Coronavirus caution continues on global markets: ASX poised to open lower

Following cautious leads from US markets, the Australian share market looks set to open lower this morning. Tech firms tumbled on Friday in the US. Tensions still surround the coronavirus and its effect on global growth. The Australian dollar continues to fall against the American dollar. The New Zealand dollar also fell but the Japanese Yen rose. Reporting Season continues with results due from Bluescope Steel, NIB Holdings, oOh!Media and WorleyParsons.

Markets

Wall Street closed lower on Friday: The Dow Jones Industrial Average fell 0.8 per cent to close at 28,992, the S&P 500 dropped 1.1 per cent to close at 3338 and the NASDAQ fell 1.8 per cent to 9577.

European markets closed lower on Friday: London’s FTSE fell 0.4 per cent, Paris shed 0.5 per cent and Frankfurt closed 0.6 per cent lower.

Asian markets closed also mixed on Friday: Tokyo’s Nikkei fell 0.4 per cent, Hong Kong’s Hang Seng lost 1.1 per cent and China’s Shanghai Composite gained 0.3 per cent.

Taking all of this into equation, the SPI futures are pointing to 0.7 per cent fall. On Friday, the Australian share market closed 24 points (0.3 per cent) lower at 7139.

Local economic news

Monday
Credit card spending January from the ABS,

Tuesday
International Merchandise Trade: Confidential Commodities List, January 2020,

Wednesday
Construction Work Done, Preliminary, December 2019.

Thursday
Private New Capital Expenditure and Expected Expenditure, for December 2019

Company news

The Gentrack Group (ASX:GTK) today announces that Chief Executive Officer Ian Black will be standing down. The Board thanks Ian for his contribution to Gentrack and wishes him well in his future endeavours. John Clifford will assume the role of Executive Chairman until a new Chief Executive Officer is appointed. The Board has engaged Odgers Berndtson, a leading global executive search firm to evaluate both internal and external candidates. Shares in the Gentrack Group (ASX:GTK) 0.9 per cent higher at $2.20 on Friday.

Ex-Dividends

Ansell Limited (ASX:ANN) is paying 32.342 cents unfranked
Aurizon Holdings Ltd (ASX:AZJ) is paying 13.7 cents 70 per cent franked
Evolution Mining Ltd (ASX:EVN) is paying 7 cents fully franked
TABCORP Holdings Ltd (ASX:TAH) is paying 11 cents fully franked
Wesfarmers Limited (ASX:WES) is paying 75 cents fully franked
Woodside Petroleum (ASX:WPL) is paying 81.7479 cents fully franked

Currencies

One Australian Dollar at 7:45 AM was buying 66.03 US cents, 51.04 Pence Sterling, 73.52 Yen and 60.97 Euro cents.

Commodities

Iron Ore has added 0.3 per cent to US$92.25.
Iron Ore futures suggest a 2.8 per cent gain.
Gold was up $28.30 to US$1649 an ounce.
Silver has added 21 cents to US$18.61 an ounce.
Oil has lost $0.50 to US$53.38 a barrel.

Source: Finance News Network