Following weak leads from US markets, the Australian share market looks set to open flat this morning. Meanwhile, over in the US, Tesla shares have doubled in the last six months, with the carmaker now seeing market capitalization of around $84.5 billion – this is as much as General Motors and Ford combined. As tensions rise in the Middle East US investors are showing muted response. On the commodities front, oil continues to retreat from an earlier rise mainly due to the uncertainty in the middle east. The Aussie dollar fell as the economic fall out from the bushfires is considered.
Local economic news
ABS Job Vacancies, November 2019.Building Approvals, Australia, November 2019.
Wall Street closed mostly lower yesterday: The Dow Jones Industrial Average closed 0.4 per cent lower at 28,584, the S&P 500 lost 0.3 per cent to 3237 and the NASDAQ stayed flat at 9069.
European markets closed mixed: London’s FTSE was flat, Paris remained steady and Frankfurt added 0.8 per cent.
Asian markets closed higher: Tokyo’s Nikkei added 1.6 per cent, Hong Kong’s Hang Seng rose 0.3 per cent and China’s Shanghai Composite closed 0.7 per cent higher
Taking all of this into equation, the SPI futures are pointing to a 3-point rise or a steady start of trade.
Yesterday, the Australian share market closed 1.4 per cent higher or 91 points up at 6826.
Emeco (ASX:EHL) is looking to increase its Revolving Credit Facility (RCF) from $65 million to $100 million. Ian Testrow, Emeco Managing Director and CEO, said: “The increased RCF limit provides the Company with increased liquidity and flexibility reflective of the growth and financial strength Emeco has achieved since it first established the RCF, and facilitates the continued growth of Emeco. The increased facility limit will take effect 5 February 2020. Shares in Emeco (ASX:EHL) closed 1.35 per cent lower at $2.19 yesterday.
Concentrated Leaders Fund (ASX:CLF) is paying a dividend of 1.5 cents fully franked
One Australian Dollar at 9:15 AM was buying 68.69 US cents, 52.35 Pence Sterling, 74.50 Yen and 61.63 Euro cents.
Iron Ore has lost 0.5 per cent to US$95.11
Iron Ore futures suggest a 1.8 per cent rise.
Gold has added $7.30 to US$1576 an ounce.
Silver has gained $0.26 to US$18.43 an ounce.
Oil has lost $0.58 to US$62.69 a barrel.