Trade deal sees global markets rise: 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. The partial trade deal between the US and China saw global share markets rise overnight. Tech and healthcare led the way in the US. Meanwhile, the Trump administration yesterday downplayed a Mexican concern about a key piece of the North American trade deal they hope to approve this week. Mexican Deputy Foreign Minister Jesus Seade had raised concerns about America sending labour inspectors to Mexico.

Markets

Wall Street closed higher yesterday: The Dow Jones Industrial Average closed 0.4 per cent higher at 28,236, the S&P 500 gained 0.7 per cent to 3191 and the NASDAQ added 0.9 per cent to 8814.

European markets closed higher: London’s FTSE added 2.3 per cent, Paris gained 1.2 per cent and Frankfurt rose 0.9 per cent.

Asian markets closed mixed: Tokyo’s Nikkei dropped 0.3 per cent, Hong Kong’s Hang Seng lost 0.7 per cent and China’s Shanghai Composite closed 0.6 per cent higher.

Taking all of this into equation, the SPI futures are pointing to a 0.4 per cent gain.

Yesterday, the Australian share market closed 110 points or 1.6 per cent higher at 6850.

Local economic news 

Lending indictors October

Company news 

Keytone Dairy Corporation (ASX:KTD) has completed the integration project between the Company’s two powder manufacturing facilities in Melbourne after the acquisition of Omniblend. The completion includes receipt of all necessary licensing and accreditation, being Dairy Food Safety Victoria and CNCA registration (Certification and Accreditation Administration of the People’s Republic of China) for the manufacture and export of nutritional powder products. Shares in Keytone Dairy Corp (ASX:KTD) closed 13.7 per cent higher at $0.415 yesterday.

Ex-Dividends

Contrarian Value Fund Ltd (ASX:CVF) is paying 0.458 cents fully franked
Metcash Limited (ASX:MTS) is paying 6 cents fully franked

Currencies

One Australian Dollar at 8:30 AM was buying 68.86 US cents, 51.65 Pence Sterling, 75.46 Yen and 61.81 Euro cents.

Commodities

Iron Ore has lost 0.6 per cent to US$94.04.
Iron Ore futures suggest a 0.9 per cent fall.
Gold has lost $0.20 to US$1481 an ounce.
Silver has added $0.09 to US$17.10 an ounce.
Oil has gained $0.18 to US$60.25 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.