The Australian share market is set to edge higher despite a volatile session on Wall Street with shares ending mostly lower on Tuesday. The Dow pared most of its gains, while the S&P 500 and Nasdaq erased theirs on reports U.S. tariffs targeting Chinese goods will stay on through the 2020 election. This is despite both sides getting ready to sign a “Phase One” trade deal this week. J.P. Morgan Chase led bank shares higher on the back of strong quarterly results. The investment bank posted quarterly earnings and revenue that beat expectations pushing the stock up 1.2 per cent.
Meantime oil has snapped a five-day losing streak as the US and China prepared to sign the phase one deal. The agreement bolsters the outlook for oil demand and is seen as a major step towards ending a dispute which has cut global growth and dented demand.
Local economic news
Today the Australian Bureau of Statistics publishes the September quarter statistics for building activity and engineering construction.
Wall Street closed mixed: The Dow Jones Industrial Average up 0.1 per cent to close at 28,940, the S&P 500 shed 0.2 per cent to close at 3,283 and the NASDAQ lost 0.2 per cent to close at 9,251.
European markets closed higher: London’s FTSE rose 0.1 per cent, Paris up 0.1 per cent and Frankfurt has gained about 0.04 per cent.
Asian markets closed mixed: Tokyo’s Nikkei gained 0.7 per cent and Hong Kong’s Hang Seng closed 0.2 per cent lower China’s Shanghai Composite was 0.3 per cent lower
Taking all of this into equation, the SPI futures are pointing to a 5 point rise. Yesterday the Australian share market closed higher with the S&P/ASX 200 Index closing 59 points up at 6,962.
Medical technology company Volpara (ASX:VHT) has today announced changes to its board with Karin Lindgren to join the Board as an independent, non-executive Director. Karin is a healthcare technology lawyer and senior IT executive. Sir Mike Brady, will be retiring after 10 years of service on the Board. Shares in Volpara (ASX:VHT) closed 1.4 per cent higher at $1.85 yesterday.
One Australian Dollar at 8:30AM was buying 69.02 US cents, 53.03 Pence Sterling, 75.91 Yen and 62.07 Euro cents.
Iron ore is trading $1.10 higher at 97.03. Its futures flat
Gold has lost $3.90 to US$1,547 an ounce.
Silver has shed 19 cents to US$17.81 an ounce.
Oil has gained 35 cents to US$58.43 a barrel.