Tech stocks rise, NASDAQ up: ASX set to open higher

Market Reports

by Rachael Jones

Following positive leads from US markets, the Australian share market looks set to open higher this morning. Sentiment was lifted in the US and across Europe as reassuring data came out of China with stronger fixing of their currency easing fears surrounding the trade conflict.The S&P 500 Index posted its biggest advance in two months, building on gains in Europe and Asia and erasing its loss for the week. A surge in tech companies pushed the Nasdaq Composite up. On the commodities front, oil has gained and safe haven gold has dropped.

Local economic news

The Reserve Bank of Australia will release a statement on monetary policy at 11.30am AEST


Markets

Wall Street closed higher yesterday: The Dow Jones Industrial Average gained 1.4 per cent to close at 26,378, the S&P 500 added 1.9 per cent to close at 2938 and the NASDAQ jumped 2.2 per cent to 8039.

European markets closed higher: London’s FTSE added 1.2 per cent, Paris gained 2.3 per cent and Frankfurt was up 1.7 per cent.

Asian markets closed higher: Tokyo’s Nikkei added 0.4 per cent, Hong Kong’s Hang Seng was up 0.5 per cent and China’s Shanghai Composite gained 0.9 per cent.

Taking all of this into equation, the SPI futures are pointing to a 0.6 per cent gain.

Yesterday, the Australian share market closed 49 points or 0.8 per cent higher at 6568.

Company news

Crown Resorts (ASX:CWN) yesterday posted the announcement from the NSW Independent Liquor & Gaming Authority that they will be conducting an inquiry into the proposed sale of shares in Crown Resorts from James Packer's CPH Crown Holdings. The sale is to Lawrence Ho's Melco Resorts & Entertainment, a Hong Kong-based casino operator. The sale was announced to the ASX at the end of May where CPH Crown Holdings, a wholly-owned subsidiary of Consolidated Press Holdings, entered into an agreement in relation to the sale of 19.99 per cent of the issued capital of Crown to Melco Resorts & Entertainment Limited. The sale is apparently yet to be finalised. Crown Resorts say they will fully co-operate in relation to this inquiry. Shares in Crown Resorts (ASX:CWN) closed 1.23 per cent higher at $11.56 yesterday.

Ex – Dividend

BKI Investment (ASX:BKI) is paying 4.7 cents fully franked
Janus Henderson (ASX:JHG) is paying 52.55 cents unfranked
Oceania Healthc (ASX:OCA) is paying 2.12 cents unfranked
Ozgrowth Limited (ASX:OZG) is paying 0.25 cents fully franked
Westoz Inv Ltd (ASX:WIC) is paying 3 cents fully franked

Currencies
One Australian Dollar at 7:40AM was buying 67.90US cents, 55.94Pence Sterling, 71.86 Yen and 60.68 Euro cents.


Commodities

Iron Ore futures suggest a 0.3 per cent fall
Gold has dropped $6.90 to US$1513 an ounce.
Silver has lost $0.27 to US$16.93 an ounce.
Oil has gained $1.83 to US$52.92 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.