Tesla profit doubles beating quarterly estimates: ASX to open lower

Market Reports

by Rachael Jones

The Australian share market looks set to open lower this morning as continuing poor Covid-19 virus data from comes in from both Europe and the US. China has added a new export law in the latest trade dispute move with the US allowing China to ban some exports to protect national security. It’s due to come into force at the beginning of December and mirrors new regulations the US uses. Tesla report their third-quarter results include net income of $331 million on revenue of $8.77 billion.

Economic News

Business Indicators, Business Impacts of COVID-19, reference period October 2020

Markets

The Dow Jones Industrial Average lost 0.4 per cent to 28,211, the S&P 500 lost 0.2 per cent to 3436 and the NASDAQ closed 0.3 per cent lower at 11,485.

European markets closed also lower, London’s FTSE lost 1.9 per cent, Paris fell 1.5 per cent and Frankfurt closed 1.4 per cent lower.

Asian markets closed mixed, Tokyo’s Nikkei added 0.3 per cent, Hong Kong’s Hang Seng gained 0.8 per cent and China’s Shanghai Composite closed 0.1 per cent lower.

Taking all of this into equation, the SPI futures are pointing to 1.1 per cent fall.

Yesterday, the Australian share market closed 0.1 per cent higher at 6192.

Company news

Adventure and outdoor company Kathmandu Holdings (ASX:KMD) report group sales, including 9 months of having acquired Rip Curl, are up 48.7 per cent to $801.5 million. Underlying profit after tax is down 44.5 per cent to $31.5 million. Covid-19 revenue impact estimated at around $135 million. But they do report enhanced online capacity and capability. The retailer’s percentage of online sales rose from 10.5 per cent to 18.5 per cent in the past financial year. Shares in Kathmandu Holdings (ASX:KMD) closed 0.83 per cent lower at $1.20 yesterday.

Ex-Dividend

Probiotec Limited (ASX:PBP) is paying 3 cents fully franked

Currencies

One Australian Dollar at 7:45 AM was buying 71.18 US cents, 54.16 Pence Sterling, 74.45 Yen and 60.04 Euro cents.

Commodities

Iron Ore has added 0.7 per cent to US$120.49.
Iron Ore futures suggest 1.6 per cent gain.
Gold has gained $12.70 to US$1928 an ounce.
Silver was up $0.19 to US$25.17 an ounce.
Oil was down $1.73 to US$39.97 a barrel.