Alibaba makes Hong Kong debut: ASX poised to open lower

Market Reports

by Rachael Jones

The Australian share market looks set to open lower despite US markets closing higher. US China trade negotiations rumble along keeping investors on their toes. Stocks in the US rose on the hopes tech companies will release strong earnings such as Amazon and Facebook. And investors in China are finally able to own Alibaba shares after its debut in Hong Kong. The stock hit up over 6 per cent.On the commodities front, oil and gold both added.

Local economic news

The Australian Bureau of Statistics will release figures for construction work done in September 2019.

Markets

Wall Street closed higher yesterday: The Dow Jones Industrial Average closed 0.2 per cent higher at 28,122, the S&P 500 gained 0.2 per cent to 3141 and the NASDAQ added 0.2 per cent to 8648.

European markets closed mixed: London’s FTSE gained 0.1 per cent, Paris also added 0.1 per cent and Frankfurt closed 0.1 per cent lower.

Asian markets closed mixed: Tokyo’s Nikkei added 0.4 per cent, Hong Kong’s Hang Seng fell 0.3 per cent and China’s Shanghai Composite closed almost flat.

Taking all of this into equation, the SPI futures are pointing to a 0.1 per cent fall.

Yesterday, the Australian share market closed 56 points or 0.8 per cent higher at 6788.

Company news

Virgin Money UK (ASX:VUK) says Clive Adamson, a Non-Executive Director, has informed the Board of his intention to step down from the Board at the end of this month to take up an external appointment. Clive has been a member of the Board since July 2016. He is Chair of the Board’s Risk Committee and a member of the Board’s Audit Committee. Clive is also a Director of Clydesdale Bank PLC and of Virgin Money plc. Geeta Gopalan, one of the Company’s independent Non-Executive Directors will be appointed Chair of the Board’s Risk Committee with effect from 30 November 2019, subject to regulatory approval. Shares in Virgin Money UK (ASX:VUK) closed 0.37 per cent lower at $2.71 yesterday.

Ex-Dividends

ALS Ltd (ASX:ALQ) is paying 11.5 cents 30 per cent franked
Amcor PLC (ASX:AMC) is paying 16.7 cents unfranked
OFX Group Ltd (ASX:OFX) is paying 2.35 cents 70 per cent franked

Currencies

One Australian Dollar at 8:40 AM was buying 67.90 US cents, 52.79 Pence Sterling, 74.05 Yen and 61.60 Euro cents.

Commodities

Iron Ore has lost 1.8 per cent to US$89.30.
Iron Ore futures suggest a 1.4 per cent fall.
Gold has gained $5.70 to US$1470 an ounce.
Silver has added $0.18 to US$17.21 an ounce.
Oil has added $0.35 to US$58.36 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.