US tech stocks take a hit: ASX poised to open lower

Market Reports

by Rachael Jones

The Australian share market looks set to open lower this morning as the US sees losses. Tech stocks took a hit. Yesterday, the World Gold Council said gold miners must rapidly switch to renewable electricity generation if the industry is to curb emissions sufficiently to align with the Paris Agreement. China's November coal imports came in down 44 per cent year on year. The Australian dollar jumped as high as US74.85 cents overnight – it’s now standing at 74.44 cents.

Economic News

The ABS will issue figures on Jobs in Australia.

Markets

Wall Street closed lower yesterday: The Dow Jones Industrial Average fell 0.4 per cent to 30,069 the S&P 500 lost 0.8 per cent to 3673 and the NASDAQ closed 1.9 per cent lower at 12,339.

European markets closed mixed, London’s FTSE added 0.1 per cent, Paris fell 0.3 per cent and Frankfurt closed 0.5 per cent higher.

Asian markets closed mixed, Tokyo’s Nikkei added 1.3 per cent, Hong Kong’s Hang Seng gained 0.8 per cent and China’s Shanghai Composite closed 1.1 per cent lower.

Taking all of this into equation, the SPI futures are pointing to a 0.4 per cent fall.

Yesterday, the Australian share market closed 0.6 per cent higher at 6728.

Company news

Michael Hill (ASX:MHJ) report same store sales for the 22 week period were up 7.9 per cent, against last year. Same store sales for the October/November period were up 8.5 per cent, against last year. Australian same store sales were up 14 per cent to $121.8 million. They say while this trading announcement is focused on the positive start to the first 22 weeks of FY2021, concerns remain around further Covid-19 outbreaks, lower instore foot traffic, and their potential impact on first half earnings. 14 Canadian stores are temporarily closed due to lockdowns. The Company continues to monitor the potential impact on trading conditions in Canada. Shares in Michael Hill International (ASX:MHJ) closed 0.93 per cent higher at $0.54 yesterday.

Ex-Dividend

Select Harvests (ASX:SHV) is paying 4 cents fully franked

Currencies

One Australian Dollar at 8:30 AM was buying 74.44 US cents, 55.56 Pence Sterling, 77.57 Yen and 61.62 Euro cents.

Commodities

Iron Ore has gained 1.2 per cent to US$150.16.
Iron Ore futures suggest 3.6 per cent gain.
Gold has lost $32.80 to US$1842 an ounce.
Silver was down $0.72 to US$24.02 an ounce.
Oil was up $0.01 to US$45.61 a barrel.