Record highs for Wall Street: ASX poised to open higher

Market Reports

by Rachael Jones

Following positive leads from US markets, the Australian share market looks set to open higher. Stocks in the US rose with the Dow Jones claiming its first record since July after the Federal Reserve cut interest rates last week and it looks as though the US and China are closing in on a partial trade deal. Uber stocks fell after their reported a quarterly loss topping $1 billion. Although their Q3 2019 earnings did beat analyst estimates.

Local economic news

AiG performance of services October,
RBA board decision at 2.30pm AEDT


Wall Street closed higher yesterday: The Dow Jones Industrial Average gained 0.4 per cent to close at 27,462, the S&P 500 closed 0.4 per cent higher at 3078 and the NASDAQ added 0.6 per cent to 8433.

European markets closed higher: London’s FTSE gained 0.9 per cent, Paris added 1.1 per cent and Frankfurt closed 1.4 per cent higher.

Asian markets closed higher: Hong Kong’s Hang Seng gained 1.7 per cent and China’s Shanghai Composite added 0.6 per cent while Tokyo’s Nikkei was closed.

Taking all of this into equation, the SPI futures are pointing to a 0.7 per cent gain.

Yesterday, the Australian share market closed 18 points or 0.3 per cent higher at 6687.

Company news 

AUSTAL (ASX:ASB) says the future USS Kansas City (LCS 22) has successfully completed acceptance trials in the Gulf of Mexico. This is the eleventh Independence-class Littoral Combat Ship (LCS), designed and built by Austal in Mobile, Alabama, to reach this milestone. Acceptance trials involve comprehensive testing by an Austal USA-led industry team while underway, demonstrating to the Navy the successful operation of the ship’s major systems and equipment. It is the last significant milestone before delivery of the ship. Shares in Austal (ASX:ASB) closed 5.58 per cent higher at $4.35 yesterday.


Bisalloy Steel Group Limited (ASX:BIS) is paying 4 cents fully franked
NAOS Ex-50 Opportunities Company Ltd (ASX:NAC) is paying 1.35 cents fully franked
NAOS Small Cap Opportunities Company Ltd (ASX:NSC) is paying 1 cent fully franked
Wellcom Group Limited (ASX:WLL) is paying 21 cents fully franked


One Australian Dollar at 8:50AM was buying 68.85 US cents, 53.46 Pence Sterling, 74.76 Yen and 61.88 Euro cents.


Iron Ore has dropped 2.7 per cent to US$83.27.
Iron Ore futures suggest a 0.8 per cent fall.
Gold has gained $0.90 to US$1512 an ounce.
Silver has added $0.01 to US$18.07 an ounce.
Oil has risen $0.37 to US$56.57 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.