Trump bemoans China not buying enough farm goods: ASX poised to open lower

Market Reports

by Rachael Jones

Following mixed leads from US markets, the Australian share market looks set to open lower this morning.Markets were rocked as US and China trade talks resumed – facing even bigger hurdles. President Donald Trump tweeted yesterday that Beijing “is letting us down” by not buying American agricultural products. Both sides signal no rush toward deal. Meanwhile, France has approved a digital tax on American tech giants. Trump ordered an investigation into the 3 per cent tax on Wednesday. On the commodities front, oil has added very slightly and gold has fallen.

Local economic news 

Household Income and Wealth, 2017-18.

Markets

Wall Street closed mixed yesterday: The Dow Jones Industrial Average added 0.9 per cent to 27,088, the S&P 500 gained 0.2 per cent to close at 3000 and the NASDAQ fell 0.1 per cent to 8196.

European markets closed lower: London’s FTSE fell 0.3 per cent, Paris also lost 0.3 per cent and Frankfurt was also down 0.3 per cent.

Asian markets closed higher, Tokyo’s Nikkei added 0.5 per cent, Hong Kong’s Hang Seng was up 0.8 per cent and China’s Shanghai Composite gained 0.1 per cent.

Taking all of this into equation, the SPI futures are down 26 points. Yesterday, the Australian share market closed 26 points or 0.4 per cent higher at 6716.

Company news 

Sandfire Resources NL (ASX:SFR) has appointed Jason Grace as the Company’s new Chief Operating Officer. He will succeed Richard Beazley in September who has held the role on an interim basis for the past two years. Mr Grace is an experienced mining professional with more than 26 years of industry experience spanning Australia and the Asia-Pacific region. He was most recently Executive General Manager – Iron Ore for Mineral Resources (ASX:MIN). Shares in Sandfire Resources NL (ASX:SFR) closed 0.15per cent lower at $6.60.

Currencies

One Australian Dollar at 7:40AM was buying 69.76 US cents, 55.71 Pence Sterling, 75.69 Yen and 62.00 Euro cents.

Commodities

Iron Ore futures suggest a 0.6 per cent gain.
Gold has fallen $7.10 to US$1405 an ounce.
Silver was down $0.09 to US$15.14 an ounce.
Oil added $0.05 to US$60.50 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.