Following a wide ranged rally from US markets overnight, the Australian share market looks set to open higher this morning despite the coronavirus continuing to hit the United States. White House health advisor Dr. Anthony Fauci says the average age of new patients has dropped by 15 years compared with only a few months earlier. He also says that the resurgence of cases in the states are an extension of the outbreak first reported earlier this year, not a second wave. US markets followed a strong lead from China with the Shanghai Composite soaring over 5 per cent yesterday afternoon.
Local economic news due out today
AiG performance of services June, RBA policy statement at 2.30pm
Wall Street closed higher yesterday: The Dow Jones Industrial Average gained 1.8 per cent to 26,287, the S&P 500 added 1.6 per cent to 3180 and the NASDAQ closed 2.2 per cent higher at 10,434.
European markets closed higher, London’s FTSE added 2.1 per cent, Paris gained 1.5 per cent and Frankfurt closed 1.6 per cent higher.
Asian markets closed higher, Tokyo’s Nikkei gained 1.8 per cent, Hong Kong’s Hang Seng added 3.8 and China’s Shanghai Composite closed 5.7 per cent higher.
Taking all of this into equation, the SPI futures are pointing to a 0.5 per cent gain.
Yesterday, the Australian share market closed 0.7 per cent lower at 6015 yesterday.
Pinnacle Investment Management Group (ASX:PNI) is pleased to advise that five Affiliates - Hyperion, Palisade, Coolabah, Metrics and Firetrail have earned performance fees for the year ended 30 June 2020 totalling approximately $25.8 million at 100 per cent gross, in aggregate. The estimated impact of these performance fees on Pinnacle’s NPAT for the 2019-20 financial year is in the order of positive $6.7 million. Pinnacle expects the net return on Principal Investments for the 2019-20 financial year to have been in the order of negative $0.5 million. This amount is made up of ‘Distributions and dividends’ received of $0.8 million for the full year and ‘Fair value losses on financial assets at fair value through profit or loss’ of $1.3m for the full year. Together these items comprised positive $0.4m in H1 and negative approximately $0.9m in H2. Shares in Pinnacle Investment Management Group (ASX:PNI) closed 2.54 per cent higher at $4.03 yesterday.
Metcash (ASX:MTS) is paying 6.5 cents fully franked.
One Australian Dollar at 7:45 AM was buying 69.75 US cents, 55.87 Pence Sterling, 74.89 Yen and 61.69 Euro cents.
Iron Oren gained 0.6 per cent to US$101.24
Iron Ore futures suggest a 3.1 per cent gain.
Gold has gained $3.50 to US$1794 an ounce.
Silver was up 26 cents to US$18.58 an ounce.
Oil has lost $0.02 to US$40.63 a barrel.