Optimism for Brexit and US-China trade deal: Aus shares set to open higher

11Oct

Optimism for Brexit and US-China trade deal: Aus shares set to open higher

 

The Australian share market is poised to open higher on optimism overnight that there may be a positive end in sight for the US-China trade talks and Brexit negotiations. This comes as the US-China trade talks enter a new round of negotiations in Washington. British Prime Minister Boris Johnson and Irish representative Leo Varadkar issued a joint statement following their three-and-a-half-hour meeting signalling that "they could see a pathway to a possible deal". The Australian dollar strengthened overnight against the US currency partially due to market speculation about a potential US currency pact with China to stop devaluation.

Markets

To the figures from around the globe: Wall Street closed higher yesterday: The Dow Jones Industrial Average added 0.6 per cent to close at 26,497, the S&P 500 closed 0.6 per cent higher at 2938 and the NASDAQ added 0.6 per cent to 7951.

European markets closed higher: London’s FTSE added 0.3 per cent, Paris gained 1.3 per cent and Frankfurt was up 0.6 per cent.

Asian markets closed higher, Tokyo’s Nikkei added 0.5 per cent, Hong Kong’s Hang Seng was up 0.1 per cent and China’s Shanghai Composite rose 0.8 per cent.

Taking all of this into equation, the SPI futures are pointing to 0.6 per cent gain.

Yesterday, the Australian share market closed flat yesterday at 6547.

Company news 

Spectrum Metals (ASX:SPX) has refuted claims that its subsidiary, Zebra Minerals, was served with proceedings in the Supreme Court of Western Australia. This follows an announcement from Venus Metals Corporation (ASX:VMC) yesterday that they had commenced proceedings against Spectrum Metals, DJ Carmichael, Paul Adams, and Mr Davide Bosio. The alleged proceedings relate to Zebra Mineral’s acquisition of the Penny West Gold Project. Venus Metals alleges breaches of fiduciary duty, breaches of confidence and misuse of information in relation to the acquisition. SPX was thrown into a trading hold following Venus Metal’s announcement. It says the allegations are “without merit” and will be vigorously defended. In the interim, it is set to push for an expedited hearing and to continue its exploration program in relation to Penny West. Shares in Spectrum Metals (ASX:SPX) closed 10 per cent higher at $0.11 yesterday.

Ex – Dividend

Future Generation Global Investment Co Ltd (ASX:FGG) is paying 1.5 cents fully franked
Future Generation Investment Company Ltd (ASX:FGX) is paying 2.4 cents fully franked
Macmahon Holdings (ASX:MAH) is paying 0.5 cents 30 per cent franked
MFF Capital Investments Ltd (ASX:MFF) is paying 2 cents fully franked
Opticomm Ltd (ASX:OPC) is paying 3.6 cents fully franked
Tribune Resources Ltd(ASX:TBR) is paying 20 cents fully franked
WAM Global Limited (ASX:WGB) is paying 2 cents fully franked
WAM Leaders Limited (ASX:WLE) is paying 3 cents fully franked

Currencies

One Australian Dollar at 7:40 AM was buying 67.63 US cents, 54.37 Pence Sterling, 72.99 Yen and 61.45 Euro cents.

Commodities

Iron Ore has gained 2.8 per cent to US$96.30.
Iron Ore futures suggest a 1.3 per cent gain.
Gold has dropped $14.60 to US$1498 an ounce.
Silver has lost $0.28 cents to US$17.53 an ounce.
Oil has added $1.06 to US$53.67 a barrel.
 
Copyright 2019 – Finance News Network


Source: Finance News Network

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