Fed Reserve set to keep rates at near zero: ASX poised to open lower

17Sep

Fed Reserve set to keep rates at near zero: ASX poised to open lower

 

The Australian share market looks set to open lower this morning as stocks in the US fell after a tech sell off and Federal Reserve Chairman Jerome Powell vows to keep rates near zero for three years. President Donald Trump said the US government could start distributing a coronavirus vaccine as early as October, this is in contrast to what his than own health officials claim where the estimate a much later date.

Local Economic News

ABS Labour Force, August 2020.

Markets 

Wall Street closed mixed yesterday: The Dow Jones Industrial Average gained 0.1 per cent to 28,032 the S&P 500 lost 0.5 per cent to 3385 and the NASDAQ closed 1.3 per cent lower at 11,050.

European markets closed mixed, London’s FTSE fell 0.4 per cent, Paris added 0.1 per cent and Frankfurt closed 0.3 per cent higher.

Asian markets closed mixed, Tokyo’s Nikkei added 0.1 per cent, Hong Kong’s Hang Seng lost 0.03 per cent and China’s Shanghai Composite closed 0.4 per cent lower.

Taking all of this into equation, the SPI futures are pointing to 0.2 per cent loss.

Yesterday, the Australian share market closed 1 per cent higher at 5956.

Company news

Platinum Asset Management (ASX:PTM) announced its intention to extend its on-market share buy-back for up to 10 per cent of PTM’s issued share capital for a further period of up to 12 months starting from 4 October 2020. The purpose is to enable PTM, as part of its ongoing capital management policy, to buy-back its shares should the PTM share price trade at a significant discount to its underlying value. No target price has been set. Shares in Platinum Asset Management (ASX:PTM) closed 1.54 per cent higher at $3.29 yesterday.

Ex Dividends

5G Networks Limited (ASX:5GN) is paying 1 cent fully franked
Apiam Animal Health (ASX:AHX) is paying 1.2 cents fully franked
Academies Aus Grp (ASX:AKG) is paying 1.365 cents fully franked
Aurelia Metals Ltd (ASX:AMI) is paying 1 cent fully franked
Clime Investment (ASX:CIW) is paying 1 cent fully franked
Enero Group Ltd (ASX:EGG) is paying 3.5 cents fully franked
Embelton Limited (ASX:EMB) is paying 20 cents fully franked
Joyce Corporation (ASX:JYC) is paying 5 cents fully franked
OZ Minerals (ASX:OZL) is paying 8 cents fully franked
Pacific Grp Ltd (ASX:PAC) is paying 25 cents fully franked
Pwr Holdings Limited (ASX:PWH) is paying 4 cents fully franked
RXP Services Ltd (ASX:RXP) is paying 2.5 cents fully franked
Spark New Zealand (ASX:SPK) is paying 11.3636 cents unfranked
Seven Group Holdings (ASX:SVW) is paying 21 cents fully franked
Western Areas Ltd (ASX:WSA) is paying 1 cent fully franked

Currencies

One Australian Dollar at 7:45 AM was buying 73.04 US cents, 56.35 Pence Sterling, 76.65 Yen and 61.84 Euro cents.

Commodities

Iron Ore lost 3.4 per cent to US$124.20.
Iron Ore futures suggest a 3.2 per cent fall.
Gold has added $0.90 to US$1967 an ounce.
Silver was down $0.13 to US$27.34 an ounce.
Oil was up $1.90 to US$40.18 a barrel.
 
Copyright 2020 – Finance News Network


Source: Finance News Network

Share this post

Related Posts

06Nov

S&P500 records its first-five day gain since June

06 Nov 2023 - Stocks rose Friday after a soft jobs report drove bond yields lower, and the major averages registered their best week in 2023.

Read More
04Apr

Fed Chair commentary calms rate fears

04 Apr 2024 - US markets traded in positive territory for most of the day encouraged by comments from Fed Chair Jerome Powell that suggested that recent negative data does not materially change the overall picture from his perspective, and the Fed’s guidance on rates remains unchanged at this stage.

Read More
04Oct

Stocks fall amid soaring Treasury Yields and recession concerns

04 Oct 2023 - Stocks tumbled on Tuesday as Treasury yields hit their highest levels since 2007, raising concern higher interest rates would freeze the housing market and tip the economy into a recession.

Read More
22Jan

Lynas (ASX:LYC) soars on US government deal: Aus shares up 1.3% over week

22 Jan 2021 - The Aussie share market lost ground early in the session and continued to lose momentum throughout the day to end 0.3 per cent lower. Preliminary retails trade figures for December were released today. They indicate that Christmas trade was not as strong as the market had hoped. Meanwhile, Lynas Rare Earths (ASX:LYC) was a standout performer, shooting up over 13 per cent today after securing a deal with the US government.

Read More
03Sep

US Manufacturing Index signals contraction: ASX set to open lower

04 Sep 2019 - Following negative leads from US markets, the ASX looks set to open lower this morning after US stocks fell as an American manufacturing report signaled contraction for the first time in three years. On the commodities front, oil lost as safe haven gold jumped $27. Following months of uncertainty Oil Search (ASX:OSH) says the Papua New Guinea Government to say it has now cleared the Papua LNG deal with French oil major Total.

Read More
06Jun

Nvidia surge pushes S&P 500 to new record

06 Jun 2024 - A surge in the Nvidia share price and weak labour market data pushed the broad S&P 500 index to a new record close.

Read More
12Nov

Dow Jones closed higher on Boeing deliveries: Aus shares to open higher

12 Nov 2019 - The Australian share market looks set to open higher this morning despite the mixed shares on Wall Street in late trade. Alibaba (NYSE:BABA) sets sales record of more than $38 billion. Mercury NZ (ASX:MCY) has committed to completing New Zealand’s largest wind farm.

Read More
18Jan

S&P500 falls after retail sales data for December comes in better than expected

18 Jan 2024 - Stocks fell Wednesday as Treasury yields tracked higher following the release of stronger-than-expected U.S. economic data.

Read More
30Apr

AP Eagers (ASX:APE) rises 26%: Aus shares close 2.4% higher

30 Apr 2020 - The Australian share market rose at the and continued to rally throughout the day, closing 2.4 per cent up at the end of trade.

Read More
14Dec

Wall St falls, Afterpay vote on Square today, Iron ore up 7%, Santos rated as buy: ASX to slip

14 Dec 2021 - Major indexes around the globe trade with caution as Omicron fears resurface amid a week of elevated inflation ahead of a busy agenda of central banks meeting. Afterpay (ASX:APT) shareholders will have a chance to vote on the Square takeover. Travel stocks slated to be under pressure today amid NSW set to unveil over 800 new Covid-19 cases.

Read More