JobKeeper payments set to cover around 4.7m employees: ASX poised to open lower

Market Reports

by Rachael Jones

Following mixed leads from US markets, the Australian share market looks set to open lower this morning. The S&P 500 and Dow Jones Industrial Average indexes closed lower, while information technology and consumer discretionary sectors kept the Nasdaq in the green. The UK is looking to lift coronavirus lockdown measures by Monday, despite having the highest death toll in Europe. Back home, close to 730,000 employers have so far signed up for the JobKeeper allowance, covering around 4.7 million employees. On the commodities front, oil has dropped and gold has also fallen. 

Local economic news 

The AiGroup will release its purchasing manager’s index for the services sector.

Markets

Wall Street closed mixed yesterday: The Dow Jones Industrial Average fell 0.9 per cent to close at 23,665 the S&P 500 lost 0.7 per cent to 2848 and the NASDAQ closed 0.5 per cent higher at 8854.

European markets closed mixed: London’s FTSE gained 0.07 per cent, Paris fell 1.1 per cent and Frankfurt closed 1.2 per cent lower.

In Asian markets, Tokyo’s Nikkei was closed , Hong Kong’s Hang Seng gained 1.1 per cent , and China’s Shanghai Composite gained 0.6 per cent.

Taking all of this into equation, the SPI futures are pointing to a 0.9 per cent fall.

Yesterday, the Australian share market closed 0.4 per cent lower at 5385

Company news

OceanaGold (ASX:OGC) released their first quarter operational results showing a fall in gold produced and sold. The company produces 80,700 ounces of gold in the March quarter, down from 108,200 in the December quarter. It sold 91,400 ounces of gold, down from 107,300 in the previous quarter. The average gold price was higher, up to $US1,509 an ounce from $US1,404 in the December quarter. Consolidated all-in sustaining costs also rose, from $US980 an ounce in the previous three months to $US1,218 an ounce in the March quarter. Shares in OceanaGold (ASX:OGC) closed 1.7 per cent higher at $2.47 yesterday.

Currencies

One Australian Dollar at 7:35 AM was buying 64.02 US cents, 51.89 Pence Sterling, 67.93 Yen and 59.33 Euro cents.

Commodities

Iron Ore has gained 0.4 per cent to $84.35
Iron Ore futures suggest a 0.49 per cent gain.
Gold has dropped $24.50 to US$1686.10 an ounce.
Silver has lost $0.17 to US$14.94 an ounce.
Oil was down $0.47 to US$24.09 a barrel.