketplace company Redbubble (ASX:RBL) announced yesterday they are to acquire TeePublic for total cash consideration of $57.7 million. TeePublic is an on-demand commerce marketplace in the US for independent artists to sell their designs on various products. Redbubble (ASX:RBL) gives independent artists a way to monetise their designs by selling them on clothing or homewares. CEO Barry Newstead took over from co-founder Martin Hosking in June this year. He said the , businesses would be run in parallel - and TeePublic's co-founder Josh Abramson would remain with the company until at least the end of December. TeePublic's revenue for financial year 2018 was US$25.5 million that's a 33 per cent year on year growth.The transaction is expected to be completed in early November 2018. Shares in ReBubble (ASX:RBL) closed 0.6 per cent lower to $1.68 yesterday


Folkestone (ASX:FLK) is paying 3.6 cents fully franked
Ridley Corporation (ASX:RIC) is paying 2.75 cents fully franked


One Australian Dollar at 7:40AM was buying US70.61 cents, 54.82 Pence Sterling, 79.22 Yen and 62 Euro cents.


Iron ore futures are pointing to 1.3 per cent gain
Gold dropped $1.80 to $US1235 an ounce.
Silver was down 10 cent at $US14.69 an ounce.
Oil fell 19 cents to $US66.24 a barrel.


The three most traded cryptocurrencies are trading higher: Bitcoin has added 0.4 per cent to US$6503, Ethereum has gained 0.2 per cent to US$205 and XRP was up 1.72 per cent to US46 cents.


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