It's a close call so far in the battle for the White House: ASX poised to rise at the open

Market Reports

by Rachael Jones

The Australian share market looks set to open higher this morning as Wall Street’s main indices rise on the close run race for the White House. Joe Biden appears well-positioned to become the 46th president of the United States. President Donald Trump continues to falsely claim that the election is being "stolen" from him and demands a recount.

Economic News

Australian Bureau of Statistics will release figures for trade balance for September.


Wall Street closed higher yesterday: The Dow Jones Industrial Average added 1.3 per cent to 27,848, the S&P 500 gained 2.2 per cent to 3443 and the NASDAQ closed 3.9 per cent higher at 11,591.

European markets closed higher, London’s FTSE added 1.7 per cent, Paris gained 2.4 per cent and Frankfurt closed almost 2 per cent higher.

Asian markets closed mixed, Tokyo’s Nikkei gained 1.7 per cent, Hong Kong’s Hang Seng fell 0.2 per cent and China’s Shanghai Composite closed 0.2 per cent higher.

Taking all of this into equation, the SPI futures are pointing to a 0.2 per cent gain.

Yesterday, the Australian share market closed 0.1 per cent lower at 6062.

Company news

National Australia Bank's (ASX:NAB) full year cash earnings dropped 36.6 per cent to $3.7 billion. Net profit after tax from ordinary activities attributable declined 46.7 per cent to $2.56 billion. The bank said it would pay a 30 cents a share final dividend bringing total dividends for the year to 60 cents a share. Shares in National Australia Bank (ASX:NAB) closed 1.1 per cent lower to $18.70 yesterday.


Australian Governance & Ethical Index Fund (ASX:AGM) is paying 178.9 cents unfranked
Evans & Partners Australian Flagship Fund (ASX:EFF) is paying 158.2 cents unfranked
Magellan Global Trust (ASX:MGG) is paying 3.58 cents unfranked


One Australian Dollar at 8:35 AM was buying 71.87 US cents, 55.34 Pence Sterling, 75.11 Yen and 61.30 Euro cents.


Iron Ore has lost 0.2 per cent to US$116.91.
Iron Ore futures suggest 0.5 per cent loss.
Gold has lost $7.40 to US$1903 an ounce.
Silver was down $0.37 to US$23.96 an ounce.
Oil was up $1.37 to US$39.03 a barrel.