China talks to extend weeks or months: ASX poised to open higher

Market Reports

by Rachael Jones

Australian shares are poised to open higher this morning as shares on Wall Street closed higher. The China trade deal rumbles on as White House economic adviser Larry Kudlow said in a speech in Washington yesterday that the Trump administration is prepared to keep negotiating with China for weeks or even months to reach a trade deal that will improve market access and intellectual-property policies for US companies. Meanwhile in the UK Prime Minister Theresa May will put her Brexit divorce deal to a vote in Parliament on Friday. The pound slumped.

Local economic News 

We can expect to see the Reserve Bank of Australia release figures for private sector credit February; And the ANZ will release consumer confidence figures for March;

Markets

Wall Street closed higher yesterday: The Dow Jones Industrial Average closed 0.4 per cent higher at 25,717, the S&P 500 added 0 .4 per cent to 2815 and the NASDAQ gained 0.3 per cent to 7669.

European markets closed mixed: London’s FTSE added 0.6 per cent, Paris lost 0.1 per cent and Frankfurt gained 0.1

Asian markets closed mixed, Tokyo’s Nikkei fell 1.6 per cent,Hong Kong’s Hang Seng gained 0.2per cent and China’s Shanghai Composite dropped 0.9 per cent.

Taking all of this into equation, the SPI futures are down 1 point. Yesterday the Australian share market closed 0.7 per higher o r40 points at 6176.

Company news

Alliance Mineral Assets (ASX:A40) has said goodbye to their joint company secretary as Joanna Kiernan leaves the company to commence parental leave. Following her resignation, Alexei Fedotov will remain in the role as Company Secretary of the Company. Shares is Alliance Mineral Assets (ASX:A40) closed flat yesterday at 18 cents.

Ex-dividend 

Australian Enhanced Income Fund (ASX:AYF) is paying 8.75 cents 44.42 per cent franked
Eildon Capital Ltd (ASX:EDC) is paying 1.925 cents fully franked
Global Value Fund Ltd (ASX:GVF) is paying 3.15 cents 70 per cent franked
MCP Master Income Trust (AS:MXT) is paying 1.13 cents unfranked
Pioneer Credit Ltd (ASX:PNC) is paying 4.31 cents fully franked

Currencies

One Australian Dollar at 7:40 AM was buying 70.79US cents, 54.26 Pence Sterling, 78.32 Yen and 63.07 Euro cents.

Commodities
Iron Ore price dropped 0.5 per cent to $85.68
Iron Ore futures suggest a 0.6 per cent gain
Gold has fallen $21.20 to US$1296 an ounce.
Silver has dropped $0.30 to US$14.99 an ounce.
Oil was $0.01 lower at US$59.40a 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.