Dow jumps almost 150 points: Aus shares to open higher

Following positive leads from US markets, the Australian share market looks set to open higher. The Dow Jones jumped almost 150 points after promising trade talks, leading the major averages to snap a three-day slide. Speaking from London, US President Donald Trump said discussions with China are going very well. The President also confirmed a deal has been made with Japan and South Korea. The positive comments were well received in contrast to the previous day’s which triggered a selloff in the Dow.

Local economic news

Retail trade for October

International trade for October

Markets:

The Dow Jones Industrial Average closed over 0.5 per cent higher at 27,650, the S&P 500 rose 0.6 per cent to 3113 and the NASDAQ also rose 0.5 per cent to 8567.

European markets: London’s FTSE gained 0.4 per cent, Paris rose 1.3 per cent and Frankfurt added 1.2 per cent.

Asian markets: Tokyo’s Nikkei fell 1.1 per cent, Hong Kong’s Hang Seng dropped 1.3 per cent and China’s Shanghai Composite closed 0.2 per cent lower.

Taking all of this into equation, the SPI futures are pointing to a 0.9 per cent rise.

Yesterday, the Australian share market closed 106 points or 1.6 per cent lower at 6607.

Company news

Ben Dollard will join Treasury Wine Estates (ASX:TWE) as President of the company’s operations in the Americas. Mr Dollard will commence in his role on 13 January 2020 and will be based in TWE’s Oakland office in California. Mr Dollard has 20 years’ experience in the alcohol beverages industry in the Americas region, having worked in various senior executive leadership roles with Constellation Brands in the US and Canada. He replaces Angus McPherson who’s been unable to work in the Americas during this quarter due to personal circumstances though it’s planned he’ll return to work in February 2020 in a revised role based in Treasury Wine’s Melbourne office here in Australia. Shares in Treasury Wine Estates (ASX:TWE) closed 3.1 per cent lower yesterday at $17.44.

Ex-Dividends:

Collins Foods Ltd (ASX:CKF) is paying 9.5 cents fully franked.
Pendal Group Ltd (ASX:PDL) is paying 25 cents 10 per cent franked.

Turning to currencies

One Australian Dollar at 8:35 AM was buying 68.51 US cents, 52.29 Pence Sterling, 74.59 Yen and 61.85 Euro cents.

To Commodities

Iron Ore has gained 75 cents to US$89.06.
Iron Ore futures suggest a 1.54 per cent rise.
Gold has lost $4.00 to US$1480 an ounce.
Silver has lost $0.33 to US$16.92 an ounce.
Oil has gained $2.27 to US$58.37 a barrel.

Source: Finance News Network