Wall Street pulls back from recent highs: ASX poised for a flat start

Market Reports

by Rachael Jones

The Australian share market looks set to open flat this morning as Wall Street pulled back from their recent highs as vaccine hopes and a large stimulus package lost luster. The World Health Organisation has warned the new, more contagious mutated variants of the coronavirus are “highly problematic”. Over the weekend, the WHO was alerted of a new variant in Japan. Japan’s infectious disease institute says it’s difficult to determine the effectiveness of vaccines against it.


Wall Street closed lower yesterday: The Dow Jones Industrial Average lost 0.3 per cent to 31009, the S&P 500 lost almost 0.7 per cent to 3800 and the NASDAQ closed 1.3 per cent lower at 13036.

European markets closed lower, London’s FTSE shed 1.1 per cent, Paris dipped 0.8 per cent and Frankfurt closed 0.8 per cent lower.

Asian markets closed mixed, Tokyo’s Nikkei was closed, Hong Kong’s Hang Seng added 0.1 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 steady start.

Yesterday, the Australian share market closed 0.9 per cent lower at 6697.

Company news

Faith-based donation platform Pushpay Holdings (ASX:PPH) has appointed a new CEO - Molly Matthews. Molly is currently Pushpay’s Chief Customer Officer and will assume the Chief Executive duties from 1 March 2021. Molly will succeed Bruce Gordon. The company has also lifted its full year guidance for earnings before interest, tax, depreciation, amortisation and foreign exchange changes (EBITDAF) to between $US56 million and $US60 million. Shares in Pushpay Holdings (ASX:PPH) closed 5.97 per cent lower at $1.50.


One Australian Dollar at 7:30 AM was buying 77.07 US cents, 57.01 Pence Sterling, 80.27 Yen and 63.38 Euro cents.


Gold has gained $11.20 to US$1847 an ounce.
Silver was up $0.43 to US$25.07 an ounce.
Oil was down $0.06 to US$49.92 a barrel.
Iron Ore futures suggest a 2 per cent fall


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.