Australian shares are set to open lower this morning. Wall Street closed mixed last night as investors pulled the handbrake on the multi session equity rally as weak economic data came it. The S&P 500 and the Nasdaq retreated, however the percentage drops are relatively minor and are at levels which indicate that investors are seeking to consolidate in the short term. The U.S. Bureau of Economic Analysis released economic data which showed that the US trade balance deficit rose 16.7% in April, coming in at -$49.4 billion for the month.
Wall Street closed mixed yesterday: The Dow Jones Industrial Average closed 0.1 per cent higher, the S&P 500 fell 0.34 per cent and the NASDAQ lost 0.7 per cent to finish at 9,616.
European markets closed lower, London’s FTSE fell 0.6 per cent, Paris lost 0.2 per cent and Frankfurt closed 0.5 per cent lower.
Asian markets closed mixed, Tokyo’s Nikkei gained 0.4 per cent, Hong Kong’s Hang Seng added 0.2 per cent, and China’s Shanghai Composite closed 0.14 per cent lower.
Taking all of this into equation, the SPI futures are pointing to a 0.2 per cent fall.
Yesterday, the Australian share market closed 0.85 per cent higher at 5,992. In company news that broke after the market close yesterday.
Medical device manufacturer, Atomo Diagnostics (ASX:AT1) has expanded its existing COVID-19 rapid test partnership with NG Biotech. To date, Atomo has supplied more than 1.5 million Galileo devices to NG Biotech for use in the biotech’s blood-based COVID-19 testing in France. Under the expansion of the partnership, Atomo now has exclusive rights to market and distribute the COVID-19 antibody test in Australia, New Zealand and parts of South East Asia. This distribution is subject to regulatory approvals in the relevant countries. Shares in Atomo Diagnostics (ASX:AT1) last traded at 31.5 cents on the 3rd of June.
One Australian Dollar at 7:00 AM was buying 69.43 US cents, 55.13 Pence Sterling, 75.80 Yen and 61.28 Euro cents.
Iron Ore lost 2 per cent to US$99.24.
Iron Ore futures suggest a 0.9 per cent fall.
Gold has gained $15.40 to US$1720 an ounce.
Silver has added $0.04 to US$18.00 an ounce.
Oil was up $0.04 to US$37.33 a barrel.