WTO to consider China's barley tariffs: ASX poised to open higher

The Australian share market looks set to open higher this morning as the US raises its economic outlook slightly. Negotiators in the US Congress are close to agreeing a US$900 billion Covid-19 stimulus bill, which could possibly be voted on today. Australia launched a formal appeal to the World Trade Organization looking for a review of China's decision to impose large tariffs on imports of Australian barley. And Bitcoin is back in the news as it breaks above US$20,000 for the first time in history.

Local economic news

The labour force survey is issued with population growth and wealth data.

Markets

To the figures from around the globe: Wall Street closed mixed yesterday: The Dow Jones Industrial Average lost 0.2 per cent to close at 30155, the S&P 500 added 0.2 per cent to 3701 and the NASDAQ closed 0.5 per cent higher at 12658.

European markets closed higher: London’s FTSE added 0.9 per cent, Paris gained 0.3 per cent and Frankfurt closed 1.5 per cent higher.

Asian markets closed mostly higher: Tokyo’s Nikkei rose 0.3 per cent, Hong Kong’s Hang Seng gained almost 1 per cent and China’s Shanghai Composite was steady.

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

Yesterday, the Australian share market closed 0.7 per cent higher at 6679.

Company news

The institutionally owned New Zealand telecommuncations company Chorus (ASX:CNU) have released a proposal for price quality expenditure for their calendar years 2022-2024. Their operating expenditure proposal models total fibre fixed line access services of $625.5 million for the regulatory period 1 up to 2024. This includes regulatory inflation. The copper withdrawal code has been finalised and the Commerce Commission has determined that Chorus must provide end users with 6 months’ notice of copper withdrawal. Shares in Chorus (ASX:CNU) closed 0.6 per cent higher at $7.23.

Ex-Dividends

Concentrated Leaders Fund (ASX:CLF) is paying 1.5 cents fully franked

Currencies

One Australian Dollar at 7:15 AM was buying 75.69 US cents, 56.13 Pence Sterling, 78.35 Yen and 62.18 Euro cents.

Commodities

Gold has gained $5.60 to US$1858 an ounce.
Silver has added $0.79 to US$25.37 an ounce.
Oil was up $0.22 to US47.26 a barrel.
Iron Ore futures suggest a 0.6 per cent gain.