The Australian share market looks set to open flat this morning as US stocks rallied, ahead of the US election. The Dow Jones index jumped more than 500 points. Victoria has recorded no new cases of coronavirus and no deaths for the fifth straight day, the state's health department says. Yesterday the Reserve Bank cut interest rates to a record low of 0.1 per cent as the bank's governor confirmed Australia was not out of recession.
Today the ABS will release the final reading on retail trade for September. Also the AiGroup Performance of Construction index.
Wall Street closed higher yesterday: The Dow Jones Industrial Average added 2.1 per cent to 27,480, the S&P 500 gained 1.8 per cent to 3369 and the NASDAQ closed 1.9 per cent higher at 11,161.
European markets closed higher, London’s FTSE added 2.3 per cent, Paris gained 2.4 per cent and Frankfurt closed 2.6 per cent higher.
In Asian markets, Tokyo’s Nikkei was closed, Hong Kong’s Hang Seng gained almost 2 per cent and China’s Shanghai Composite closed 1.4 per cent higher.
Taking all of this into equation, the SPI futures are pointing to a flat start.
Yesterday, the Australian share market closed 1.9 per cent higher at 6066.
On 16 October 2019 Xplore Wealth (ASX:XPL) notified the market that it had received a notice from AusIndustry disallowing $1.18 million in respect of a pre-acquisition historical research and development claim made by Linear Financial Holdings (now named Margaret Street Financial Holdings Pty Ltd). The Company also advised at that time that it would apply for an internal AusIndustry review in accordance with the appeal provisions. The Company is now very pleased to advise that AusIndustry have concluded their internal review and have notified the Company that they have accepted the original research and development claim made by Margaret Street Financial. This decision overturns the original findings of AusIndustry and supports the original claim made by the Company. Shares in Xplore Wealth (ASX:XPL) closed flat at $0.18 yesterday.
Bank of Queensland (ASX::BOQ) is paying 12 cents fully franked.
One Australian Dollar at 7:45 AM was buying 71.65 US cents, 54.86 Pence Sterling, 74.88 Yen and 61.16 Euro cents.
Iron Ore has lost 0.8 per cent to US$117.09.
Iron Ore futures suggest 1.01 per cent gain.
Gold has gained $17.20 to US$1910 an ounce.
Silver was up $0.21 to US$24.24 an ounce.
Oil was up $1.23 to US$38.04 a barrel.