Fresh US stimulus promise boosts markets: ASX set to open higher


The Australian share market looks set to open higher this morning as shares in the US rose on hopes of more stimulus measures. Markets were also given a boost by Covid vaccine news as pharmaceutical companies submit their paperwork for regulatory approvals.

Economic News

The ABS will issue the National Accounts for the September quarter. Also today Reserve Bank Governor Philip Lowe will appear before the House of Representatives Standing Committee on Economics at 11am AEDT

Markets

Wall Street closed higher yesterday: The Dow Jones Industrial Average gained 0.6 per cent to close at 29,824, the S&P 500 added 1.1 per cent to 3662 and the NASDAQ closed 1.3 per cent higher at 12,355.

European markets closed higher: London’s FTSE added 1.9 per cent, Paris gained 1.1 per cent and Frankfurt closed 0.7 per cent higher.

Asian markets closed higher: Hong Kong’s Hang Seng gained 1.3 per cent and China’s Shanghai Composite added 0.9 per cent while Tokyo’s Nikkei was 1.8 per cent higher.

Taking all of this into equation, the SPI futures are pointing to a 0.6 per cent gain.

Yesterday, the Australian share market closed 1.1 per cent higher at 6589.

Company news

Zelira Therapeutics Ltd (ASX:ZLD), in partnership with SprinJene®, a natural oral care product company, has launched of its proprietary CBD toothpaste in the US. Research shows that incorporating CBD into oral/dental care results in health benefits including naturally eliminating decay-causing bacteria, reducing gum inflammation, restoring pH balance and increasing remineralisation, reducing bone loss associated with gum disease, and helping to improve overall health. Shares in Zelira Therapeutics (ASX:ZLD) closed 2.41 per cent lower at 8.1 cents yesterday.

Currencies

One Australian Dollar at 8:40 AM was buying 73.71 US cents, 54.92 Pence Sterling, 76.89 Yen and 61.07 Euro cents.

Commodities

Iron Ore has added 0.4 per cent to $132.13.
Iron Ore futures suggest a 2.2 per cent gain.
Gold has gained $37.50 to US$1818 an ounce.
Silver has added $1.53 to US$24.13 an ounce.
Oil was down $0.79 to US$44.55 a barrel.

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