US to withdraw from Paris Agreement: Aus shares to open higher

Market Reports

by Katrina Bullock

Following strong leads from US markets, the Australian shares market is poised to edge higher at the open. The United States comes under intense criticism as it notifies the United Nations of its intention to withdraw from the Paris Agreement. This comes as eleven thousand scientists from over 150 countries have declared a climate emergency and warned that “untold human suffering” will occur unless strong climate change policy is implemented immediately. The decision to withdraw comes despite Bloomberg’s analysis that energy stocks will benefit if the Paris Agreement is followed and energy giants like Exxon Mobil, Conoco Phillips and Occidental Petroleum signalling that they want the US to remain in the Paris Agreement. Oil prices rose more than 1 per cent overnight on hopes of a US-China trade deal, while gold slid around 1.6 per cent.

Markets

Wall Street closed mixed yesterday: The Dow Jones Industrial Average gained 0.1 per cent to close at 27,493, the S&P 500 closed 0.1 per cent lower at 3075 and the NASDAQ added 0.02 per cent to 8435.

European markets closed higher: London’s FTSE gained 0.3 per cent, Paris added 0.4 per cent and Frankfurt closed 0.1 per cent higher.

Asian markets closed higher: Tokyo’s Nikkei jumped 1.8 per cent, Hong Kong’s Hang Seng gained 0.5 per cent and China’s Shanghai Composite added 0.5 per cent also.

Taking all of this into equation, the SPI futures are pointing to a 0.3 per cent gain. Yesterday, the Australian share market closed 10 points or 0.2 per cent higher at 6697.

Company news 

The Oneview Healthcare (ASX:ONE) board is playing musical chairs. The board of the healthcare technology company which targets seniors has unanimously agreed to a proposal by its Chair, Joseph Rooney, to reposition the roles of the three independent directors. Mike Kaminski will assume the role of Chairman of Oneview, Joseph Rooney will chair the audit sub-committee and Lyle Berkowitz will take over as chair of the Remuneration sub-committee. The company says the changes will take effect immediately and are designed to better align independent directors with their respective core competencies. In particular, the new structure will leverage Mike Kaminski’s knowledge of the US healthcare industry and his experience of working with corporate start-ups. Shares in Oneview Healthcare (ASX:ONE) last traded at $0.25 on the 4 November 2019.

Ex-dividend 

Brickworks (ASX:BKW) is paying 38 cents fully franked
Bank of Queensland (ASX:BOQ) is paying 31 cents fully franked
Jupiter Mines. (ASX:JMS) is paying 4 cents unfranked 
ResMed Inc. (ASX:RMD) is paying 3.9895 cents unfranked

Currencies

One Australian Dollar at 8:40AM was buying 68.95 US cents, 53.53 Pence Sterling, 75.26 Yen and 62.27 Euro cents.

Commodities

Iron Ore is flat at US$83.30.
Iron Ore futures suggest a 1.3 per cent gain.
Gold has lost $25 to US$1487 an ounce.
Silver has dropped $0.47 to US$17.60 an ounce.
Oil has risen $0.68 to US$57.22 a barrel.