The Australian market is poised to open lower following mostly negative leads from international markets. The S&P 500 and the Dow dropped as investors feared the impacts of another round of potential business shutdowns. This comes as Johns Hopkins University records over 60,000 new Covid-19 cases in the US - a record for a 24-hour period. On the commodities front, gold and oil retreated overnight.
To the figures from around the globe: Wall Street closed mixed yesterday: The Dow Jones Industrial Average fell 1.4 per cent to 25,706, the S&P 500 lost 0.6 per cent to 3152 and the NASDAQ closed 0.5 per cent higher at 10,548.
European markets closed lower, London’s FTSE fell 1.7 per cent, Paris lost 1.2 per cent and Frankfurt closed flat, down 0.04 per cent.
Asian markets closed higher, Tokyo’s Nikkei added 0.4 per cent, Hong Kong’s Hang Seng added 0.3 and China’s Shanghai Composite closed 1.4 per cent higher.
Taking all of this into equation, the SPI futures are pointing to a 0.4 per cent fall. Yesterday, the Australian share market closed 0.6 per cent higher at 5955.
Perth based iron ore explorer, AustSino Resources Group (ASX:ANS) has penned a binding subscription agreement with Midwest Resource Finance Group. Midwest has agreed to subscribe for over 7 billion shares at an issue price of 1.3 cents per share to raise a total of one hundred million dollars. The company sought this funding from Midwest after the funding it had lined up with Western Australian Port Rail Construction fell through. Midwest is an incorporated Australian company with a sole director and shareholder - Mr Chun Ming Ding. Completion of the Midwest placement is subject to shareholder approval. Following the transaction, Midwest and its associates will hold a maximum voting power in the company of approximately 59.90 per cent.
Iron Ore lost 0.2 per cent to US$106.32.
Iron Ore futures suggest a 0.5 per cent loss.
Gold has lost $13.40 to US$1807 an ounce.
Silver was down 15 cents to US$19.02 an ounce.
Oil was down $1.31 to US$39.59 a barrel.