Trade planning meeting reportedly cancelled: ASX poised to open lower

Market Reports

by Rachael Jones

The Australian share market is set to open lower this morning, after US stocks extended losses in afternoon trade. This came as The White House rejected a trade planning meeting with China for later this week due to outstanding disagreements over intellectual property rules. President Donald Trump says he will reinforce punitive tariffs if they fail to agree on a permanent solution by March 1. Losses were pared in the US in late trade after White House adviser Larry Kudlow denied an official meeting had been cancelled. Oil dropped and the Australian dollar also took a dip.

Markets

Wall Street closed lower yesterday: The Dow Jones Industrial Average lost 1.2 per cent to close at 24,404, the S&P 500 lost 1.4 per cent to close at 2,633 and the NASDAQ lost 1.9 per cent to close at 7020.

European markets closed lower: London’s FTSE lost 1 per cent, Paris lost 0.4 per cent and Frankfurt also lost 0.4 per cent.

Asian markets closed lower: Tokyo’s Nikkei lost 0.5 per cent, Hong Kong’s Hang Seng lost 0.7 per cent, and China’s Shanghai Composite lost 1.2per cent.

Taking all of this into equation, the ASX futures are pointing to a fall of 28 points. Yesterday the Australian share market closed 0.5 per cent lower or 32 points lower 5,859.

Company news

BKI Investment Company (ASX:BKI) has seen an increase in their net operating result for the half by 12 per cent. Excluding special investment revenue it was $25.2 million up on the prior corresponding period. First half 2019 net operating profit, including special investment revenue, grew 104 per cent to $47.1 million. Earnings per Share increased 74 per cent to 6.48 cents per share, driven by the significant increase in special dividend income received in the first half. Shares in BKI Investment Company (ASX:BKI) closed 1 per cent lower at $1.53 yesterday.

Currencies

One Australian Dollar at 8:30 was buying 71.21 US cents, 54.97 Pence Sterling, 77.88 Yen and 62.69 Euro cents.

Commodities

Iron Ore has lost 1.5 per cent to at US$74.78. It futures suggest a 0.8 per cent fall.
Gold has gained $1.80 to US$1284 an ounce.
Silver has lost $0.05 to US$15.35 an ounce.
Oil has lost $1.06 to US$52.98 a barrel.
 

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.