Wild session on Wall Street: Aus shares to open lower

Market Reports

by Anna Napoli

Following weak leads from US markets, the Australian share market looks set to open lower. Stocks ended mixed yesterday following a volatile trading session on Wall Street. There were some early gains on the back of reports of hope for trade talks and a rebound in tech stocks, but gains were reversed by drops in Boeing and the energy sector. Energy was the worst performing sector as crude prices fell to their lowest levels in a year. Boeing shares fell 2.6 per cent providing the biggest drag on the Dow. Apple shares were also weaker after analysts at Goldman Sachs cut their estimate for iPhone sales.

Back home we can expect economic data from the ABS and The Westpac and Melbourne Institute today, The Wage price index is due for release as well as the monthly consumer confidence figures are due out.

Markets

To the figures from around the globe: Wall Street closed mostly lower yesterday. The Dow Jones Industrial Average fell 0.4 per cent to close at 25,286, the S&P 500 closed 0.2 per cent lower to 2,722 and the NASDAQ closed flat at 7201.

European markets closed higher yesterday: London’s FTSE added 0.01 per cent, Paris gained 0.9 per cent lower and Frankfurt added 1.3 per cent.

Asian markets closed mixed, Tokyo’s Nikkei fell 2.1 per cent, Hong Kong’s Hang Seng gained 0.6 per cent and China’s Shanghai Composite was up 0.9 per cent.

On the futures markets, the SPI futures are pointing to a 6points fall.Yesterday,the Australian share market closed lower with the S&P/ASX 200 Index closing 108 points lower to 5834.

Company news

Chorus (ASX:CNU) has announced the number of Ultra-fast Broadband connections on its network has reached 500,000. The company says it plans to reduce the wholesale price of its premium fibre product from the middle of next year. The company says the demand for fibre broadband has been rapidly increasing and even more so now as more content moves online and New Zealanders prepare to live stream the Rugby World Cup. Shares inChorus(ASX:CNU) closed flat at $4.71 yesterday.

Currencies

One Australian Dollar at 8:40AM was buying US72.15 cents, 55.66 Pence Sterling, 82.14Yen and 63.94 Euro cents.

Commodities

Iron ore futures are pointing to 1.1 per cent fall
Gold dropped $0.40 to $US1203 an ounce.
Silver was down 4 cents at $US13.97 an ounce.
Oil dropped $4.76 to $US55.32 a barrel.

Cryptocurrencies

Bitcoin has dropped 0.3 per cent to US$6367,Ethereum has fallen 1.7 per cent to US$207 and Bitcoin Cashadded0.3per cent to US$518.