Uber IPO at $45 per share: ASX poised to open lower

Market Reports

by Rachael Jones

Wall Street has all its attention on the trade talks between the US and China in Washington this week, dragging down their markets. Australian shares are set to open lower this morning following on from their weak leads. The S&P 500 is on pace for its worst week of the year. It's the fourth day of losses for the US. Materials and technology stocks saw steep declines. Meanwhile, Uber makes its IPO debut today in one of the most anticipated and highly valued IPOs in history. Shares will be priced at $45.The valuation of $82.4 billion slipped since Uber announced its intention to go public.


Wall Street closed lower yesterday: The Dow Jones Industrial Average closed 0.5 per cent lower at 25,828, the S&P 500 fell 0.3 per cent to close at 2871 and the NASDAQ lost 0.4 per cent to 7911.

European markets closed lower: London’s FTSE fell 0.9 per cent, Paris dropped 1.9 per cent and Frankfurt lost 1.7 per cent.

Asian markets closed lower, Tokyo’s Nikkei fell 0.9 per cent, Hong Kong’s Hang Seng dropped 2.4 per cent and China’s Shanghai Composite lost 1.5 per cent.

Taking all of this into equation, the SPI futures are down 9 points. Yesterday, the Australian share market closed 26 points (0.4per cent) higher at 6295.

Local economic 

We can expect to see the RBA Statement on Monetary Policy later today.

Company news

Santos (ASX:STO) says the Barossa project has strengthened its position as the leading candidate for Darwin LNG backfill with the award of the Subsea Production System contract. Following a competitive tender, Technip Oceania Pty Ltd was the successful bidder to supply the SPS. The Barossa gas field is 300 kilometres north of Darwin, and sits within Santos’ Northern Australia portfolio, one of the company’s five core long-life, natural gas assets. Santos holds a 25 per cent interest in the Barossa Caldita joint venture along with partners ConocoPhillips (37.5% and operator) and SK E&S (37.5%). Santos is also a joint venture partner in DLNG with an 11.5 per cent interest. Shares is Santos (ASX:STO) closed 1.9 per cent higher at $6.96 yesterday.


Janus Henderson (ASX:JHG) is paying 51.44 cents unfranked


One Australian Dollar at 7:40AM was buying 69.92 US cents, 53.75 Pence Sterling, 76.73 Yen and 62.34 Euro cents.


Iron Ore futures suggest a 0.1 per cent fall
Gold has added $3.40 to US$1285 an ounce.
Silver was down $0.10 to US$14.76 an ounce.
Oil lost $0.52 to US$61.60 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.