Wallgreens rises 4%, Nasdaq up 0.7%, Trump/Xi meet Saturday: Aus shares eye uncertain start

Market Reports

by Jessica Amir

Following a mostly higher session on Wall Street overnight, with the S&P500 snapping its four-day slide, with the Nasdaq up the most and the Dow closing slightly lower, the Australian share market looks set for an uncertain open this morning.

Pharmacy operator Walgreens Boots Alliance shared climbed over 4.1 per cent after reporting better-than-expected quarterly results. While Boeing shares fell about 3 per cent on increasing uncertainty about when 737 Max jets will be able to fly again. Trump and Xi are set to meet at the G-20 summit in Osaka, Japan on Saturday to talk trade, with investors hoping to an end to their ongoing trade war.

The ASX futures are pointing to a 8 points fall.

Yesterday Australian share market closed higher for the first time in two days, with the S&P/ASX 200 Index closing 26 points higher/ 0.4 per cent higher at 6.666.

US economic news

US economic growth grew in the in the first quarter, with gross domestic product rising at an annualised rate of a 3.1 per cent. The growth was fuelled by strong defence spending according to the US Government’s Commerce Department. The result was on par with economists’ estimates that growth would be unrevised at 3.1 per cent. In the prior quarter (October-December), the economy grew at a 2.2 per cent.

Local economic news 

The Reserve Bank releases estimates of private sector credit (loans outstanding).

Australian Prudential Regulation Authority (APRA) releases the May estimates on bank deposits and loans.

Markets

US equities closed mixed: The Dow Jones Industrial Average closed 0.04 per cent lower at 26,527, the S&P 500 added 0.4 per cent to close at 2,925 and the NASDAQ added 0.7 per cent lower at 7,968.

European markets closed mixed: London’s FTSE fell 0.2 per cent, Paris lost 0.1 per cent and Frankfurt was up 0.2 per cent.

Asian markets closed higher, Tokyo’s Nikkei added 1.2 per cent, Hong Kong’s Hang Seng was up 1.4 per cent and China’s Shanghai Composite gained 0.7 per cent.

Company news

The Star Entertainment Group Limited (ASX:SGR) saw a major holder, Perpetual decrease its hold on the company (from 76.6 million shares to 67 million shares) dropping its stake from 8.35 per cent to 7.32 per cent. Perpetual Investment Management was previously granted regulatory approvals to increase its potential stake/voting power in group up to a maximum of 15 per cent. That overrides the general restriction provided by Liquor and Gaming New South Wales and the Queensland Minister. This special consideration advised to the market in 2012. Shares in The Star Entertainment Group (ASX:SGR) closed 0.75 per cent higher at $4.05.

Ex-dividends

Aurora Absolute Return Fund (ASX:ABW) is paying 0.14 cents unfranked
Aurora Global Income Trust (ASX:AIB) is paying 0.07 cents unfranked
Aurora Property Buy-Write Income Trust (ASX:AUP) is paying 3.67 cents unfranked
MCP Income Opportunities Trust (ASX:MOT) is paying 1.81 cents unfranked
MCP Master Income Trust (ASX:MXT) is paying 0.97 cents unfranked

Currencies

One Australian Dollar at 7:15 AM was buying 70.08 US cents, 55.32 Pence Sterling, 75.57 Yen and 61.66 Euro cents.

Commodities

Iron Ore futures are eyeing a rise of 1.2 per cent gain.
Gold has fallen $3.60 to US$1,412 an ounce, but holds at six year highs. 
Silver was down $0.08 to US$15.29 an ounce.
Oil shed $0.04 to US$59.34 a barrel.
 

Jessica Amir

Finance News Network
Jessica joined FNN in January 2017 after having worked in financial advising for seven years and in TV journalism for seven years, specialising in finance, equities and analysis. She has interviewed former Prime Ministers of Australia, Tony Abbott, Julia Gillard and Kevin Rudd and ex Treasurer Jo Hockey. Jessica has worked as a journalist with Sky News Business, ABC 1, ABC's The Business, ABC24 and has also been a regional Channel 7 and 9 TV reporter with Prime7 and Win News.