Australian lamb exports take-off for Abu Dhabi: ASX set for a fall

Market Reports

by Rachael Jones

Wall Street saw a sell off yesterday after economic data showed more companies were facing hard times due to the coronavirus pandemic. The Australian share market looks set to crash open lower this morning. The virus has now infected 2 million people around the world. New Yorkers have been ordered to start wearing masks in public. The European Commission are pushing for a partial lifting of restrictions but warned that some will remain until a vaccine or cure is found.
Back home three planes carrying Australian lamb will leave Melbourne for Abu Dhabi this week in an attempt to get agricultural trade back up and running with help from government funding.

Local economic news 

The Australian Bureau of statistics will release figures for Australia’s Labour Force today for March 2020.

To the figures from around the globe: Wall Street closed lower yesterday: The Dow Jones Industrial Average fell 1.9 per cent to close 23,504 the S&P 500 dropped 2.2 per cent to 2783 and the NASDAQ closed 1.44 per cent lower at 8393.

European markets closed lower: London’s FTSE fell 3.3 per cent, Paris dropped 3.8 per cent and Frankfurt shed 3.9 per cent.

Asian markets closed lower: Tokyo’s Nikkei dropped 0.5 per cent, Hong Kong’s Hang Seng fell 1.2 per cent and China’s Shanghai Composite dipped 0.6 per cent.

Taking all of this into equation, the SPI futures are pointing to a 2.3 per cent fall.

Yesterday, the Australian share market closed 0.4 per cent lower at 5467.

Company news 

Starpharma (ASX:SPL) reports its proprietary VivaGel® active, astodrimer sodium (SPL7013), has been shown in laboratory studies to have significant antiviral activity against the coronavirus. It inhibited the infection of cells with the SARS-CoV-2 virus and the finding was validated by replicate testing against a positive control compound, remdesivir (Gilead), which is considered a leading candidate for the treatment of COVID-19. It was reported to be the best performing test compound against SARS-CoV-2 in the laboratory’s assay to date. Given it is already approved as the active component of two marketed VivaGel® products and these products have regulatory approval in Europe, Canada, Japan, Australia and South East Asia, Starpharma anticipates it should be possible to fast-track certain aspects of the development path for products targeted at COVID-19. Shares in Starpharma (ASX:SPL) closed 4.5 per cent higher at $0.93 yesterday

Currencies

One Australian Dollar at 7:25 AM was buying 63.23 US cents, 50.49 Pence Sterling, 67.94 Yen and 57.99 Euro cents.

Commodities

Iron Ore has fallen 0.2 per cent to $86.86
Iron Ore futures suggest a 0.2 per cent gain.
Gold has fallen $25.90 to US$1743 an ounce.
Silver has lost $0.55 to US$15.79 an ounce.
Oil was up $0.04 to US$20.15 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.