Trump regrets not raising Chinese tariffs higher: ASX poised to open lower

Market Reports

by Rachael Jones

The Australian share market is set to see a downturn this morning after a rumble over the US China trade war due to comments from US President Donald Trump. In a bilateral meeting with British Prime Minister Boris Johnson at the G-7 summit in Biarritz, in France. During the meeting, Trump was asked if he had second thoughts about escalating the trade war with China. He said yes. A White House spokesperson released a statement after saying his answer has been greatly misinterpreted. White House officials did clarify though that he regrets not raising tariffs more. Trump said that he would have a major trade deal with UK after it leaves the European Union. On the commodities front, safe haven gold has shot up almost $30 an ounce. 

Local economic news

Tuesday - The Australian Bureau of Statistics will release figures for Construction Work Done for June 2019.

Thursday – we'll see Private New Capital Expenditure and Expected Expenditure, for June 2019.

Friday - Building Approvals, July 2019.

Markets 

Wall Street closed lower on Friday: The Dow Jones Industrial Average fell 2.4 per cent to close at 25,629, the S&P 500 dropped 2.6 per cent to close at 2847 and the NASDAQ plunged 3.0 per cent to 7752.

European markets closed lower on Friday: London’s FTSE fell 0.5 per cent, Paris dropped 1.1 per cent and Frankfurt was down 1.2 per cent.

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

Taking all of this into equation, the SPI futures are pointing to 1.3 per cent fall. On Friday, the Australian share market closed 21 points (0.3 per cent) higher at 6523.

Company news

Virtus Health ( ASX:VRT) has appointed Dr Michael Stanford AM to its Board as a Non-Executive Director with effect from 2 September 2019. Starting his career as a Doctor, Michael progressed into hospital administration and brings
23 years’ experience as a Chief Executive Officer and Managing Director of health care organisations to the Virtus Health Board. After five years running two of Victoria’s major public hospital networks, Michael was appointed Managing Director and CEO of ASX-300 Company, Australian Hospital Care Limited where he played an integral role in facilitating an acquisition by Mayne Healthcare in 2001. Shares in Virtus Health (ASX:VRT)closed 0.25 per cent lower at $3.98 on Friday.

Reporting Season

- Adairs Ltd (ASX:ADH)
- Amaysim Australia Ltd (ASX:AYS)
- Antipodes Global Investment (ASX:APL)
- Boral Ltd (ASX:BLD)
- Fortescue Metals Group (ASX:FMG)
- G8 Education Ltd (ASX:GEM)
- IOOF Holdings Limited (ASX:IFL)
- Monash IVF Group (ASX:MVF)
- Ridley Corp Ltd (ASX:RIC)
- Smart Parking (ASX:SPZ)

Ex-Dividends

Aurizon Holdings Ltd (ASX:AZJ) is paying 12.4 cents 70 per cent franked
Barrack St Investments Ltd (ASX:BST) is paying 2.25 cents fully franked
Evolution Mining Ltd (ASX:EVN) is paying 6 cents fully franked
GWA Group Ltd (ASX:GWA) is paying 9.5 cents fully franked
Kogan.Com Ltd (ASX:KGN) is paying 8.2 cents fully franked
Netwealth Group (ASX:NWL) is paying 6.6 cents fully franked
Platinum Capital Ltd (ASX:PMC) is paying 4 cents fully franked
Summerset Group Holdings Ltd (ASX:SNZ) is paying 5.1874 cents unfranked
Woodside Petroleum (ASX:WPL) is paying 53.0348 cents fully franked

Currencies

One Australian Dollar at 7:40 AM was buying 67.38US cents, 54.93 Pence Sterling, 70.70 Yen and 60.44Euro cents.

Commodities

Iron Ore has gained 4 per cent to US$87.81
Iron Ore futures suggest a 1.4 per cent gain.
Gold has added $29.10 to US$1538 an ounce.
Silver was up 37 cents to US$17.55 an ounce.
Oil has dropped $1.38 to US$53.97 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.