Gold prices take a tumble: ASX to open higher

11Jan

Gold prices take a tumble: ASX to open higher

 

The Australian share market looks set to open higher this morning as the US is preparing for more stimulus measures to help combat economic hardship brought on due to the coronavirus pandemic. Gold prices tumbled on Friday as the US dollar rebounded sharply and US yields surged. Iraq raised pricing for all crude sales to Asia for February, after a similar move by Saudi Arabia, OPEC’s biggest producer.

Economic News

Today the Australian Bureau of Statistics will release figures for retail sales for November. On Wednesday the ABS will release job vacancies for November and engineering construction activity for September. On Thursday we are set to see figures for building approvals and on Friday we finish the week with lending indicators for November.

Markets

Wall Street closed higher on Friday: The Dow Jones Industrial Average rose 0.2 per cent to 31,098, the S&P 500 closed 0.6 per cent higher to 3,825 and the NASDAQ closed 1.03 per cent higher at 13,202.

European markets closed higher, London’s FTSE gained 0.2 per cent, Paris added 0.7 per cent and Frankfurt closed 0.6 per cent higher.

Asian markets closed mixed, Tokyo’s Nikkei added 2.4 per cent, Hong Kong’s Hang Seng gained 1.2 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 7 point rise.

On Friday, the Australian share market closed 0.7 per cent higher or 46 points higher at 6,758.

Company news

New Zealand retirement developer the Summerset Group (ASX:SNZ) reports 296 sales of occupation rights for the quarter ending 31 December 2020. That’s comprising 176 new sales and 120 resales. This was the strongest quarter sales result in Summerset’s 23-year history. Casebrook (Christchurch), Ellerslie (Auckland) and Rototuna (Hamilton) retirement villages were the standout performers in Q4. Shares in the Summerset Group (ASX:SNZ) closed 0.3 per cent lower at $11.76.

Currencies

One Australian Dollar at 8:00 AM was buying 77.63 US cents, 57.32 Pence Sterling, 80.60 Yen and 63.60 Euro cents.

Commodities

Iron Ore futures are pointing to a fall of 2.6 per cent.
Gold has lost $78.20 to US$1,835 an ounce.
Silver was fell $2.62 to US$24.64 an ounce.
Oil was up $1.41 to US$52.24 a barrel.

Copyright 2021 – Finance News Network


Source: Finance News Network

Share this post

Related Posts

10Jul

Sezzle (ASX:SZL) set to raise $86.3M: Aus shares 0.1% lower at noon

10 Jul 2020 - The Australian share market is off to a rocky start today. It opened lower following renewed fears of a second wave of covid-19 in the US and is now tracking 0.1% per cent lower at noon. Macquarie rates Rio Tinto (ASX:RIO) as an outperform with a 12 month price target of $112. Buy now, pay later provider Sezzle (ASX:SZL) is to raise $86.3 million.

Read More
10Sep

US stocks rebound as investors bet on potential Fed rate cut

10 Sep 2024 - US stocks surged overnight as investors bought the dip following Wall Street's worst week of the year, with hopes that a potential Federal Reserve rate cut later this month would help support a slowing economy.

Read More
03Feb

IOOF Holdings (ASX:IFL) completes ANZ P&I acquisition: Aus shares 1.6% lower at noon

03 Feb 2020 - The Australian share market dove at the open on investor concerns over the economic impact of the coronavirus outbreak. According to Bloomberg, the country which was ground zero for the outbreak has seen oil demand drop by around 20% due to the virus. IOOF Holdings (ASX:IFL) has completed its acquisition of the Australia & New Zealand Banking Group pensions and investments business.

Read More
23Oct

S&P 500 and Dow close lower amid interest rate concerns

23 Oct 2024 - The S&P 500 and the Dow Jones Industrial Average finished Tuesday marginally lower, as investors grappled with ongoing concerns about a potential rise in interest rates and processed this week’s latest earnings reports.

Read More
09Mar

Afterpay (ASX:APT) shares take a hit: ASX tracking 1% higher at noon

09 Mar 2021 - The Australian share market opened higher and is now tracking 1% higher at noon. The S&P/ASX 200 index is 70 points up at 6,810. On the futures market the SPI is 64 points higher. Mesoblast (ASX:MSB) completed its $138 million private placement led by a strategic US investor group.

Read More
27Jan

Tasmania tops economic rankings: Aus shares 0.7% lower at noon

27 Jan 2021 - The Australian share market edged higher at the open but quickly changed direction and has been tracking lower in the first 2 hours of trade. Materials is down over 3 per cent, while Energy is down 2.7 per cent. Tasmania managed to hold the top spot on Commsec's economic performance rankings. Aussie e-commerce giant Booktopia Group (ASX:BKG) boasts a stellar performance for the half year to 31 December 2020.

Read More
23May

US markets trade lower as inflation concerns resurface

23 May 2024 - All three major indexes fell into the red after the minutes from the Federal Reserve’s May meeting raised concerns of persistent inflation, suggesting any rate cuts are likely to be pushed out further.

Read More
22Mar

Insurance sector hit with storm of damage claims: ASX tracking 0.2% higher

21 Mar 2021 - The ASX has made a quick U-turn from a weak start this morning to bounce back up into positive territory at 6723. The Insurance Council of Australia (ICA) has declared an insurance catastrophe, as shares in QBE Insurance (ASX:QBE), Suncorp (ASX:SUN) and IAG (ASX:IAG) are drenched in red

Read More
29Apr

Consumer Price Index rose 0.3% in the March 2020 quarter: ASX 1.1% higher at noon

29 Apr 2020 - The ASX shot up in mid morning trade and is now tracking almost 1.1% higher at noon. Shares in casino operator Crown Resorts (ASX:CWN) rose today after US company The Blackstone Group Inc. purchased a 10% stake in the company. Shares in supermarket Coles (ASX:COL) are down over 4% despite growing supermarket sales 13.8% in the March quarter. The Malaysian government has extended the Movement Control Order to 12 May 2020, delaying the restart of...

Read More
12Nov

Record low levels of travel continue in September: ASX tracking 0.3% lower at noon

12 Nov 2020 - The ASX rose at the open and is now tracking 0.3% lower at noon. Shares in Xero (ASX:XRO) are up after they reported their its six month revenue rose 21% and shares in Telstra (ASX:TLS) are up after they reported a restructure for the company. Centuria Office REIT (ASX:COF) to divest minority interest in a Sydney office block.

Read More