Tariff talk expected at G20 summit: ASX is set to open flat

Market Reports

by Rachael Jones

Australian shares are set to open flat this morning showing little change as investors waited with baited breath for this weekends meeting between President Donald Trump and Chinese President Xi Jinping. The leaders will meet at the G20 summit in Buenos Aires. US and Chinese officials have been working for weeks on trade and tariffs between the two countries after Trump spoke of escalating tariffs to China earlier this year.

Markets

 The Dow Jones Industrial Average fell 0.1 per cent to 25,339 the S&P 500 lost 0.2 per cent to 2,738 and the NASDAQ was down 0.3 per cent to 7273.

European markets closed mixed yesterday: London’s FTSE added 0.5 per cent, Paris was also up 0.5 per cent and Frankfurt closed almost flat, down 0.01 per cent.

Asian markets closed mixed, Tokyo’s Nikkei added 0.4per cent, Hong Kong’s Hang Seng fell 0.9 per cent and China’s Shanghai Composite was down 1.3 per cent.

On the futures markets, the ASX futures are pointing to a 2 points fall. Yesterday, the Australian share market closed higher with the S&P/ASX 200 Index closing 33 points higher to 5758

Company news

Construction engineering company Decmil (ASX:DCG) has extended its relationship with BHP on the Mulla Mulla accommodation village contract. Works at the Mulla Mulla site in WA now total approximately $153 million. They will upgrade and expand the existing Mulla Mulla Village and will support current operations at Mining Area C and the South Flank project, currently in execution. The extension adds to the $13 million early works package announced in August 2017 and the $75 million stage one package announced in November 2017.  Shares in Decmil Group (ASX:DCG) closed 0.7 per cent lower to $0.67 yesterday.

Ex-Dividends

MCP Master Income Trust (ASX:MXT) is paying 1.2 cents unfranked.

Currencies

One Australian Dollar at 8:40AM was buying US73.19 cents, 57.26 Pence Sterling, 83.03 Yen and 64.27 Euro cents.

Commodities

Iron ore futures are pointing to 0.4 per cent fall
Gold fell $0.50 to $US1229.30 an ounce.
Silver was down 7cents at $US14.38 an ounce.
Oil was up $1.08 to $US51.37 a barrel.

Cryptocurrencies

Bitcoin has fallen 2.77 per cent to US$4183, Ethereum has dropped 6.55 per cent to US$115 and EOS shed 11.4 per cent to US$2.93.
 

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.