Asian shares rise as Coronavirus infections slow: ASX poised to open higher

Market Reports

by Rachael Jones

Following fresh highs from US markets, the Australian share market looks set to open higher this morning. In the US the Federal Reserve Bank reported American households added $US193 billion of debt in the fourth quarter, driven by a surge in mortgage loans. Overall debt levels rose to a new record at $US14.15 trillion. In Asia, Hong Kong shares rose yesterday as coronavirus infections in mainland China slowed.

Markets

Wall Street closed mostly higher yesterday: The Dow Jones Industrial Average closed flat at 29,276, the S&P 500 gained 0.2 per cent to 3358 and the NASDAQ added 0.1 per cent to 9639.

European markets closed higher: London’s FTSE gained 0.7 per cent, Paris also gained 0.7 per cent and Frankfurt added almost 1 per cent.

Asian markets closed higher: Hong Kong’s Hang Seng gained 1.3 per cent and China’s Shanghai Composite rose 0.4 per cent and Tokyo’s Nikkei was closed.

Taking all of this into equation, the SPI futures are pointing to a 10 points gain.

Yesterday, the Australian share market closed 0.6 per cent higher at 7055.

Local economic news 

The Westpac-Melbourne Institute Index of Consumer confidence for February.

Company news

TerraCom (ASX:TER) has released an offer document in relation to the takeover offer, through its wholly owned subsidiary TCIG Resources Pte, for Universal Coal Plc (ASX UNV). As announced on 3 February 2020, the offer is for 33.5 cents per UNV security consisting of 10 cents cash and 0.6026 New TerraCom Shares. Shares in TerraCom (ASX:TER) closed 1.67 per cent lower $0.30 yesterday.

Ex-Dividends

Milton Corporation (ASX:MLT) is paying 9 cents fully franked
Milton Corporation Inc. (ASX:RMD) is paying 4.05 cents unfranked

Currencies

One Australian Dollar at 8:45 AM was buying 67.15 US cents, 51.83 Pence Sterling, 73.72 Yen and 61.51 Euro cents.

Commodities

Iron Ore has gained 4.9 per cent to $86.93.
Iron Ore futures suggest a 4.4 per cent gain.
Gold has lost $8.30 to US$1571 an ounce.
Silver has dropped $0.16 to US$17.63 an ounce.
Oil was up $0.43 to US$50.00 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.