AUD up against a weakened USD: ASX points to a rise at the open

Market Reports

by Rachael Jones

The Australian share market looks set to rise this morning as US stocks were boosted by a push for a fresh stimulus package. Yesterday, US Congress moved towards a federal spending package that would boost the economy. Apple shares surged by up to 4 per cent after reports that iPhone production is set to rise by 30 per cent in the first half of 2021. The Australian dollar is on the up this morning, trading at over US 75 cents.

Local economic news 

The ABS issues its “Business impacts of COVID-19” for December.

Markets

Wall Street closed higher yesterday: The Dow Jones Industrial Average gained 1.1 per cent to close at 30199, the S&P 500 added 1.3 per cent to 3695 and the NASDAQ closed 1.3 per cent higher at 12595.

European markets closed mixed: London’s FTSE lost 0.3 per cent, Paris gained 0.04 per cent and Frankfurt closed 1.1 per cent higher.

Asian markets closed lower: Hong Kong’s Hang Seng lost 0.2 per cent and China’s Shanghai Composite fell 0.7 per cent while Tokyo’s Nikkei closed 0.1 per cent lower.

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

Yesterday, the Australian share market closed 0.4 per cent lower at 6631.

Company news

Openpay Group (ASX:OPY) reports after its first full year as an ASX listed company that it has had its best ever month of trading and is set to launch in the US market launch. November’s Transaction Value was $35.7 million, up 121 per cent on prior corresponding period, which included the best week of TTV ever at $10.9 million, driven by internal initiatives and seasonal trading. Shares in Openpay Group (ASX:OPY) closed 3.1 per cent lower at $2.16.

Ex-Dividends

Plato Inc Max Ltd (ASX:PL8) is paying 0.4 cents fully franked
PPK Group Limited (ASX:PPK) is paying 2.5 cents fully franked

Currencies

One Australian Dollar at 8:15 AM was buying 75.60 US cents, 56.16 Pence Sterling, 78.34 Yen and 62.19 Euro cents.

Commodities

Gold has gained $24.90 to US$1854 an ounce.
Silver has added $0.53 to US$24.52 an ounce.
Oil was up $0.28 to US46.89 a barrel.
Iron Ore futures suggest a 2.3 per cent gain.
 

Are you a 708 sophisticated investor?

A sophisticated investor is defined under Section 708 of the Corporations Act (net assets of $2.5 million or annual incomes in excess of $250,000).

They are eligible to receive information regarding wholesale investment opportunities that are not available to regular or retail investors.

Please subscribe if you would like to be alerted to these types of opportunities.