All eyes on the Hayne's report: ASX set to open higher

Market Reports

by Rachael Jones

Australian shares are poised to open higher this morning – although many eyes will be on Commissioner Hayne's report for release later today. We could see bank shares take a hit once again. The final report is likely to pass judgment on at least half a dozen organizations. Findings were completed on Friday and will be revealed just after 4pm this afternoon. Australian dollar slipped 0.3 per cent and Oil gained $1.47.

Local Economic News

On Monday the Australian Bureau of Statistics will release building approvals for December 2018. On Tuesday,  International Trade in Goods and Services report will be out for December. Also retail trade for December. We also have the Reserve Bank of Australia rates meeting. On Wednesday we see selected living cost indexes for December. And on Friday a Statement on Monetary Policy from the RBA is due.

Markets

Wall Street closed mixed on Friday: The Dow Jones Industrial Average gained 0.3 per cent to close at 25,064, the S&P 500 added 0.1 per cent to close at 2,707 and the NASDAQ fell 0.3 per cent to close at 7264.

European markets closed higher on Friday: London’s FTSE added 0.7 per cent, Paris gained 0.5 per cent and Frankfurt rose 0.1 per cent.

Asian markets closed higher on Friday: Tokyo’s Nikkei added 0.1 per cent, Hong Kong’s Hang Seng fell 0.04 per cent, and China’s Shanghai Composite was up 1.3 per cent.

Taking all of this into equation, the ASX futures are up 20 points. On Friday, the Australian share market closed 0.03 per cent lower or 2 points lower 5863.

Company news

Premier Investments (ASX:PMV) are saying goodbye to their company secretary after 24 years. Kim Davis retires today in this role but will continue with ongoing involvement in global taxation and domestic and international corporate structures. Marinda Meyer will take over as Company Secretary of Premier from today. She is a qualified Chartered Accountant with over 15 years’ financial experience. Shares in Premier Investments (ASX:PMV) closed 1.23 per cent lower at $13.65 on Friday.

Currencies

One Australian Dollar at 7:40AM was buying 72.49US cents, 55.51 Pence Sterling, 79.39 Yen and 63.33 Euro cents.

Commodities

Iron Ore futures suggest a 6.3 per cent gain.
Gold has dropped $3.10 to US$1322 an ounce.
Silver has fallen $0.14 to US$15.93 an ounce.
Oil has gained $1.47 to US$55.26 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.