Markets await G20 summit meetings: ASX poised to open lower

Market Reports

by Rachael Jones

Following soft leads from US markets, the Australian share market looks set to open lower. President Trump has signed an executive order imposing “hard-hitting” new sanctions on Iran in response to the downing of an unmanned US drone last week. Investors are waiting anxiously for outcome of the meeting with President Trump and China’s President Xi. They are meeting at the G20 summit in Japan this week. 

Markets

Wall Street closed mixed yesterday: The Dow Jones Industrial Average closed flat at 26,728, the S&P 500 dropped 0.2 per cent to close at 2945 and the NASDAQ closed 0.3 per cent lower at 8006.

European markets closed mixed: London’s FTSE added 0.1 per cent, Paris fell 0.1 per cent and Frankfurt was down 0.5 per cent.

Asian markets closed higher, Tokyo’s Nikkei gained 0.1 per cent, Hong Kong’s Hang Seng was up 0.1 per cent and China’s Shanghai Composite added 0.2 per cent.

Taking all of this into equation, the SPI futures are down 14 points. Yesterday, the Australian share market closed 15 points or 0.2 per cent higher at 6665.

Local economic news 

ABS:- Characteristics of Australian Business , 2017-18.

Company news 

The Regional Express Group's (ASX:REX) wholly-owned subsidiary, PelAir Aviation has been awarded a two-year contract extension for the provision of Fixed Wing Air Ambulance Services. The contract is by Ambulance Victoria. Pel-Air Aviation was contracted to supply, fit out, maintain and operate four Beechcraft King Air B200 aircraft at its Essendon base in Victoria. The new term of the agreement will now extend to June 2023. Shares in Regional Express Holding (ASX:REX) closed 1.08 per cent higher at $1.41.

And Regis Resources (ASX:RRL) advises that Jon Latto has been appointed Company Secretary following the resignation of Kim Massey. Shares in Regis Resources (ASX:RRL) closed flat at $5.06 yesterday.

Currencies

One Australian Dollar at 7:40AM was buying 69.64 US cents, 54.69 Pence Sterling, 74.73 Yen and 61.10 Euro cents.

Commodities

Gold has added $23.20 to US$1423 an ounce.
Silver was up $0.14 to US$15.51 an ounce.
Oil gained $0.32 to US$57.75 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.