California orders bars and restaurants to close again: ASX to open lower

Market Reports

by Rachael Jones

Following a mixed close from US markets overnight, the Australian share market looks set to open lower this morning. Investors in China were not perturbed by a rise in coronavirus cases as shares in Asia jumped yesterday. The Shenzhen component rose over 3 per cent. Coronavirus infections past 13 million across the world, and California in the US announced it would reverse its reopening plans for today.

Local economic news

NAB June business survey.
The Australian Bureau of Statistics will release weekly payroll data.

Markets

Wall Street closed mixed yesterday: The Dow Jones Industrial Average gained 0.04 per cent to 26,086, the S&P 500 lost 0.9 per cent to 3155 and the NASDAQ closed 2.1 per cent lower at 10,391.

European markets closed higher, London’s FTSE gained 1.3 per cent, Paris gained 1.7 per cent and Frankfurt gained 1.3 per cent.

Asian markets closed higher, Tokyo’s Nikkei gained 2.2 per cent, Hong Kong’s Hang Seng added 0.2 and China’s Shanghai Composite closed 1.8 per cent higher.

Taking all of this into equation, the SPI futures are pointing to a 45 point fall.

Yesterday, the Australian share market closed 1 per cent higher, or 58 points higher at 5,978.

Company news

Shareholders associated with the Huljich family yesterday entered into a block trade agreement with J.P. Morgan Securities Australia and UBS New Zealand (Underwriters), under which those shareholders have sold 25 per cent of their shares in Pushpay Holdings (ASX:PPH). Following the sale, shareholders associated with the Huljich family are expected to remain the largest shareholder of Pushpay with a combined relevant interest in 43.2 million shares. The Huljich family remains strongly committed to Pushpay. Peter Huljich will remain on the Pushpay Board, with Christopher Huljich continuing to act as his Alternate Director. Pushpay provides a donor management system and a custom community app, to the faith sector, non-profit organisations and education providers located predominantly in the United States. Shares in Pushpay (ASX:PPH) 0.6 per cent lower at $8.71.

Currencies

One Australian Dollar at 7:45 AM was buying 69.42 US cents, 55.30 Pence Sterling, 74.47 Yen and 61.21 Euro cents.

Commodities

Iron Ore futures suggest a 2.3 per cent gain.
Gold has gained $12.20 to US$1814 an ounce.
Silver was up 74 cents to US$19.79 an ounce.
Oil has lost $0.45 to US$40.10 a barrel.