US tech shares surge: Local shares to follow higher


Australians shares are set for a positive start after US sharemarkets climbed on Monday, led higher by a rally in some of the world's largest tech companies. Shares of Amazon rose 4.8 per cent ahead of its Prime Day shopping event tomorrow. Apple popped 6.4 per cent on expectations it is about to unveil its first 5G iPhone also on Tuesday US time. While shares of Twitter rallied 5.1 on an upgrade from Deutsche Bank, But prospects for an end to the stalemate over new stimulus faded with members of the US House of Representatives told not to expect any action this week.

Economic news

Today, the weekly reading of consumer sentiment from ANZ-Roy Morgan is released with the CBA measure of card spending and latest data on overseas arrivals and departures from the ABS.

 To the figures from around the globe: Wall Street closed higher yesterday: The Dow Jones Industrial Average gained 0.9 per cent to 28,838, the S&P 500 added 1.6 per cent to 3534 and the NASDAQ closed 2.6 per cent higher at 11,876.

European markets closed mixed, London’s FTSE lost 0.3 per cent, Paris gained 0.7 per cent and Frankfurt closed 0.7 per cent higher.

In Asian markets, Tokyo’s Nikkei closed 0.3 per cent lower, Hong Kong’s Hang Seng gained 2.2 per cent and China’s Shanghai Composite closed 2.6 per cent higher.

Taking all of this into equation, the SPI futures are pointing to 0.8 per cent gain.

Yesterday, the Australian share market closed 0.5 per cent higher at 6132.

Company news

Sky Network Television will hold its AGM today Chairman Phillip Bowman says fiscal 2020 was a tough year for the company and there remain many challenges as the shape of the media sector continues to change at a rapid pace. However, the first quarter of the new fiscal year has delivered encouraging results, and your management team is determined to reinvent the business to be an effective competitor in this changing landscape. Shares in Sky Network Television (ASX:SKT) closed 3.57 per cent lower at $0.14 yesterday.

Ex-Div

Boadicea Resources (ASX:BOA) is paying 8 cents unfranked
Gowing Bros. Limited (ASX:GOW) is paying 3 cents fully franked

Currencies

One Australian Dollar at 7:40 AM was buying 72.13 US cents, 55.21 Pence Sterling, 75.98 Yen and 61.07 Euro cents.

Commodities

Iron Ore has lost 1.2 per cent to US$124.23.
Iron Ore futures suggest 0.5 per cent fall.
Gold has added $1.90 to US$1928 an ounce.
Silver was up $0.10 to US$25.21 an ounce.
Oil was down $1.08 to US$39.52 a barrel.