Fresh coronavirus fears hit global markets: ASX poised to open higher

The Australian share market looks set to open higher this morning despite fresh lockdowns and restrictions as Covid-19 infections rise in some countries. NSW residents are now being advised to delay non-essential travel to South Australia, following a Covid-19 outbreak in the state. Over in the US Amazon is launching Amazon Pharmacy, allowing customers in the United States to order prescription medications for home delivery, causing pharmacy stocks to tumble.

Economic News

Third quarter wage price index


Wall Street closed lower yesterday: The Dow Jones Industrial Average shed 0.6 per cent to 29,783, the S&P 500 dropped 0.5 per cent to 3609 and the NASDAQ closed 0.2 per cent lower at 11,899.

European markets closed mixed, London’s FTSE lost 0.9 per cent, Paris gained 0.2 per cent and Frankfurt closed 0.04 per cent lower.

Asian markets closed mixed, Tokyo’s Nikkei gained 0.4 per cent, Hong Kong’s Hang Seng added 0.1 per cent and China’s Shanghai Composite closed 0.2 per cent lower.

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

Yesterday, the Australian share market closed 0.2 per cent higher at 6498.

Company news

Perpetual Limited (ASX:PPT) has successfully completed its acquisition of a 75 per cent interest in US-based investment management business, Barrow, Hanley, Mewhinney & Strauss, LLC from BrightSphere Investment Group Inc. Based in Dallas, USA, with a presence in London and Hong Kong, Barrow Hanley has a strong track record of value investing over 40 years. Perpetual’s total assets under management now exceed $87 billion. Shares in Perpetual (ASX:PPT) closed 4.1 per cent higher yesterday at $30.44


One Australian Dollar at 7:35 AM was buying 73.04 US cents, 55.15 Pence Sterling, 76.11 Yen and 61.58 Euro cents.


Gold has lost $2.50 to US$1885 an ounce.
Silver was down $0.18 to US$24.63 an ounce.
Oil was up $0.09 to US$41.43 a barrel.
Iron Ore futures suggest a 1.5 per cent rise.