Wall Street closed mixed: ASX poised to open higher

Market Reports

by Katrina Bullock

Following mixed leads from the US market, the Australian share market looks set to open higher. The SPI is eyeing a gain of about 17 points despite a mixed session on Wall Street on Friday after the week closed lower. Yesterday's Asia Pacific Economic Cooperation Summit in Papua New Guinea may create some negative sentiment in the market after the APEC leaders were unable to agree on a formal written declaration. US and China once again had conflicting opinions about changes to the World Trade Organization.

US economic news

The US Federal Reserve has reported a 0.3 per cent rise in manufacturing production for last month which beat the 0.2 per cent increase that was expected.

ASX

Taking all of this into equation, the ASX futures are pointing to a 17 points gain. On Friday, the Australian share market closed lower with the S&P/ASX 200 Index losing 5 points at 5731.

Local economic news 

The ABS will release the overseas arrivals and departures reports for September today. Tomorrow the ABS will release Australian National Accounts. We can also expect to see the minutes of the RBA's November board monetary policy meeting. And on Thursday we can expect to see the ABS's population projections up to the year 2066 as well as job statistics.

Markets

Wall Street closed mixed on Friday. The Dow Jones Industrial Average added 0.5 per cent to close at 25,413, the S&P 500 gained 0.2 per cent to 2,736 and the NASDAQ dropped 0.2 per cent to 7,248.

European markets closed lower on Friday: London’s FTSE fell 0.3 per cent, Paris lost 0.2 per cent and Frankfurt was down 0.1 per cent.

Asian markets closed mixed on Friday, Tokyo’s Nikkei closed 0.6 per cent lower, Hong Kong’s Hang Seng added 0.3 per cent and China’s Shanghai Composite gained 0.4 per cent.

Company news

In company news that broke after the market close on Friday. Engineering company WorleyParsons (ASX:WOR) has entered a joint venture with BP Oil New Zealand. WorleyParsons will take a 50% shareholding in the established New Zealand Oil Services, a company which has been awarded a Terminal Services Agreement to operate BP's 7 bulk fuel storage, handling and distribution facilities in New Zealand. WorleyParsons will also become the preferred contractor to deliver engineering, project delivery and asset management services to New Zealand Oil Services. Shares in WorleyParsons (ASX:WOR) closed 0.88 per cent higher to $14.92 on Friday.

Ex-dividends

Ausnet Services (ASX:AST) is paying 4.86 cents, 39.91 per cent franked
CBG Capital (ASX:CBC) is paying 1.6cents fully franked
Elders (ASX:ELD) is paying 9cents fully franked

Currencies

One Australian Dollar at 7:35AM was buying US73.10 cents, 56.99 Pence Sterling, 82.39 Yen and 64.09 Euro cents.

Commodities

Iron ore futures are flat
Gold has gained $8.00 to $US1223 an ounce.
Silver was up 12 cents to $US14.38 an ounce.
Oil was flat at $US56.68 a barrel.

Cryptocurrencies

Bitcoin has gained 1.1 per cent to US$5614, Ethereum has added 1.7 per cent to US$177 and XRP was up 2.33 per cent to US$0.5033 (50.33 US cents).