Apple earns US$500 billion from apps: ASX poised to open higher

Market Reports

by Rachael Jones

Following a rise from US markets overnight, the Australian share market looks set to open higher this morning. US stocks jumped yesterday, recovering from earlier losses, as the Federal Reserve announced further measures to support the market during the pandemic. Apple reported yesterday that its App Store facilitated over half a trillion dollars in billings and sales. That’s according to a new study by Analysis Group commissioned by the company. The European Union and the UK government have decided to intensify Brexit talks over growing concerns that both sides might fail to reach a trade deal by the end of the year.

Local economic news 

The Australian Bureau of Statistics will release figures today for weekly Payroll Jobs and Wages in Australia, for the week ending 30 May 2020. Also, Residential Property Price Indexes for eight capital cities, for March 2020. We will also see the Reserve Bank of Australia's board minutes.

Markets 

Wall Street closed higher yesterday: The Dow Jones Industrial Average gained 0.6 per cent to 25,763, the S&P 500 added 0.8 per cent to 3067 and the NASDAQ closed 1.4 per cent higher at 9726.

European markets closed lower, London’s FTSE fell 0.7 per cent, Paris lost 0.5 per cent and Frankfurt closed 0.3 per cent lower.

Asian markets closed lower, Tokyo’s Nikkei dropped 3.5 per cent, Hong Kong’s Hang Seng closed 2.2 per cent lower, and China’s Shanghai Composite lost 1.02 per cent.

Taking all of this into equation, the SPI futures are pointing to a 2.5 per cent gain.

Yesterday, the Australian share market closed 2.2 per cent lower at 5720.

Company news

Westgold (ASX:WGX) will be re-entering the S&P All Australian 200 Index on 22 June 2020. Westgold was previously in the index until June 2019 when it was removed due a reduction in its rolling market capitalisation. The recovery enabling re-entry, 12 months later, validates the refocus of the organisation on its core Murchison assets. Being a member of the ASX200 exposes Westgold to a much larger investment audience. Shares in Westgold Resources (ASX:WGX) closed 2.4 per cent lower at $2.03 yesterday.

Currencies

One Australian Dollar at 7:30 AM was buying 69.27 US cents, 54.87 Pence Sterling, 74.35 Yen and 61.15 Euro cents.

Commodities

Iron Ore lost 1.5 per cent to US$103.44.
Iron Ore futures suggest a 0.2 per cent fall.
Gold has lost $10.10 to US$1727 an ounce.
Silver was down 8 cents to US$17.40 an ounce.
Oil has gained $0.86 to US$37.12 a barrel.