Trump puts China talks in jeopardy: ASX set to open lower

Market Reports

by Rachael Jones

Following negative leads from US markets, the Australian share market looks set to open lower this morning. Stocks In Asia look set to start the week cautiously as Wall Street retreated on Friday under the US and China trade war worries. US President Donald Trump says that planned trade talks with China could be called off. Back home the second quarter earnings reporting season is coming to an end soon.

Markets

Wall Street closed lower on Friday: The Dow Jones Industrial Average lost 0.34 per cent to close at 26,287, the S&P 500 closed 0.66 per cent lower at 2919 and the NASDAQ dropped 1.0 per cent to 7959.

European markets closed lower: London’s FTSE lost 0.4 per cent, Paris fell 1.1 per cent and Frankfurt was down 1.3 per cent.

Asian markets closed mixed:Tokyo’s Nikkei added 0.4 per cent, Hong Kong’s Hang Seng was down 0.69 per cent and China’s Shanghai Composite lost 0.7 per cent.

Taking all of this into equation, the SPI futures are pointing to a 0.34 per cent loss.

Yesterday, the Australian share market closed 16 points or 0.34 per cent higher at 6584.

Company news

Harvey Norman Holdings (ASX:HVN) has sold The Byron at Byron Bay Resort to GAG Byron on Byron Business Company for almost $42 million. Subject to the terms and conditions of the Sale Contract, completion of the sale will happen around 16 September 2019 and the second Monday following the grant of the liquor licence approval by the relevant authority. The 92-suite resort was listed for sale in May. Shares in Harvey Norman Holdings (ASX:HVN) closed 2.14 per cent higher at $4.29 on Friday.

Reporting season

We can watch out for JB Hi Fi (ASX:JBH), Ansell (ASX:ANN), Magellen Financial Group (ASX:MFG) Charter Hall Long Wale REIT (ASX:CLW) which are all set to report financial results today.

Currencies

One Australian Dollar at 7:50AM was buying 67.84US cents, 56.38Pence Sterling, 71.67 Yen and 60.59 Euro cents.

Commodities

Iron Ore futures suggest a 3.7 per cent fall
Gold has dropped $1.00 to US$1509 an ounce.
Silver is steady at US$16.93 an ounce.
Oil has gained $1.9 to US$54.50 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.