Stocks in Europe and Asia slide: ASX poised open higher

Market Reports

by Rachael Jones

Despite weak leads from US markets, the Australian share market looks set to open on a positive note this morning. Wall St took a slide following losses in Europe and Asia. The S&P 500 Index fell for a third day, the longest losing streak in almost two months. The dip comes as investors digest the latest reports surrounding the US-China trade war. Meanwhile on the commodities front, oil has added and gold has dropped.


Wall Street closed lower yesterday: The Dow Jones Industrial Average closed 0.2 per cent lower at 27,766, the S&P 500 closed 0.2 per cent lower at 3104 and the NASDAQ shed 0.2 per cent to 8506.

European markets closed lower: London’s FTSE lost 0.3 per cent, Paris dipped 0.2 per cent and Frankfurt closed 0.2 per cent lower.

Asian markets closed lower: Tokyo’s Nikkei fell 0.5 per cent, Hong Kong’s Hang Seng dropped 1.6 per cent and China’s Shanghai Composite shed 0.3 per cent.

Taking all of this into equation, the SPI futures are pointing to a 0.6 per cent gain.

Yesterday, the Australian share market closed 50 points or 0.7 per cent lower at 6673.

Company news

Synlait Milk (ASX:SM1) is considering an offer of up to $150 million of five-year unsecured subordinated fixed rate bonds, with the ability to accept up to $50 million of oversubscriptions at Synlait’s discretion, to New Zealand institutional and retail investors. The bonds will be subordinated to Synlait’s senior bank debt facilities and the proceeds are intended to be used to repay a portion of Synlait’s existing bank debt. Shares in Synlait Milk (ASX:SM1) closed 0.79 per cent lower at $8.85 yesterday.

Silver Lake Resources (ASX:SLR) are set to say goodbye to Les Davis, the inaugural Managing Director from 2007 and Non-Executive Director from November 2014. He has advised of his intention to resign effective from the conclusion of Silver Lake’s AGM to be held later today. Shares in Silver Lake Resources (ASX:SLR) closed 0.48 per cent higher at $1.05 yesterday.


Cazaly Resources (ASX:CAZ) is paying 0.5 cents unfranked


One Australian Dollar at 8:40 AM was buying 67.89 US cents, 52.61 Pence Sterling, 73.74 Yen and 61.39 Euro cents.


Iron Ore has added 0.4 per cent to US$86.67.
Iron Ore futures suggest a 0.3 per cent gain.
Gold has dropped $9.10 to US$1465 an ounce.
Silver has lost $0.04 to US$17.23 an ounce.
Oil has added $1.33 to US$58.34 a barrel.