AUD hits a three year high against the USD: ASX poised to open higher

25Feb

AUD hits a three year high against the USD: ASX poised to open higher

 

Following positive leads from US markets, the Australian share market looks set to open higher this morning. In his second day of testimony to Congress, US Federal Reserve Chairman Jerome Powell has pledged low rates until inflation exceeds 2 per cent boosting confidence in US investors. On the commodities front, US crude oil production dropped by more than 1 million barrels per day last week during Texas's deep freeze, equaling the largest weekly fall ever, while refining dropped to levels not seen since 2008 according to data from the Energy Information Administration. The Australian dollar hit a fresh three-year high touching almost 80 US cents.

Local economic news

ABS will release fourth quarter private capex.

Markets

Wall Street closed higher yesterday: The Dow Jones Industrial Average closed 1.4 per cent higher at 31994, the S&P 500 added 1.14 per cent to 3925 and the NASDAQ closed almost 1 per cent higher at 13958.

European markets closed higher, London’s FTSE added 0.5 per cent, Paris gained 0.3 per cent and Frankfurt closed 0.8 per cent higher.

Asian markets closed lower, Tokyo’s Nikkei lost 1.6 per cent, Hong Kong’s Hang Seng shed 2.99 per cent and China’s Shanghai Composite shed 1.99 per cent.

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

Yesterday, the Australian share market closed 0.9 per cent lower at 6778.

Company news 

The a2 Milk Company (ASX:A2M) experienced a challenging first half with NPAT down 35.1 per cent to $120 million. Total revenue of $677.4 million was down 16 per cent and EBITDA of $178.5 million was down 32.2 per cent. Covid-19 disrupted the company’s daigou and reseller channel restricting travel between here and China. Shares in the A2 Milk Company (ASX:SWM) closed 0.9 per cent lower at $10.44

Reporting season

Afterpay; Flight Centre; Qantas; and, Stockland.

Ex-Dividends

Bapcor Limited (ASX:BAP) is paying 9 cents fully franked
Baby Bunting Group Ltd (ASX:BBN) is paying 5.8 cents fully franked
Beach Energy (ASX:BPT) is paying 1 cent fully franked
Breville Group (ASX:BRG) is paying 13 cents fully franked
JB Hi-Fi Limited (ASX:JBH) is paying $1.80 fully franked
Qualitas (ASX:QRI) is paying  0.806 cents unfranked

Currencies

One Australian Dollar at 8:00 AM was buying 79.62 US cents, 56.35 Pence Sterling, 84.30 Yen and 65.46 Euro cents.

Commodities

Gold has lost $5.70 to US $1800 an ounce.
Silver was up $0.23 to US $27.98 an ounce.
Oil was up $1.52 to US $58.95 a barrel.
The iron ore futures are suggesting a fall of 0.2 per cent.
Copyright 2021 – Finance News Network


Source: Finance News Network

Share this post

Related Posts

08Jul

Consumer staples lead the sectors: ASX tracking 0.4% lower at noon

08 Jul 2020 - The Australian share market took a dip at the open and is now tracking almost 0.4 per cent lower at noon. Northern Star Resources (ASX:NST) saw a rise in their shares today. Shares in Domain Holdings (ASX:DHG) took a dip. Sezzle (ASX:SZL) has made some key changes to its leadership team today.

Read More
16Jan

European markets weaker as US markets closed for Martin Luther King holiday

16 Jan 2024 - European stocks closed lower Monday as US markets were closed for a holiday and investors in the region gear up for the World Economic Forum in Davos, Switzerland.

Read More
21Feb

Shares in Cochlear (ASX:COH) lift on H1 results: ASX tracking 0.8% lower at noon

19 Feb 2021 - The ASX dropped at the open and is tracking 0.8% lower or 57 points lower at noon at 6,829. On the futures market, the SPI is suggesting a fall of 54 points. Shares in Cochlear (ASX:COH) did well today as they report strong growth in the US, Japan, Korea and China. Shares in Treasury Wine Estates (ASX:TWE) fell today despite performing well on the market yesterday. Woodside (ASX:WPL) signs LNG supply deal with Germany’s RWE.

Read More
06Sep

Energy stocks lift as Saudi Arabia and Russia extend oil supply cuts

06 Sep 2023 - Stocks fell on Tuesday to kick off the first trading day of a holiday-shortened week, weighed down by a jump in crude oil prices. The jump was as a result Saudi Arabia and Russia extending their voluntary supply cuts.

Read More
09Jun

Tower (ASX:TWR) voluntarily refunds $7.2M: ASX secures 6th week of gains

05 Jun 2020 - The Australian share market made a comeback this afternoon to finish 0.1 per cent higher today, falling just short of the 6,000 point level. The market was buoyed by a strong performance from the Financials sector. New Zealand Insurance Company, Tower (ASX:TWR) is refunding customers to the tune of $7.2 million due to the lower cost of car claims during the covid lock down period.

Read More
23Mar

Wall St rises as bond rout deepens, Fisher & Paykel, Sonic, Flight Centre on watch: ASX to rise

23 Mar 2022 - Global shares rose after yesterday's hawkish comments from the Federal Reserve Chair Jerome Powell, leading to bank stocks advancing. There are continued concerns that the war in Ukraine has not come to truce and what it means for the commodity market. President Zelenskyy said Ukraine would compromise on NATO membership but not hand over any cities.

Read More
05Mar

IMF launch $50b aid program for coronavirus: ASX set to open higher

05 Mar 2020 - Following a strong rally over night on the US markets, he ASX looks set to open higher this morning. Following rate cuts from the RBA and the Federal Reserve, the Bank of Canada also cut rates overnight. It’s expected the Bank of England may also follow this week and the European Central Bank. Fonterra Co-operative Group (ASX:FSF) Chairman John Monaghan has confirmed that he will retire as a Director.

Read More
23Dec

Imports of goods up 11% in November: ASX tracking 0.5% higher at noon

23 Dec 2020 - The ASX opened higher this morning with the S&P/ASX 200 Index 35 points up or 0.5% higher at 6,635. Shares in the Smart Group Corp (ASX:SIQ) are on the up today after reporting their operating EBITDA is expected to be approximately $47 million for the second half. Shares in Ramelius Resources (ASX:RMS) are currently dropping. Materials is the only sector to make losses so far this morning.

Read More
04Aug

RBA holds rates: Aus shares close 1.9% higher

04 Aug 2020 - The local bourse managed to stay on a positive streak throughout the day after a strong start at the open, easing slightly through the afternoon ahead of the RBA's interest rate decision which remained unchanged amid the current climate. Wesfarmers (ASX:WES) has been forced to shut its Target and Kmart stores in the Melbourne metropolitan region during the stage four restrictions in Victoria due to Covid. Afterpay (ASX:APT) has raised $136 million from retail investors...

Read More
23Aug

S&P500 falls as Treasury yields rise

23 Aug 2023 - The S&P 500 fell Tuesday, weighed by concerns over rising Treasury yields ahead of a key speech later this week from Federal Reserve Chairman Jerome Powell, as well as declines in banking and retail shares.

Read More