Following a mixed session from US markets overnight, the Australian share market looks set to open higher this morning. Asian stocks saw modest gains after positive vaccine developments for coronavirus and better-than-expected manufacturing data. Hong Kong police made their first arrests since China’s national security law came into force giving Beijing greater control over the country. And Tesla has soared past Toyota in market capitalisation to become the most valuable auto manufacturer in the world. Gold is down and oil rose slightly.
Local economic news due out today
ABS International Trade in Goods and Services, May 2020.
Wall Street closed mixed yesterday: The Dow Jones Industrial Average fell 0.3 per cent to 25,735, the S&P 500 added 0.5 per cent to 3116 and the NASDAQ closed almost 1 per cent higher at 10,155.
European markets closed lower, London’s FTSE fell 0.2 per cent, Paris lost 0.2 per cent and Frankfurt closed 0.4 per cent lower.
Asian markets closed mixed, Tokyo’s Nikkei fell 0.8 per cent, Hong Kong’s Hang Seng was closed and China’s Shanghai Composite closed 1.4 per cent higher.
Taking all of this into equation, the SPI futures are pointing to a 0.7 per cent gain.
Yesterday, the Australian share market closed 0.6 per cent higher at 5934 yesterday.
Kathmandu Holdings (ASX:KMD) provided a trading update this morning showing total Group sales for the 10 months ended 31 May 2020 were 15.1 per cent below the comparable period last financial year . Same store sales results for the last six full weeks from 18 May to 28 June 2020 show Rip Curl up 21.0 per cent. This reflects retail stores up 5.1 per cent and online up 151 per cent. Online contributed 22.6 per cent of direct to consumer same store sales. Kathmandu same store sales up 12.5 per cent, reflecting retail stores up 2.2 per cent, and online up 78 per cent. Online contributed 21.4 per cent of direct to consumer same store sales. Shares in Kathmandu Holdings (ASX:KMD) closed 3.37 per cent higher at $1.08 yesterday.
One Australian Dollar at 7:45 AM was buying 69.17 US cents, 55.44 Pence Sterling, 74.33 Yen and 61.49 Euro cents.
Iron Ore lost 0.3 per cent to US$99.17.
Iron Ore futures suggest a 0.3 per cent fall.
Gold has lost $20.60 to US$1780 an ounce.
Silver was down 42 cents to US$18.22 an ounce.
Oil has added $0.55 to US$39.82 a barrel.