IMF launch $50b aid program for coronavirus: ASX set to open higher

Following a strong rally over night on the US markets, he Australian share market looks set to open higher this morning. Following rate cuts from the RBA and the Federal Reserve, the Bank of Canada also cut rates over night. It’s expected the Bank of England may also follow this week and the European Central Bank. There are now more than 90,000 confirmed cases of the coronavirus around the world, and the outbreak has spread to six continents. There are severe travel restrictions in key economic hubs in China and Italy. The International Monetary Fund has announced a $50 billion aid package.

Local economic news

Today the Australian Bureau of Statistics will release the figures for International Trade in Goods and Services, January 2020.

Markets

Wall Street closed higher yesterday: The Dow Jones Industrial Average gained 4.5 per cent to close at 27,091, the S&P 500 added 4.2 per cent to 3130 and the NASDAQ gained almost 4 per cent to 9018.

European markets closed higher: London’s FTSE added 1.5 per cent, Paris gained 1.3 per cent and Frankfurt was up 1.2 per cent.

Asian markets closed mixed: Tokyo’s Nikkei was up 0.1 per cent, Hong Kong’s Hang Seng was down 0.2 per cent and China’s Shanghai Composite gained 0.6 per cent.

Taking all of this into equation, the SPI futures are pointing to a 1.8 per cent gain.

Yesterday, the Australian share market closed 1.7 per cent lower at 6325.

Company news

Fonterra Co-operative Group (ASX:FSF) Chairman John Monaghan has confirmed that he will retire as a Director of the Co-operative when his current 3-year term ends at its Annual Meeting this November. In a note to the Co-operative’s farmer-owners and unit holders, Mr Monaghan explained that his decision was the next step in the Fonterra Board’s development and succession planning. Shares in Fonterra Shareholders Fund (ASX:FSF) closed 2.92 per cent lower at $3.66 yesterday.

Currencies

One Australian Dollar at 8:35 AM was buying 66.23 US cents, 51.48 Pence Sterling, 71.19 Yen and 59.50 Euro cents.

Commodities

Iron Ore has gained 2.8 per cent to $90.99.
Iron Ore futures suggest a 0.9 per cent gain.
Gold has dropped $7.70 to US$1637 an ounce.
Silver has gained $0.02 to US$17.21 an ounce.
Oil was up $0.09 to US$47.27 a barrel.

Ex-dividends

Asaleo Care Limited (ASX:AHY) is paying 2 cents unfranked
Academies Aus Grp (ASX: AKG) is paying 1.365 cents fully franked
Antipodes Global Inv (ASX:APL) is paying 2 cents 50 per cent franked
ASX Limited (ASX:ASX) is paying 116.4 cents fully franked
AUB Group Ltd (ASX:AUB) is paying 14.5 cents fully franked
AVJennings Limited (ASX:AVJ) is paying 1.2 cents fully franked
Blue Sky Alt Access (ASX:BAF) is paying 1 cents fully franked
Bell Financial Group (ASX:BFG) is paying 4.5 cents fully franked
BHP Group Limited (ASX:BHP) is paying 97.1309 cents fully franked
Capitol Health (ASX:CAJ) is paying 0.5 cents fully franked
Corp Travel Limited (ASX:CTD) is paying 18 cents 50 per cent franked
Desane Group Hldings (ASX:DGH) is paying 2.25 cents unfranked
Ellerston Asian (ASX:EAI) is paying 1.5 cents fully franked
Excelsior Capital (ASX:ECL) is paying 2 cents fully franked
Eureka Group Ltd (ASX:EGH) is paying 0.55 cents unfranked
Ellerston Global Inv (ASX:EGI) is paying 1.5 cents fully franked
Engenco Limited (ASX:EGN) is paying 0.5 cents fully franked
Globe International (ASX:GLB) is paying 5 cents unfranked
Idp Education Ltd (ASX:IEL) is paying 16.5 cents 17.03 per cent franked
Iluka Resources (ASX:ILU) is paying 8 cents fully franked
Jumbo Interactive (ASX:JIN) is paying 18.5 cents fully franked
Lifestyle Communit (ASX:LIC) is paying 3 cents fully franked
McMillan Shakespeare (ASX:MMS) is paying 34 cents fully franked
Monadelphous Group (ASX:MND) is paying 22 cents fully franked
Money3 Corporation (ASX:MNY) is paying 5 cents fully franked
Monash IVF Group Ltd (ASX:MVF) is paying 2.1 cents fully franked
Medical Developments (ASX:MVP) is paying 2 cents fully franked
Nick Scali Limited (ASX:NCK) is paying 25 cents fully franked
Nine Entertainment (ASX:NEC) is paying 5 cents fully franked
NIB Holdings Limited (ASX:NHF) is paying 10 cents fully franked
NZK Salmon Ltd (ASX:NZK) is paying 1.9133 cents unfranked
Pacific Grp Ltd (ASX:PAC) is paying 10 cents fully franked
Platinum Asia Ltd (ASX:PAI) is paying 2 cents fully franked
Propel Funeral (ASX:PFP) is paying 4 cents fully franked
Pro Medicus Limited (ASX:PME) is paying 6 cents fully franked
Pinnacle Investment (ASX:PNI) is paying 6.9 cents fully franked
QBE Insurance Group (ASX:QBE) is paying 27 cents 30 per cent franked
Ramsay Health Care (ASX:RHC) is paying 62.5 cents fully franked
Rio Tinto Limited (ASX:RIO) is paying 349.74 cents fully franked
South32 Limited (ASX:S32) is paying 3.27 cents fully franked
Spheria Emerging Co (ASX:SEC) is paying 3 cents fully franked
Schaffer Corp. Ltd. (ASX:SFC) is paying 45 cents fully franked
VGI Partners Limited (ASX:VGI) is paying 9.3 cents fully franked