Brexit Bill paused, markets respond: 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. Brexit caused a hiccup on the stock market, as Prime Minister Boris Johnson lost a key vote to fast-track legislation. MPs in the UK rejected the timetable, which would have seen the Withdrawal Agreement Bill legislation speed through Parliament in 3 days. The British pound sank. Gains were erased on wall St as Tech stocks took a tumble after Facebook and Netflix shares fell, losses were felt close to the close of trade. Also in the US Macdonald’s saw disappointing results.

Markets

Wall Street closed lower yesterday: The Dow Jones Industrial Average dropped 0.2 per cent to close at 26,788, the S&P 500 closed 0.4 per cent lower at 2996 and the NASDAQ fell 0.7 per cent to 8104.

European markets closed higher: London’s FTSE added 0.7 per cent, Paris gained 0.2 per cent and Frankfurt rose 0.1 per cent.

Asian markets closed higher, Tokyo’s Nikkei was closed, Hong Kong’s Hang Seng was up 0.2 per cent and China’s Shanghai Composite rose 0.5 per cent.

Taking all of this into equation, the SPI futures are pointing to a 0.03 per cent fall.

Yesterday, the Australian share market closed 20 points (0.3%) higher at 6672 yesterday.

Company news 

The leading global marketplace for independent artists, Redbubble (ASX:RBL), today announced the launch of its sponsored Level 1 American Depositary Receipts Program. The company received approval from the United States Securities and Exchange Commission (SEC) to establish the ADR Program in the United States. This enables non-US companies to have direct exposure to the US investment community. Shares in Redbubble (ASX:RBL) closed 2.01 per cent lower at $1.46.

Ex – Dividend

Acrow Formwork and Construction Srvc Ltd (ASX:ACF) in paying 1 cent unfranked

Currencies

One Australian Dollar at 7:40 AM was buying 68.58 US cents, 53.25 Pence Sterling, 74.40 Yen and 61.65 Euro cents.

Commodities

Iron Ore has gained 1.5 per cent at US$86.68
Iron Ore futures suggest a 2.03 per cent gain.
Gold has added $2.50 to US$1491 an ounce.
Silver has fallen 7 cents to US$17.54 an ounce.
Oil has gained $0.85 to US$54.16 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.