Dow closes above 29k for first time: Aus shares to open higher

Market Reports

by Ortenzia Borre

The Australian share market is set to edge higher this morning after the US and China signed the heavily anticipated phase one trade deal. The world’s leading economies reined in a more than 18-month trade war with President Donald Trump saying the U.S. and China are righting the wrongs of the past and delivering a future of economic justice and security for American workers, farmers and families. Following the news, stocks rose on Wednesday with the Dow Jones closing above 29,000 for the first time, although a few gave up most of their gains heading into the close.

Local Economic

We will see the Australian home loan figures for November and the ABS will also release the overseas arrivals and departures figures for the month of November.

Markets

To the figures from around the globe: Wall Street closed higher yesterday: The Dow Jones Industrial Average closed 0.3 per cent higher at 29,030, the S&P 500 gained 0.2 per cent to 3289 and the NASDAQ climbed 0.1 per cent to 9259.

European markets closed mixed: London’s FTSE added 0.3 per cent, Paris dipped 0.1 per cent and Frankfurt shed 0.2 per cent.

Asian markets closed lower: Tokyo’s Nikkei lost 0.5 per cent, Hong Kong’s Hang Seng fell 0.4 per cent and China’s Shanghai Composite closed 0.5 per cent lower

Taking all of this into equation, the SPI futures are pointing to a 17-point rise.

Yesterday, the Australian share market closed 0.5 per cent higher at 6995.

Company News

Turners Automotive Group (ASX:TRA) will launch the Carly vehicle subscription service in New Zealand. The company will license the Carly brand and technology platform from Collaborate Corporation. Turners has committed to supply 200 vehicles to the Carly fleet within six months of launch which will be sourced from Turners’ own stock and from partners. 
Carly is expected to launch in New Zealand in late March 2020. Shares in Turners Automotive Group (ASX:TRA) last traded at $2.25.

Turning to currencies

One Australian Dollar at 8:25 AM was buying 69.03 US cents, 53.13 Pence Sterling, 75.87 Yen and 61.93 Euro cents.

To Commodities

Iron Ore has lost 0.6 per cent to US$96.44
Iron Ore futures suggest a 0.2 per cent rise.
Gold has added $11.10 to US$1556 an ounce.
Silver has gained $0.26 to US$18.00 an ounce.
Oil has lost $0.26 to US$58.00 a barrel.