The Australian share market looks set to open higher for the first day of the week. Over in the US, Federal Reserve Chairman Jerome Powell says a full economic recovery may not happen without a vaccine. Mr Powell told 60 Minutes that people shouldn't bet against the American economy and while he sees a rebound coming in the second half of the year, he added it may need the vaccine to reach potential.
Also in the US, President Donald Trump said he may restore 10 per cent of what the United States has historically paid to the WHO after freezing funding, although said no final decision has been made yet.
To the figures from around the globe: Wall Street closed higher on Friday: The Dow Jones Industrial Average gained 0.3 per cent to close at 23,685, the S&P 500 added 0.4 per cent to close at 2864 and the NASDAQ rose 0.8 per cent to 9015.
European markets closed higher. London’s FTSE added 1.01 per cent, Paris gained 0.1 per cent and Frankfurt closed 1.2 per cent higher.
Asian markets closed mixed, Nikkei added 0.6 per cent, Hong Kong’s Hang Seng fell 0.1 per cent and China’s Shanghai Composite closed 0.07 per cent lower.
Taking all of this into equation, the SPI futures are pointing to 0.6 per cent gain.
On Friday, the Australian share market gained 76 points (1.4 per cent) to close at 5405.
Local economic news
On Monday with the latest report from the Bureau of Statistics: “Household Impacts of COVID-19 Survey, 29 Apr-1 May 2020.
On Tuesday there are four indicators to watch. The weekly ANZ-Roy Morgan consumer sentiment index is issued with recent readings suggesting that consumers were adapting to the COVID-19 shock and its impact on all aspects of life. The Commonwealth Bank releases its Household Spending Intentions report April and the ABS releases the weekly payroll figures.
On Wednesday, the ‘flash’ or preliminary retail trade data for April is issued with the April Skilled Vacancies report.
On Thursday the ABS releases the detailed April labour force estimates. Also on Thursday, the Reserve Bank Governor delivers a speech.
Auckland Airport (ASX:AIA) total passenger volumes decreased by 97.5% in April 2020 versus last year. International passengers were down 96.5%, transit passengers were down 98.5% and domestic passengers were down by 98.6% according to the April 2020 monthly traffic update preview. Total passenger volumes decreased by 42.0% in March 2020 versus last year. International passengers were down 43.2%, transit passengers were down 49.5% and domestic passengers were down by 40.1%. Shares in Auckland International Airport (ASX:AIA) closed 0.38 per cent higher at $5.32 on Friday.
One Australian Dollar at 7:20 AM was buying 64.20 US cents, 53.15 Pence Sterling, 68.74 Yen and 60.26 Euro cents.
Iron Ore has gained 1.6 per cent to US$93.65.
Iron Ore futures suggest a 1.9 per cent gain.
Gold has gained $15.40 to US$1756 an ounce.
Silver was up $0.91 cents to US$17.07 an ounce.
Oil has gained $1.87 to US$29.43 a barrel.