Boost on news of third potential Covid vaccine release: ASX poised to open higher

The Australian share market looks set to open higher this morning after news of a third potential Covid-19 vaccine. AstraZeneca is the latest major drug-maker to announce its results, meanwhile the US health regulator is expected to approve Pfizer's vaccine for distribution in mid-December. The national lockdown in England will be lifted on December 2nd. This second lockdown has seen leisure and hospitality venues and most shops close. And President-elect Joe Biden has reportedly picked Janet Yellen to head the Treasury Department. If confirmed, she will be the first woman to be treasury secretary in the US.

Economic News

The Australian Bureau of Statistics (ABS) will release the preliminary international merchandise trade data today. Also after lunchtime today, Reserve Bank Deputy Governor Guy Debelle will speak at the Australian Business Economists webinar at 1.30pm AEDT.

Markets

Wall Street closed higher yesterday: The Dow Jones Industrial Average added 1.1 per cent to 29,591, the S&P 500 gained 0.6 per cent to 3578 and the NASDAQ closed 0.2 per cent higher at 11,880.

European markets closed lower, London’s FTSE lost 0.3 per cent, Paris dipped 0.1 per cent and Frankfurt closed almost 0.1 per cent lower.

Asian markets closed mostly higher, Tokyo’s Nikkei was closed, Hong Kong’s Hang Seng added 0.1 per cent and China’s Shanghai Composite closed 1.1 per cent higher.

Taking all of this into equation, the SPI futures are pointing to a 0.7 per cent gain.

Yesterday, the Australian share market closed 0.3 per cent higher at 6561.

Company news

Fleetwood Corporation Limited (ASX:FWD) has completed their name change to Fleetwood Limited. The Australian Securities and Investments Commission has recorded the change of the Company name effective from 23 November 2020. It is expected that the effective date for the change of Company name on the ASX will be 25 November 2020. Shares in Fleetwood Corporation Limited (ASX:FWD) last traded at $1.87.

Currencies

One Australian Dollar at 8:00 AM was buying 72.88 US cents, 54.72 Pence Sterling, 76.16 Yen and 61.57 Euro cents.

Commodities

Gold has lost $35.30 to US$1837 an ounce.
Silver was down $0.73 to US$23.64 an ounce.
Oil was up $0.04 to US$43.55 a barrel.
Iron Ore futures suggest 0.5 per cent fall.

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