US, China 'decouple': European gains to lift ASX

Market Reports

by Michael Luu

Aussie shares are slated to open higher today, taking into consideration bullish conditions in European markets boosted by the autos sector’s optimistic outlook.

Even though the US is taking a Labour Day break, the country’s row with China is not on holiday. A US Defense Department spokesperson has revealed that the Trump administration is considering tightening exports to China’s largest chip maker and key player in the domestic tech industry, SMIC. The US President suggested the world’s two largest economies “decouple”. This caused not only the Hong Kong-listed company’s shares but also many other tech stocks to tumble on the Shanghai Composite and Hang Seng indices, as most Asian markets closed in negative territory.

Back home, more health experts are on board with businesses in their plea to the Prime Minister to revise Victoria’s tough stance on COVID-19.

Markets

European markets closed higher, London’s FTSE added 2.4 per cent, Paris gained 1.8 per cent and Frankfurt closed 2 per cent higher.
 
Asian markets closed lower, Tokyo’s Nikkei lost 0.5 per cent, Hong Kong’s Hang Seng fell 0.4 per cent and China’s Shanghai Composite closed 1.9 per cent lower.
 
­Taking all of this into equation, the SPI futures are pointing to 0.4 per cent gain.
 
Yesterday, the Australian share market closed 0.3 per cent higher at 5945.

Local Economic News

Today, the ABS is expected to release weekly payroll jobs & wages data, which could point to an employment drop in August and softer figures than July’s.

On another note, we are also awaiting the release of the NAB business survey for August

Company News

Under-suspension iSignthis (ASX:ISX) has retaliated against the ASX with a damage claim worth $464.7 million.

Alleging iSignthis of disclosure failings and inaccurate financial reporting, the stock exchange authority moved to suspend iSignthis shares from trading in October 2019.

In response, the payment solutions provider has referred to law firm Clayton Utz’s recent report arguing that iSignthis (ASX:ISX) had been consistently in compliance with disclosure regulations. However, experts have found that the depth of the report still has room for improvement.

Shares in iSignthis (ASX:ISX) last traded at $1.07

Ex-Dividends

Antipodes Global Investment Company Ltd (ASX:APL) is paying 2.5  cents 50 per cent franked
Austal Limited (ASX:ASB) is paying 5 cents unfranked
BlueScope Steel Ltd (ASX:BSL) is paying 8 cents unfranked
Contrarian Value Fund Ltd (ASX:CVF) is paying 1.5 cents fully franked
GWA Group Ltd (ASX:GWA) is paying 3.5 cents fully franked
Healthia Limited (ASX:HLA) is paying 2 cents fully franked
Jumbo Interactive (ASX:JIN) is paying 17 cents fully franked
Motorcycle Hldg (ASX:MTO) is paying 5 cents fully franked
Northern Star (ASX:NST) is paying 19.5 cents fully franked
Objective Corp (ASX:OCL) is paying 7 cents fully franked
Origin Energy (ASX:ORG) is paying 10 cents unfranked
Spheria Emerging Companies Ltd (ASX:SEC) is paying 2.5 cents fully franked
SRG Global Ltd (ASX:SRG) is paying 0.5 cents fully franked
Thorney Opportunities Ltd (ASX:TOP) is paying 1.27 cents fully franked
TPC Consolidated Ltd (ASX:TPC) is paying 8 cents fully franked

Currencies

One Australian Dollar at 7:15 AM was buying 72.84 US cents, 55.35 Pence Sterling, 77.42 Yen and 61.67 Euro cents.
 
Commodities 

Iron Ore gained 0.2 per cent to US$129.11.Iron Ore futures suggest a 0.7 per cent gain. Gold has added $0.30 to US$1935 an ounce.Silver was up $0.30 to US$27.01 an ounce.Oil was down $0.70 to US$39.07 a barrel.  

Michael Luu

Finance News Network
Michael joined FNN in December 2017 with a passion for creativity and TV production. Possessing over four years of international experience in broadcasting, he has hosted, edited and produced video content for Vietnam’s national broadcaster VTV, Germany’s DWTV and the APEC Summit. Michael is also a freelance videographer and casual correspondent for VTV in Australia.