US stocks rise on China comments: ASX poised to open higher

Market Reports

by Rachael Jones

Australian shares are set to open slightly higher this morning. US stocks closed higher yesterday after sharp losses last month with all three major benchmarks higher in afternoon trade. A boost came after comments from President Donald Trump pointing to potential progress in US and China trade relations. Asian stocks kicked off November on a mostly positive note. And the Aussie dollar has leapt above US72 cents.

Local economic news

The Australian Bureau of statistics will release the Producer Price Indexes, for September 2018.

And Retail Trade September 2018.

Markets 

Wall Street closed higher yesterday. The Dow Jones Industrial Average added over 1 per cent to close at 25,381, the S&P 500 gained over 1 per cent as well to 2,740 and the NASDAQ rose 1.8 per cent higher at 7434

European markets closed mixed yesterday: London’s FTSE dropped 0.2 per cent, Paris fell 0.2 per cent and Frankfurt closed 0.2 per cent higher.

Asian markets closed mixed, Tokyo’s Nikkei dropped 1.1 per cent, Hong Kong’s Hang Seng gained 1.8 per cent and China’s Shanghai Composite rose 0.1 per cent.

On the futures markets, the ASX futures are pointing to a 5 points gain.Yesterday,the Australian share market closed higher with the S&P/ASX 200 Index closing over 10 points higher to 5841.

Company news

Telecommunications, cloud and IT solutions provider Over the Wire Holdings Limited (ASX:OTW) has completed the acquisition of Access Digital Networks Pty Ltd and the business assets of Interactive Gateway Australia and Comlinx.

The Acquisitions were fully funded by an institutional placement and existing cash.

Access Digital Networks Access Digital Networks is a leading South Australian based provider of business grade telecommunications services including data networks, voice and private cloud solutions and services.

Access Digital Networks accelerates Over the Wire’s expansion into South Australia with opportunities for the combined Over the Wire group to cross sell to existing Access Digital Networks clients.

Comlinx is a leading provider of IT managed solutions to Corporate, Enterprise and Government customers offering numerous cross-sell opportunities to the Over the Wire group. Shares in Over the Wire Holdings (ASX:OTW) closed flat at $4.88 yesterday

Ex-Dividends 

Freedom Foods Group (ASX:FNP) is paying 2.75c 50 per cent franked

Currencies 

One Australian Dollar at 7:40AM was buying US72.05 cents, 55.41 Pence Sterling, 81.16Yen and 63.16 Euro cents.

Commodities

Iron ore futures are pointing to 1.2 per cent fall
Gold added $19.90 to $US1235 an ounce.
Silver was up 46 cents at $US14.74 an ounce.
Oil dropped $1.80 to $US63.51 a barrel.

Cryptocurrencies

The three most traded cryptocurrencies are trading higher: Bitcoin has added 0.9 per cent to US$6380, Ethereum has added 0.7 per cent to US$199 and EOS was up 1.2 per cent to US$0.4537.