Global rally paused: ASX poised to open lower

Market Reports

by Rachael Jones

The Australian share market looks set to open lower this morning as the global rally slows. Vaccine hopes had bolstered markets over the past week. More than 60 million cases of coronavirus have been recorded worldwide since the pandemic began — with the US alone recording 12.6 million cases with 30,000 more expected to die by Christmas from the infection. Oil prices lifted overnight against a weakening US dollar and a surprise decline in US crude stocks. US markets will be closed today for Thanksgiving and have a shortened session on Friday in New York, with a 1pm close.

Economic News

The Australian Bureau of Statistics will release figures on Private New Capital Expenditure and Expected Expenditure.

Markets

Wall Street closed mixed yesterday: The Dow Jones Industrial Average shed 0.6 per cent to 29,881, the S&P 500 lost 0.3 per cent to 3624 and the NASDAQ closed 0.5 per cent higher at 12094.

European markets closed mixed, London’s FTSE lost 0.6 per cent, Paris added 0.2 per cent and Frankfurt closed almost flat.

Asian markets closed mixed, Tokyo’s Nikkei gained 0.5 per cent, Hong Kong’s Hang Seng rose 0.3 per cent and China’s Shanghai Composite closed 1.19 per cent lower.

Taking all of this into equation, the SPI futures are pointing to a 0.1 per cent dip.

Yesterday, the Australian share market closed 0.6 per cent higher at 6683.

Company news

Jumbo Interactive Limited (ASX:JIN) is pleased to announce that the Gambling Commission (GC) has approved and issued a remote gambling software operating licence to Jumbo. This enables Jumbo to supply its proprietary Software-as-a-Service (SaaS) online platform to GC-licensed operators, which in-turn provide gambling and lottery services to consumers in Great Britain. The software operating licence is in addition to the external lottery manager operating licences (remote and non-remote) already held through Jumbo’s wholly owned UK subsidiary Gatherwell. Shares in Jumbo Interactive Limited (ASX:JIN) are trading 0.07 per cent higher at $13.83.

Ex-Dividends

ALS (ASX:ALQ) is paying 8.5 cents fully franked.

Currencies

One Australian Dollar at 7:30 AM was buying 73.72 US cents, 55.07 Pence Sterling, 76.98 Yen and 61.85 Euro cents.

Commodities

Gold has gained $2.20 to US$1807 an ounce.
Silver was up $0.11 to US$23.41 an ounce.
Oil was up $0.47 to US$45.50 a barrel.
Iron Ore futures suggest 0.3 per cent rise.

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