Following a fall from US markets overnight, the Australian share market looks set to open lower this morning. The coronavirus global death count is closing in on half a million. Roughly a quarter of confirmed cases are in the US, followed by Brazil, Russia and India.The US has seen several consecutive days of record increases in cases following a number of states rapidly lifting lockdown restrictions to reopen their economies. Back home Victoria's outbreak of 90 coronavirus cases over the weekend is set to see tougher lockdowns across suburbs in Melbourne and set back national progress towards opening the economy. European Union countries failed to settle on Friday on a final “safe list” of countries whose residents could travel to the bloc from July, with the United States, Brazil and Russia set to be excluded.
Local economic news
ABS: Household Impacts of COVID-19 Survey.
Consumer confidence, ANZ-Roy Morgan.
ABS: Payroll Jobs and Wages.
Reserve Bank releases private sector credit data for May.
Manufacturing surveys from AiGroup and CBA.
ABS issues March quarter engineering construction activity data with May building approvals figures.
CoreLogic’s national home price index.
Australia is expected to post another trade surplus in May.
ABS: Retail trade in May.
AiGroup and the CBA release the June surveys on services activity.
Federal Chamber of Automotive Industries issues the June data on new vehicle sales.
Wall Street closed lower on Friday: The Dow Jones Industrial Average lost 2.8 per cent to 25,016 the S&P 500 fell 2.4 per cent to 3009 and the NASDAQ closed 2.6 per cent lower to 9757.
European markets closed mixed. London’s FTSE gained 0.2 per cent, Paris lost 0.2 per cent and Frankfurt closed 0.7 per cent lower.
Asian markets closed mixed. Tokyo’s Nikkei gained 1.1 per cent, Hong Kong’s Hang Seng closed 0.9 per cent lower, and China’s Shanghai Composite was closed.
Taking all of this into equation, the SPI futures are pointing to a 1.6 per cent fall.
On Friday, the Australian share market closed 1.5 per cent higher at 5904.
One Australian Dollar at 6:30 AM was buying 68.62 US cents, 55.67 Pence Sterling, 73.48 Yen and 61.12 Euro cents.
The iron ore futures suggest a 2.1 per cent gain.
Gold has gained $9.70 to US$1780 an ounce.
Silver was up 12 cents to US$18.17 an ounce.
Oil has lost $0.23 to US$38.49 a barrel.