Trump calls moves to impeach him 'absolutely ridiculous': ASX poised to open lower

Market Reports

by Rachael Jones

The Australian share market looks set to open lower this morning as Wall Street closed just slightly higher amid political turmoil. With only eight days left in his administration, US President Donald Trump is facing a second impeachment over a charge that he instigated a riot against Congress on January 6. The gold price edged higher in volatile trade and oil lifted to an 11 month high on concerns supply may not recover as quickly as demand.

Local Economic news

The ABS will release job vacancies for November and engineering construction activity for September.

Markets

Wall Street closed higher yesterday: The Dow Jones Industrial Average added 0.2 per cent to 31,069, the S&P 500 gained 0.04 per cent to 3801 and the NASDAQ closed 0.3 per cent higher at 13072.

European markets closed lower, London’s FTSE lost 0.7 per cent, Paris shed 0.2 per cent and Frankfurt closed 0.1 per cent lower.

Asian markets closed higher, Tokyo’s Nikkei gained 0.1 per cent, Hong Kong’s Hang Seng rose 1.3 per cent and China’s Shanghai Composite closed 2.2 per cent higher.

Taking all of this into equation, the SPI futures are pointing to a 0.3 per cent fall.

Yesterday, the Australian share market closed 0.3 per cent lower at 6679.

Company news

The Directors of Saracen Mineral Holdings (ASX:SAR) unanimously recommend that shareholders approve the proposed scheme of arrangement pursuant to which Northern Star Resources (ASX:NST) will acquire all of the shares in Saracen. Saracen will pay a fully franked special dividend to Saracen shareholders of $0.038 per share, conditional upon the Scheme becoming effective. Shares in Saracen Mineral Holdings (ASX:SAR) closed 0.21 per cent lower at $4.80

Ex-Dividends

Turners Automotive (ASX:TRA) is paying 3.8 cents 85 per cent franked

Currencies

One Australian Dollar at 7:30 AM was buying 77.73 US cents, 56.88 Pence Sterling, 80.65 Yen and 63.70 Euro cents.

Commodities

Gold has gained $4.70 to US $1856 an ounce.
Silver was up $0.40 to US $25.68 an ounce.
Oil was up $0.73 to US $50.87 a barrel.
Iron Ore futures suggest 1.3 per cent rise.