Fed Reserve leaves interest rate unchanged: ASX poised to open lower

Market Reports

by Rachael Jones

Following weak leads from the US , the Australian share market looks set to open lower this morning. US stocks fell after the Federal Reserve decision to leave rates unchanged. Chairman Jerome Powell gave no indication officials were weighing an interest-rate cut despite pressure from the White House. He said he didn’t see a strong case for moving in either direction. The Australian dollar dropped. Most major Asian markets remained closed for the holidays.

Markets

Wall Street closed lower yesterday: The Dow Jones Industrial Average closed 0.6 per cent lower at 26,430, the S&P 500 fell 0.8 per cent to close at 2924 and the NASDAQ lost 0.6 per cent to 8050.

In Europe, London’s FTSE fell 0.4 per cent, while Paris and Frankfurt were closed.

Taking all of this into equation, the SPI futures are down 30 points. Yesterday, the Australian share market closed 50 points (0.8 per cent) higher at 6376.

Company news

Further to the announcement dated 24 April 2019 from Bellamy’s Australia (ASX:BAL), ViPlus Dairy’s formula-series registration amendment has been approved by SAMR but Bellamy’s organic formula-series application is still pending.
SAMR approved a label and artwork change to the existing registered ViPlus Dairy’s bovine formula-series. The label and artwork change approved the inclusion of Bellamy’s owned trade-marks, artwork and brand. This formula-series will be manufactured at the ViPlus Dairy facility in Toora, Victoria and will be sold and marketed by Bellamy’s and its network of distributors. As previously stated, ViPlus is awaiting final certification of all artwork changes from SAMR.
The above SAMR approval is separate from the Bellamy’s organic formula-series application which will be produced at its Camperdown Powder facility in Melbourne, Victoria and which is not yet approved by SAMR.
Shares in Bellamy’s Australia (ASX:BAL) closed 0.37 per cent higher at $10.82.

Ex-dividend 

Acorn Capital Investment Fund Ltd (ASX:ACQ) is paying 3.5 cents fully franked
Australian Pharmaceutical Industries Ltd (ASX:API) is paying 3.75 cents fully franked
CBG Capital Ltd (ASX:CBC) is paying 1.7cents fully franked
OM Holdings Limited (ASX:OMH) is paying 2 cents unfranked
Waterco Limited (ASX:WAT) is paying 2 cents fully franked

Currencies

One Australian Dollar at 7:40AM was buying 70.18 US cents, 53.77 Pence Sterling, 78.18 Yen and 62.67 Euro cents.

Commodities 

Gold has lost $7.40 to US$1278 an ounce.
Silver has lost $0.30 to US$14.69 an ounce.
Oil was down $0.29 to US$63.62 a barrel.