Huge reporting week ahead: ASX poised to open lower

Market Reports

by Rachael Jones

Following mixed leads from US markets, the Australian share market looks set to open higher this morning. Hong Kong stocks edged up on Friday, as reports of the coronavirus outbreak returned to lower levels, following a dramatic spike the previous day. Total number of cases in mainland China has reached almost 70 thousand and the total deaths has reached 1,665, that’s according the latest statistics from China’s National Health Commission on Sunday. Back home - it’s a huge reporting week this week with more than 70 companies due to report such as BHP, Coles, Crown, Fortescue Metals, and Qantas and Santos.

Local economic news 

Tuesday

ABS

Overseas Arrivals and Departures, December 2019.

Wednesday

Wage Price Index, December 2019.

RBA

Minutes from its latest meeting

Thursday

Labour Force, January 2020.

Average Weekly Earnings, November 2019.

Markets

Wall Street closed mixed on Friday: The Dow Jones Industrial Average fell 0.1 per cent to close at 29,398, the S&P 500 added 0.2 per cent to close at 3380 and the NASDAQ gained 0.2 per cent to 9731.

European markets closed lower on Friday: London’s FTSE fell 0.6 per cent, Paris shed 0.4 per cent and Frankfurt closed 0.01 per cent lower.

Asian markets closed also mixed on Friday: Tokyo’s Nikkei fell 0.6 per cent, Hong Kong’s Hang Seng added 0.3 per cent and China’s Shanghai Composite gained 0.4 per cent.

Taking all of this into equation, the SPI futures are pointing to 0.2 per cent fall. On Friday, the Australian share market closed 27 points (0.4 per cent) higher at 7130.

Company news 

Universal Coal (ASX:UNV) made a recommendation to its shareholders on Friday to take no action regarding the unsolicited bid by TCIG Resources Pte to acquire all of the shares in the Company that it does not already own. The Bid Committee and its advisors have undertaken a preliminary review of the offer document published by TerraCom BidCo in respect of the Unsolicited Bid on 12 February 2020. That review has identified significant issues that should concern Universal shareholders, including: shareholders not being treated in an equal manner; shareholders not being afforded sufficient time and information to enable them to reach properly informed decisions; and it not being clear that TerraCom BidCo would be able to fulfil the cash component of the Unsolicited Bid in full. Shares in Universal Coal (ASX:UNV) last traded at 24 cents.

Ex-Dividends

Bapcor Limited (ASX:BAP) is paying 8 cents fully franked
Janus Henderson (ASX:JHG) is paying 53.58 cents unfranked

Currencies

One Australian Dollar at 7:45 AM was buying 67.27 US cents, 51.61 Pence Sterling, 73.87 Yen and 62.03 Euro cents.

Commodities

Iron Ore has added 0.1 per cent to US$88.67.
Iron Ore futures suggest a 0.96 per cent gain.
Gold was up $7.60 to US$1586 an ounce.
Silver has added 12 cents to US$17.73 an ounce.
Oil has gained $0.66 to US$52.32 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.