Following weak leads from US markets, the Australian share market looks set to open lower this morning. Coronavirus fears have surfaced again after two passengers from a quarantined cruise ship have died. The Australian dollar has fallen to 66.14 cents against the US dollar - the fall comes after the prospect of lower interest rates and the downturn in China because of the coronavirus. The first clinical trials are beginning on possible drug therapies for the virus. Meanwhile, reporting season is still going strong we can expect to see results today from Ardent Leisure, Charter Hall Group, Inghams, and Orocobre amongst others.
Wall Street closed lower yesterday: The Dow Jones Industrial Average fell 0.4 per cent to close at 29,220, the S&P 500 closed 0.4 per cent lower at 3373 and the NASDAQ dropped 0.7 per cent to 9751.
European markets closed lower: London’s FTSE fell 0.3 per cent, Paris dropped 0.8 per cent and Frankfurt was down 0.9 per cent.
Asian markets closed mixed: Tokyo’s Nikkei added 0.3 per cent, Hong Kong’s Hang Seng was down 0.2 per cent and China’s Shanghai Composite gained 1.8 per cent.
Taking all of this into equation, the SPI futures are pointing to 0.04 per cent gain.
Yesterday, the Australian share market closed 0.3 per cent higher at 7163.
Mayne Pharma (ASX:MYX) report net loss after tax of $17.5 million driven by lower earnings and restructuring expenses in their half yearly results. Underlying EBITDA of $47.4 million, a decrease of 42 per cent on 1HFY19. The pharmaceutical company saw tough trading conditions in the generic drugs market. Shares in Mayne Pharma (ASX:MYX) closed 1.27 per cent higher at $0.40 yesterday.
Australian United Investment Company Ltd (ASX:AUI) is paying 17 cents fully franked
Diversified United Investment Limited (ASX:DUI) is paying 7 cents fully franked
Ingenia Group (ASX:INA) is paying 5.6 cents unfranked
Mayfield Childcare Ltd (ASX:MFD) is paying 7.71 cents fully franked
One Australian Dollar at 8:35 AM was buying 66.14 US cents, 51.38 Pence Sterling, 74.17 Yen and 61.34 Euro cents.
Iron Ore has gained 2.2 per cent to $92.01.
Iron Ore futures suggest a 4.2 per cent gain.
Gold has added $10.00 to US$1622 an ounce.
Silver has gained $0.02 to US$18.34 an ounce.
Oil was up $0.38 to US$53.87 a barrel.