Fresh pessimism surrounding coronavirus as new fatalities reported: ASX set to open lower

Market Reports

by Rachael Jones

The Australian share market looks set to kick off the week with pessimism surrounding the spread of the coronavirus and its impact on financial markets.The market looks set to open lower. New fatalities were registered in America, Thailand and here over the weekend. The Aussie dollar took another hit. Australian government yields could drop at the start of trading today.

Local economic news 

Monday

AiG will release performance of manufacturing figures for February, CoreLogic is set to release dwelling prices for February

Tuesday

The weekly reading on consumer confidence is published by ANZ and Roy Morgan. And the ABS publishes quarterly data on government spending and the Balance of Payments. They also release building approvals data. The Reserve Bank also meets this Tuesday but no change in interest rates are expected.

Wednesday

ABS 

National Accounts – containing the key reading of economic (GDP) growth for the December quarter. Also on Wednesday, the Federal Chamber of Automotive Industries issues the February new vehicle sales figures. And the AiGroup releases its latest update on construction activity.

Thursday

ABS

International (exports/imports) trade data for January.

Friday

ABS

Retail trade data

Markets 

Wall Street closed mostly lower on Friday: The Dow Jones Industrial Average fell 1.4 per cent to close at 25,409, the S&P 500 dropped 0.8 per cent to close at 2954 and the NASDAQ added 0.01 per cent to 8567.

European markets closed lower on Friday: London’s FTSE fell 3.2 per cent, Paris shed 3.4 per cent and Frankfurt closed 3.9 per cent lower.

Asian markets closed lower on Friday: Tokyo’s Nikkei dropped 3.7 per cent, Hong Kong’s Hang Seng lost 2.4 per cent and China’s Shanghai Composite fell 3.7 per cent.

Taking all of this into equation, the SPI futures are pointing to 0.6 per cent fall. On Friday, the Australian share market closed 217 points (3.3 per cent) lower at 6441.

Company news 

Coronado Global Resources Inc. (ASX:CRN) advises that the ASX Settlement will remove the Foreign Ownership Restriction (FOR) United States (U.S.) person tag from the Company’s Chess Depositary Interests with effect from 6 March 2020. The Foreign Ownership Restriction (FOR) United States designation on the Company’s CDIs was put in place at the time of the Company's IPO, to prevent any CDIs from being sold on ASX to persons that are in the US or to, or for the account or benefit of, US Persons, in each case that are not qualified institutional buyer. Shares in Coronado Global Resources Inc. (ASX:CRN) closed 4.2 per cent lower at $1.61 on Friday.

Ex-Dividends

Australian Finance Group Ltd (ASX:AFG) is paying 5.4 cents fully franked
Credit Corp Group (ASX:CCP) is paying 36 cents fully franked
Fortescue Metals Group (ASX:FMG) is paying 76 cents fully franked
G8 Education Limited (ASX:GEM) is paying 6 cents fully franked
Mader Group Limited (ASX:MAD) is paying 1.5 cents fully franked
Origin Energy (ASX:ORG) is paying 15 cents fully franked
Platinum Asset Management Ltd (ASX:PTM) is paying 13 cents fully franked
Qantas Airways (ASX:QAN) is paying 13.5 cents fully franked
Regis Resources (ASX:RRL) is paying 8 cents fully franked
Steadfast Group Ltd (ASX:SDF) is paying 3.6 cents fully franked
Southern Cross Media Group Ltd (ASX:SXL) is paying 2.75 cents fully franked
VGI Partners Global Investments Ltd (ASX:VG1) is paying 1 cent fully franked

Currencies

One Australian Dollar at 7:50 AM was buying 64.74 US cents, 50.65 Pence Sterling, 69.48 Yen and 58.61 Euro cents.

Commodities

Iron Ore has dropped 2.1 per cent to US$83.96
Iron Ore futures suggest a 3.0 per cent fall.
Gold was down $75.80 to US$1567 an ounce.
Silver has fallen $1.28 cents to US$16.46 an ounce.
Oil has lost $2.33 to US$44.76 a barrel.