The Australian share market looks set to open lower this morning despite Wall Street closing higher on hopes of a fresh stimulus package. New cases of coronavirus are surging in US states across the South, East and Midwest. On Friday the country recorded more than 57,000 new cases, the highest daily totals since mid-August, according to data compiled by Johns Hopkins University. Meanwhile, President Donald Trump says he no longer has Covid-19 and he would not be a transmission risk to others, as he returns to holding big rallies during the final weeks of the race for the White House. Back home, as of today, all Victorians must wear a fitted mask when leaving the house. NSW Labor have renewed calls for mandatory masks on public transport. The state recorded five new cases of Covid-19.
Wall Street closed higher on Friday: The Dow Jones Industrial Average gained 0.6 per cent to close at 28,587, the S&P 500 added 0.9 per cent to close at 3477 and the NASDAQ closed 1.4 per cent higher at 11580.
European markets closed higher on Friday: London’s FTSE gained 0.7 per cent, Paris added 0.7 per cent and Frankfurt closed 0.1 per cent higher.
Asian markets closed mixed on Friday: Tokyo’s Nikkei fell 0.1 per cent, Hong Kong’s Hang Seng lost 0.3 per cent and China’s Shanghai Composite gained 1.7 per cent.
Taking all of this into equation, the SPI futures are pointing to 0.1 per cent fall. On Friday, the Australian share market closed flat at 6102.
Local economic news
The week kicks off on Monday when the Australian Bureau of Statistics (ABS) releases one of its relatively new indicators: “Household Impacts of COVID-19 Survey”. The survey highlights how Aussie families are being affected by the virus.
On Tuesday, the weekly reading of consumer sentiment from ANZ-Roy Morgan is released with the CBA measure of card spending
The weekly consumer confidence survey will be the first to gauge reaction to the Federal Budget.
On Wednesday the ABS will release two reports: provisional overseas travel data for September and the June quarter building activity figures.
On Thursday, the Reserve Bank Governor, Philip Lowe, will speak at the Citi Australia and New Zealand Annual Investment Conference (AEDT 8.45am). And the ABS releases the September jobs data.
And on Friday, the ABS issues its annual survey: “Labour Force Status of Families”. The ABS says that this “explores how families engage with the labour market.”
Tilt Renewables (ASX:TLT) has conducted investigations into an incident where a blade became detached from a single turbine at the Dundonnell Wind Farm. An assurance testing procedure has been developed to allow the unaffected turbines to be progressively returned to service in a safe manner. The incident happened on the 5th October 2020 and is expected to take several weeks to repair. The testing and inspections have already been completed on 25 turbines and these are now fully operational. The commissioning process with the Australian Energy Market Operator has not been affected by this incident and Tilt Renewables continues to expect the wind farm to progress through the remaining hold points towards full operation over the remainder of the year. Shares in Tilt Renewables (ASX:TLT) closed flat at $3.53 on Friday.
Future Generation Global Invstmnt Co Ltd (ASX:FGG) is paying 2 cents fully franked
WAM Research Ltd (ASX:WAX) is paying 4.9 cents fully franked
WAM Microcap Limited (ASX:WMI) is paying 6 cents fully franked
One Australian Dollar at 7:50 AM was buying 72.24 US cents, 55.48 Pence Sterling, 76.46 Yen and 61.17 Euro cents.
Iron Ore has added 1.8 per cent to US$125.72.
Iron Ore futures suggest a 0.7 per cent gain.
Gold was up $31.10 to US$1926 an ounce.
Silver has added $1.23 to US$25.11 an ounce.
Oil has lost $0.59 to US$40.60 a barrel.