Following positive leads from US markets, the Australian share market looks set to open higher this morning. In the US the Federal Reserve released the minutes from its September meeting where the central bank approved a quarter-point rate cut. They showed that trade was the overriding concern – mentioned 28 times. The impact tariffs have on business activity was also a concern. In other news, Turkey has begun a military offensive into Syria just days after President Donald Trump said the US wouldn’t stand in the way.
Local economic news
ABS Housing finance for August – lending to households and businesses
Wall Street closed higher yesterday: The Dow Jones Industrial Average added 0.7 per cent to close at 26,346, the S&P 500 closed 0.9 per cent higher at 2919 and the NASDAQ added just over 1.0 per cent to 7904.
European markets closed higher: London’s FTSE added 0.3 per cent, Paris gained 0.8 per cent and Frankfurt was up over 1 per cent.
Asian markets closed mixed, Tokyo’s Nikkei fell 0.6 per cent, Hong Kong’s Hang Seng dropped 0.8 per cent and China’s Shanghai Composite rose 0.4 per cent.
Taking all of this into equation, the SPI futures are pointing to 0.6 per cent gain.
Yesterday, the Australian share market closed 47 points or 0.7 per cent lower at 6547.
The Afterpay Touch Group (ASX:APT) reported yesterday that former US treasury secretary Lawrence Summers will join its advisory board. The company is hoping to push further into the fast-growing US market. Also joining the board will be former Reebok CEO Uli Becker, and former US online retailer ModCloth CEO Matthew Kaness. Summers was Treasury Secretary from 1999 to 2001 and also served as chief economist for the World Bank. Shares in Afterpay Touch Group (ASX:APT) closed 0.7 per cent higher at $34.88 yesterday.
Ex – Dividend
Desane Group Holdings (ASX:DGH) is paying 3 cents 54.49 per cent franked
GR Engineering Services Ltd (ASX:GNG) is paying 2 cents unfranked
Harvey Norman (ASX:HVN) is paying 21 cents fully franked
Rand Mining Ltd (ASX:RND) is paying 10 cents fully franked
One Australian Dollar at 7:40 AM was buying 67.25 US cents, 55.12 Pence Sterling, 72.29 Yen and 61.31 Euro cents.
Iron Ore has lost 3.9 per cent to US$91.06.
Iron Ore futures suggest a 1.4 per cent fall.
Gold has added $7.20 to US$1511 an ounce.
Silver has gained $0.10 cents to US$17.80 an ounce.
Oil has added $0.03 to US$52.66 a barrel.