Volatile day for US stocks: ASX set to open lower

Market Reports

by Rachael Jones

Australian shares are set to open lower this morning despite a climb yesterday. US stocks had a volatile day yesterday only to snap higher. The rebound followed a shaky start to the week but Yesterday Wall St eased some of the month's brutal losses before the end of October. ANZ (ASX:ANZ) are set to report their results later this morning – the first of the big banks.

Markets

To the US markets now – Dow is 1.8 per cent higher at 24875, S&P 500 is 1.6 per cent higher at 2683 and the NASDAQ is 1.6 per cent higher at 7162

European markets are all mixed with London’s FTSE is 0.1 per cent higher Paris has lost 0.2 per cent and Frankfurt has lost 0.4 per cent.

Asian markets are mixed Nikkei is 1.5 per cent higher Hang Seng is 0.9 per cent lower and the shanghai composite has gained 1 per cent.

Taking all of this into equation, the ASX futures are pointing  5 points lower. Yesterday the Australian share market closed higher with the S&P/ASX 200 Index closing 77 points higher that’s 1.3 per cent higher at 5805

Local economic news 

AiG - performance of manufacturing is to be released for October, CoreLogic will release dwelling prices for October, And ABS will release the Consumer Price Index for September 2018.

Company news

Shares in jewellery chain Lovisa (ASX:LOV) dropped as the company released results of their AGM yesterday.
Same-store sales fell 0.9 per cent in the previous financial year. NPAT was up 24 per cent to $36 million on the prior corresponding period and EBIT was up 26 per cent to $51.1 million. Revenue was up 21.4 per cent to $217 million. Final dividend is 14 cents per shares fully franked. Chairman Michael Kay noted that Spring racing and Christmas will play a large part in the full year's performance. Shares in Lovisa (ASX:LOV) closed 18.5 per cent lower at $6.85

Ex-dividends

MCP Master Income paying 0.9 cents fully franked.

Currencies

One Australian Dollar at 7:30AM was buying 71.04 US cents, 59.92 Pence Sterling, 80.26 Yen and 62.63 Euro cents.

Commodities

Gold has lost $2.20 to US$1225 an ounce.
Silver has lost $0.04 to US$14.48 an ounce.
Oil has lost $0.88 to US$66.16 a barrel.
Iron Ore has gained 0.3 per cent to at US$76.71 It futures suggest a 1.1 per cent fall.

Cryptocurrencies

Bitcoin has fallen 0.04 per cent to US$6320, Ethereum flat at US$196, and EOS is flat at $5.12.
 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.