RBA board to meet for the first time this year: ASX poised to open higher

02Feb

RBA board to meet for the first time this year: ASX poised to open higher

 

The Australian share market is set to open higher this morning after recovering yesterday from an early tumble. Tech stocks did well in New York yesterday. Apple, Facebook and Netflix were each at least 1.5 per cent higher. Meanwhile, GameStop was 26 per cent lower in afternoon trading. Silver lifted to an 8-year high as retail shareholders bought the metal. And oil prices lifted on expectations of further falls in US crude inventories and rising winter demand.

Economic news outlook

Commonwealth Bank (CBA) Group economists will release weekly credit and debit card spending data. Other weekly data releases include the ANZ-Roy Morgan consumer sentiment gauge and the Bureau of Statistics (ABS) weekly payroll jobs and wages data. Also on Tuesday, the Reserve Bank (RBA) Board meets for the first time in 2021 with no change in policy settings expected.

Markets

Wall Street closed higher yesterday: The Dow Jones Industrial Average gained 0.8 per cent to 30,212, the S&P 500 added 1.6 per cent to 3774 and the NASDAQ closed 2.6 per cent higher at 13,403.

European markets closed higher, London’s FTSE added 0.9 per cent, Paris gained 1.2 per cent and Frankfurt closed 1.4 per cent higher.

Asian markets closed higher, Tokyo’s Nikkei added 1.6 per cent, Hong Kong’s Hang Seng gained 2.2 per cent and China’s Shanghai Composite closed 0.6 per cent higher.

Taking all of this into equation, the SPI futures are pointing to a 0.8 per cent gain.

Yesterday, the Australian share market closed 0.8 per cent higher at 6663.

Company news

David Bortolussi is set to take up his new roles as Managing Director and CEO of The a2 Milk Company next Monday. The share price is trading at nearly a 50 per cent discount to where they were six months ago. Shares in the a2 Milk Company (ASX:A2M) closed 0.84 per cent higher at $10.79 yesterday.

Ex-Dividends

Saracen Mineral (ASX:SAR) is paying 3.8 cents fully franked

Currencies

One Australian Dollar at 8:20 AM was buying 76.23 US cents, 55.79 Pence Sterling, 79.99 Yen and 63.21 Euro cents.

Commodities

Iron Ore has lost 0.9 per cent to US$157.07.
Iron Ore futures suggest 0.8 per cent fall.
Gold has gained $13.40 to US$1864 an ounce.
Silver was up $2.20 to US$29.12 an ounce.
Oil was up $1.49 to US$53.69 a barrel.
 
Copyright 2021 – Finance News Network


Source: Finance News Network

Share this post

Related Posts

20Jul

Eclipx Group (ASX:ECX) sells Right2Drive: Aus shares close 0.5% lower

20 Jul 2020 - The Australian share market closed 0.5 per cent lower at the end of trade. Fears of a second NSW lockdown surface. Eclipx Group (ASX:ECX) has sold accident loan car provider Right2Drive for less than half the price of their original purchase.

Read More
22May

Hospitality boost as NSW eases restictions: Aus shares close 0.96% lower

22 May 2020 - The Australian share market closed 0.96 per cent down at the end of trade. 50 patrons can be seated in pubs and restaurants in NSW from June 1. Air New Zealand (ASX:AIZ) CEO Greg Foran reduces executive team.

Read More
17Apr

Markets close mixed following Fed rate commentary

17 Apr 2024 - US markets finished close to the flatline following Federal Reserve Chair Jerome Powell comments that interest rates may need to stay elevated.

Read More
01Feb

Reddit traders drive silver up: ASX flat at noon at 0.02% lower

01 Feb 2021 - The local sharemarket is flat at 0.02% lower or 1 point lower to 6606. The SPI futures point to a fall of 5 points. Silver futures have soared more than 8% this morning as GameStop traders move into precious metals. Shares in Worley have dropped today after they reported their first half revenue has been hit hard by Covid-19. The AMA Group (ASX:AMA) has today appointed Carl Bizon as CEO.

Read More
12Jul

Afternoon Update: RBA says further tightening is possible

12 Jul 2023 - The Reserve Bank of New Zealand has maintained interest rates at 5.5 per cent for the second consecutive meeting, citing the need to control inflation and support employment, amid weakening global economic growth and declining inflation pressures.

Read More
30Jul

Markets drift sideways ahead of key earnings releases & policy news

30 Jul 2024 - Investors remained cautious as markets hovered near flat ahead of some key big tech earnings numbers due later this week and the Fed policy statement due out on Wednesday US time.

Read More
21Mar

Wall St relief-rally continues, Whitehaven Coal, AGL, Qube on watch today: ASX to rise

21 Mar 2022 - Global major indexes capped off the week on a positive note, as continued geopolitical tensions was offset by optimism amid the world’s largest economies. Investors kept a close eye on a meeting between President Biden and Chinese counterpart Xi Jinping after Biden warned China that the world’s second largest economy would face consequences if aid was given to Russia. Oil rose back above US$100 per barrel.

Read More
23May

Is this just a bear market or are we headed towards recession?

23 May 2022 - With S&P500 touching official ‘bear market’ territory on Friday night, leading market experts are now starting to highlight the risk of a US recession in 2023. If that’s the case the market can expect further downside if history is any indicator. As it stands US indexes are all posting 7 week losing streaks, with the DOW posting its first 8 week losing streak since 1923.

Read More
14Sep

Tech continues to tumble: Aus shares set for lacklustre start

14 Sep 2020 - Local shares are set for a flat start following a mixed finish on Wall Street on Friday. US tech stocks continued to slide on Friday posting their biggest weekly loss since March with Facebook, Apple and Netflix all shedding over 5 per cent over the week.

Read More
18Oct

FCA approves Cardno (ASX:CDD) demerger: Aus shares 0.6% lower at noon

18 Oct 2019 - The S&P/ASX200 opened lower despite positive earnings results on Wall street and encouraging movement toward a Brexit deal. It is now tracking 0.6% lower at noon, with every sector down except Communications. The FCA has approved Cardno’s (ASX:CDD) demerger from Intega.

Read More