OPEC talks end without oil deal: ASX set to open lower

Market Reports

by Rachael Jones

Australian shares are set to fall this morning as the uncertainty over the US-China trade deal rumbles on. There was a late rally in large tech stocks in the US which helped propel the NASDAQ – a big reversal for the index since April. The Organization of Petroleum Exporting Countries talks ended without a deal on oil production cuts for the first time in almost five years as Russia refused to commit to the cuts Saudi Arabia is demanding. All European sectors were in the red, with many forces weighing on the markets.

Markets

Wall Street closed mixed yesterday. The Dow Jones Industrial Average lost 0.3 per cent to 24,948 the S&P 500 dropped 0.2 per cent to 2,696 and the NASDAQ rose 0.4 per cent to 7188.

European markets closed lower yesterday: London’s FTSE fell 3.2 per cent, Paris dropped 3.3 per cent and Frankfurt shed 3.5 per cent.

Asian markets closed lower, Tokyo’s Nikkei fell 1.9 per cent, Hong Kong’s Hang Seng dropped 2.5 per cent and China’s Shanghai Composite was down 1.7 per cent.

On the futures markets, the ASX futures are pointing to a 3 points loss. Yesterday, the Australian share market closed lower with the S&P/ASX 200 Index closing 11 points lower to 5658.

Company news

The Board of Syrah Resources (ASX:SYR) has announced that Non-Executive Director Stefano Giorgini has resigned for personal reasons with immediate effect. His work also included as Chair of the Audit Committee. Syrah has immediately commenced a search for an additional Non-Executive Director. In the interim, Sam Riggall has agreed to take on the role of Audit Committee Chair. Lisa Bahash, who recently joined the Board, has been appointed to the Remuneration, Nomination and Governance Committee. Shares in Syrah Resources (ASX:SYR) closed 2.75 per cent lower to$1.59 yesterday.

Ex-Dividends

Fisher & Paykel Healthcare Corp (ASX:FPH) is paying 9.16 cents unfranked

Currencies

One Australian Dollar at 8:40AM was buying US72.36 cents, 56.6 Pence Sterling, 81.55Yen and 63.58 Euro cents.

Commodities

Iron ore futures are pointing to 1.1 per cent fall
Gold added $0.80 to $US1243 an ounce.
Silver was down 4 cents at $US14.54 an ounce.
Oil fell $1.22 to $US51.67 a barrel.