Global markets rebound: Aus shares to open flat

Australian shares look set for a flat start despite global markets rebounding overnight. US Stocks rose solidly on Monday, regaining some ground after the previous session’s steep sell-off, but investors remain cautious as coronavirus fears linger. Tesla was a standout rising more than 19 per cent to record levels after an analyst hiked his price target on the stock to $808 per share. Stocks were also higher across Europe boosted by an increase in the Euro zone manufacturing PMI last month. Tesla, meanwhile, jumped more than 19 per cent to record levels after an Argus Research analyst hiked his price target on the stock to $808 per share.

Gold dropped by 1 per cent overnight as the dollar firmed. Investors moved back towards riskier assets after China pumped billions into its economy to help protect it from the impact of the coronavirus.
Oil prices slid on fears of the widening coronavirus outbreak. Oil fell to its lowest level in more than a year as the coronavirus outbreak and its potential impact on demand hammered crude prices.

Local economic news

Reserve bank board meets today but no change in rates is expected

Markets

To the figures from around the globe: Wall Street closed higher yesterday: The Dow Jones Industrial Average closed 0.5 per cent higher at 28,400, the S&P 500 gained 0.7 per cent to 3249 and the NASDAQ added 1.3 per cent to 9273.

European markets closed higher: London’s FTSE gained 0.6 per cent, Paris added 0.5 per cent and Frankfurt was up 0.5 per cent.

Asian markets closed mixed: Tokyo’s Nikkei fell over 1 per cent, Hong Kong’s Hang Seng added 0.2 per cent and China’s Shanghai Composite lost 7.7 per cent.

Taking all of this into equation, the SPI futures are pointing to a 3 points fall.

Yesterday, the Australian share market closed 1.3 per cent lower at 6923.

Company news

Oceania Healthcare (ASX:OCA) has announced that Hugh FitzSimons has resigned as a Director of the company., with effect from 3 February 2020. Shares in Oceania Healthcare (ASX:OCA) last traded at $1.17 on the 31st of Jan.

Ex-dividends

Advanced Share Registry Limited (ASX:ASW) is paying 2.1 cents fully franked
Euroz Limited (ASX:EZL) is paying 1.75 cents fully franked

Currencies

One Australian Dollar at 8:35 AM was buying 66.93 US cents, 51.50 Pence Sterling, 72.73 Yen and 60.51 Euro cents.

Commodities

Iron Ore has lost 5.4 per cent to $80.38.
Iron Ore futures suggest a 7.9 per cent fall.
Gold has fallen $7.10 to US$1581 an ounce.
Silver has lost $0.36 to US$17.65 an ounce.
Oil was down $1.55 to US$50.01 a barrel.

Source: Finance News Network