Trump back in the Oval Office despite Covid-19: ASX poised to open higher

Market Reports

by Rachael Jones

The Australian share market looks set to open higher this morning as the S&P 500, the Dow and the Nasdaq all closed higher as optimism surrounding the next stimulus in the US continues. President Donald Trump returned to the Oval Office yesterday for briefings, despite still receiving treatment for Covid-19 and potentially contagious. His doctor says he hasn’t experienced any symptoms for the last 24 hours. The EU is set to impose tariffs on imports of hot-rolled stainless steel coils and sheets from China, Indonesia and Taiwan after an investigation found they were being sold at artificially low prices. And the price of oil slides. 

Economic News

Building Approvals
Weekly Payroll Jobs and Wages

Markets

Wall Street closed higher yesterday: The Dow Jones Industrial Average gained 1.9 per cent to 28,303 the S&P 500 added 1.7 per cent to 3419 and the NASDAQ closed 1.9 per cent higher at 11,365.

European markets closed mixed, London’s FTSE fell 0.1 per cent, Paris lost 0.3 per cent and Frankfurt closed 0.2 per cent higher.

In Asian markets, Tokyo’s Nikkei closed 0.1 per cent lower, Hong Kong’s Hang Seng gained 1.1 per cent and China’s Shanghai Composite was closed.

Taking all of this into equation, the SPI futures are pointing to 0.4 per cent gain.

Yesterday, the Australian share market closed 1.3 per cent higher at 6036.

Company news

New Zealand aged-care company Summerset (ASX:SNZ) has bought land to build its ninth retirement village in Auckland and its first in the East Auckland area. Planning of the village near Half Moon Bay is underway and will include independent living apartments ranging from one to three bedrooms, serviced apartments and care suites offering rest home and hospital care. The village will also include a memory care centre for people living with dementia, featuring an industry-leading design. It is estimated that the total investment in the village will be around $300 million. Shares in Summerset Group Holdings (ASX:SNZ) closed 1.95 per cent higher at $8.38 yesterday.

Ex-Dividends

ARB Corporation Limited (ASX:ARB) is paying 39.5 cents fully franked
Clime Capital Ltd (ASX:CAM) is paying 1.125 cents fully franked
GR Engineering Services Ltd (ASX:GNG) is paying 4 cents unfranked
Pengana International Equities Ltd (ASX:PIA) is paying 2.5 cents fully franked

Currencies

One Australian Dollar at 7:50 AM was buying 71.41 US cents, 55.29 Pence Sterling, 75.67 Yen and 60.71 Euro cents.

Commodities

Gold has lost $17 to US$1892 an ounce.
Silver was down $0.04 to US$23.88 an ounce.
Oil was down $0.68 to US$39.99 a barrel.