Stocks slide as Coronavirus moves to the US: ASX poised to open lower

23Jan

Stocks slide as Coronavirus moves to the US: ASX poised to open lower

 

The Australian share market is set to open lower this morning after being rocked by news of China’s virus seeing the death toll rise to 17. The previously unknown, flu-like coronavirus strain now has cases detected in the United States. Officials are imposing restrictions on travel out of Wuhan, the central Chinese city of more than 11 million at the epicentre of the outbreak. Meanwhile, over in Europe US President Donald Trump says the European Union has “no choice” but to negotiate a new trade deal with America. He met with European Commission President Ursula von der Leyen at the World Economic Forum in Switzerland on Tuesday. He has threatened tariffs on European cars.

Markets

Wall Street closed mixed yesterday: The Dow Jones Industrial Average closed 0.03 per cent lower at 29,186, the S&P 500 gained 0.03 per cent to 3,322 and the NASDAQ climbed 0.1 per cent to 9384..

European markets closed lower: London’s FTSE lost 0.5 per cent, Paris lost 0.6 per cent and Frankfurt lost 0.3 per cent.

Asian markets closed higher: Tokyo’s Nikkei added 0.7 per cent, Hong Kong’s Hang Seng rose 1.3 per cent and China’s Shanghai Composite closed 0.3 per cent higher

Taking all of this into equation, the SPI futures are pointing to a 15-point fall.

Yesterday, the Australian share market closed 66 points higher at 7.133.

Local economic news

The Australian Bureau will release figures later for Australian’s Labour force for December

Company news 

The Board of Cann Global (ASX:CGB) has signed an exclusive distributorship supply contract deal with EPCO Foods Co. in Vietnam and will supply its T12 products to COSTCO Australia. They will supply their Australian store network with Certified Organic Hemp Protein powder. The VitaHemp premium Hemp Seed Oil Capsules continue to be well received. Along with Hemp Seed Oil capsules, Hemp Protein Powder will be a first for Costco Australia. Shares in Cann Global (ASX:CGB) closed flat at $0.02.

Currencies

One Australian Dollar at 9.00AM was buying 68.47 US cents, 52.14 Pence Sterling, 75.20 Yen and 61.71 Euro cents.

Commodities

Iron ore lost $0.12 at $96.68
Iron Ore futures suggest a 0.5 per cent rise.
Gold has gained $0.80 to US$1,559 an ounce.
Silver has gained $0.03 to US$17.84 an ounce.
Oil has fallen by $2.18 to US$56.20 a barrel.
 
Copyright 2020 – Finance News Network


Source: Finance News Network

Share this post

Related Posts

04Mar

Phoslock Environmental Technologies (ASX:PET) MD to retire: Aus shares 1.2% lower at noon

04 Mar 2020 - The Australian share market opened with more losses this morning and is now tracking 1.2 per cent lower at noon.

Read More
28Aug

Wall St rises, People’s Bank of China boosts cash injection, Alumina is an Underperform: ASX to fall

26 Aug 2021 - Global stocks closed mixed ahead of the Fed Reserve virtual meeting at Jackson Hole. People’s Bank of China boosted short term cash to soothe worries on a bumpy recovery. Coverage of companies reported on the ASX yesterday. Why Macquarie rates Alumina (ASX:AWC) as underperform.

Read More
09Jun

Tower (ASX:TWR) voluntarily refunds $7.2M: ASX secures 6th week of gains

05 Jun 2020 - The Australian share market made a comeback this afternoon to finish 0.1 per cent higher today, falling just short of the 6,000 point level. The market was buoyed by a strong performance from the Financials sector. New Zealand Insurance Company, Tower (ASX:TWR) is refunding customers to the tune of $7.2 million due to the lower cost of car claims during the covid lock down period.

Read More
24Jun

Fourth straight session closing up: ASX closed 0.2% higher

24 Jun 2020 - It has been a rollercoaster of a day for the ASX, the local bourse managed to close 0.2% higher. Shares in Perseus Mining (ASX:PRU) did well today after they released their sustainability report from 2019. The best performing sector was Utilities while the worst performing sector was Industrials. Cromwell Property Group (ASX:CMW) has told shareholders take no action in relation to a proportional takeover offer from ARA Asset Management.

Read More
19Mar

‘Circuit breaker’ tripped on Wall St for the 4th time this week: ASX poised to open lower

19 Mar 2020 - Following negative leads from US markets, the ASX looks set to open lower this morning. Panic selling continues in overseas markets. Stocks tumbled on Wall St on Wednesday, as the coronavirus crisis continues. The AUD continues to extend its losses against the USD falling as low as US57 cents overnight. As the COVID-19 outbreak continues, First Graphene (ASX:FGR) report that their Henderson facility continues to operate with recommended precautions.

Read More
05Sep

China-US trade talks to resume next month: ASX closed 0.9% higher

05 Sep 2019 - It has been a positive day of trade for the ASX, closing 0.9% higher. Nanosonics (ASX:NAN) saw their shares rise up over 5% as did CSR (ASX:CSR) and Pinnacle (ASX:PNI). Wesfarmers (ASX:WES) notes that Kidman Resources (ASX:KDR) shareholders today voted in favour of a takeover.

Read More
16Apr

Virgin Australia (ASX:VIR) suspends trading: Aus shares 1.3% lower at noon

16 Apr 2020 - The Australian share market opened lower this morning following a sell-off on Wall Street amid further COVID-19 uncertainty and is now trading 1.3 per cent lower at noon. In breaking news Virgin Australia (ASX:VIR) has suspended trading of its shares.

Read More
02Aug

Wall St lower, Square to acquire Afterpay for $39bn, Credit Suisse cuts Fortescue & Iress ratings: ASX to rise

02 Aug 2021 - Major indexes across the globe closed in negative territory on Friday as rising Covid-19 cases put a lid on sentiment over the pace of the economic recovery, while Asian markets closed the week out with a tumble. Square is set to acquire Afterpay (ASX:APT) for $39 billion. Why Citi downgrades its rating for Fortescue Metals (ASX:FMG) and Iress (ASX:IRE). Earnings season kicks off locally.

Read More
19Aug

US stocks end strongest week of 2024

19 Aug 2024 - US shares surged on Friday, capping off their most successful week of 2024 as the market rebounded from a sharp decline earlier in August.

Read More
17May

Tech rout sends mixed signs on Wall St, James Hardie, Graincorp, Brambles, AUD on watch: ASX to rise

17 May 2022 - Wall St lacked conviction after learning that China's extended lockdowns could ease, sending oil prices higher while they digested a raft of economic print, including the April retail sales data. Investors find it difficult to shake of recession fears.

Read More