Tensions rise between the US and China once again: ASX poised to open higher

23Jul

Tensions rise between the US and China once again: ASX poised to open higher

 

The Australian share market looks set to open slightly higher this morning despite tensions rising between the US and China. The United States has ordered China to close its consulate in Houston, as President Donald Trump ramps up pressure against China ahead of the November election. Microsoft revenue grew 13 per cent despite the coronavirus pandemic. Back home, the Australian dollar jumped to 71.4 US cents, its highest value since April 2019. It also climbed against other major currencies. 

Markets

Wall Street closed higher yesterday: The Dow Jones Industrial Average added 0.6 per cent to 27,006, the S&P 500 gained 0.6 per cent to 3276 and the NASDAQ closed 0.2 per cent higher at 10,706.

European markets closed lower, London’s FTSE fell 1 per cent, Paris lost 1.3 per cent and Frankfurt closed 0.5 per cent lower.

Asian markets closed mixed, Tokyo’s Nikkei lost 0.6 per cent, Hong Kong’s Hang Seng dropped 2.3 and China’s Shanghai Composite closed 0.4 per cent higher.

Taking all of this into equation, the SPI futures are pointing to a 0.1 per cent gain.

Yesterday, the Australian share market closed 1.3 per cent lower at 6075.

Company news

The Westpac Group (ASX:WBC) today announced the appointment of Anthony Miller as Chief Executive, Westpac Institutional Bank. He has over 20 years’ experience in corporate and institutional banking and joins Westpac from Deutsche Bank in Sydney, where he has been Chief Executive Officer, Australia and New Zealand and co-head of the Investment Bank in Asia Pacific. Prior to this, Mr Miller was at Goldman Sachs based in Hong Kong and a partner in the Financing Group for Asia Pacific. He is due to commence his role later this year. Shares in Westpac Banking (ASX:WBC) closed 0.61 per cent lower at $18.01 yesterday.

Currencies

One Australian Dollar at 7:50 AM was buying 71.40 US cents, 56.10 Pence Sterling, 76.54 Yen and 61.71 Euro cents.

Commodities

Iron Ore lost 0.4 per cent to US$110.95.
Iron Ore futures suggest a 0.4 per cent gain.
Gold has added $27 to US$1871 an ounce.
Silver was up $1.78 cents to US$23.34 an ounce.
Oil was down $0.03 to US$41.89 a barrel.

You can find details on our website about this month’s Investor Event on 28th July.
 
Copyright 2020 – Finance News Network


Source: Finance News Network

Share this post

Related Posts

07Nov

Major US indexes close higher as earnings season winds down

07 Nov 2023 - Stocks eked out narrow gains Monday to build on last week’s strong rally, with the Nasdaq Composite notching its longest positive streak since January.

Read More
18Mar

Unemployment rate fell to 5.8% in February: ASX 0.3% lower at noon

dd Mmm 2021 - The ASX opened almost flat and has been roller-coastering between falls and gains and is now tracking 0.3% lower at noon. The S&P/ASX 200 index is 18 points at 6,777. The SPI futures are pointing to a fall of 12 points as we head into afternoon trade. Despite the Dow and S&P 500 hitting record highs last night, the local market has been unable to follow the lead from the US markets. Meanwhile, the Westpac...

Read More
17May

Dow pushes through 40,000 for first time in intraday trading

17 May 2024 - The Dow Jones surged above the 40,000 level for the first time ever in intraday trading before settling below the record level by the close. Optimism about the inflation and rates outlook continued to filter through the broader market.

Read More
06Mar

Tech, Health care and Materials down over 2%: Aus market sheds 1.3% at noon

05 Mar 2021 - Despite a slight bump at the open, the ASX has trended lower during the first 2 hours of trade and is down 1.3 per cent at noon. The Tech, Health care and Materials sectors are all down over 2 per cent this morning. Lithium-boron producer Ioneer (ASX:INR) has completed its fully underwritten institutional placement raising $80 million.

Read More
27Sep

Afternoon update: ASX dips 0.29% with all sectors in the red

27 Sep 2023 - The S&P/ASX 200 is trading 0.29 per cent lower at 7,018.00.

Read More
05Jul

EU stocks close higher as US closed for holiday

05 Jul 2024 - European markets closed higher as the US market was closed for the Independence Day Holiday and the UK headed to the polls.

Read More
05Jul

Morning Report: China-US AI arms race heating up

05 Jul 2023 - Overnight, US markets were closed due to the fourth of July holiday. Futures tied to the Dow Jones Industrial Average and Nasdaq-100 lost 0.1 per cent, while contracts tied to the S&P 500 were flat.

Read More
06May

Morrison working to get Australia back in business: ASX poised to open lower

06 May 2020 - Despite positive leads from US markets, the ASX looks set to open lower. Prime Minister Scott Morrison spoke with state and territory leaders yesterday who agreed to take steps to get Australia back in business. Meanwhile over in Europe, Sweden, Poland, Romania and the UK are not seeing a drop in coronavirus cases. Electronic donation payment business Pushpay (ASX:PPH) report a 15% decline in NPAT by US$2.8m over the year.

Read More
11Apr

Higher than expected inflation number triggers selloff

11 Apr 2024 - Hotter than expected March inflation data triggered a wave of selling in US markets with the 10 year Treasury yield soaring back above 4.5 per cent.

Read More
17Sep

Fed Reserve set to keep rates at near zero: ASX poised to open lower

17 Sep 2020 - The ASX looks set to open lower this morning as stocks in the US fell after a tech sell-off and Federal Reserve Chairman Jerome Powell vows to keep rates near zero for three years. Platinum Asset Management (ASX:PTM) to extend its on-market share buy-back for up to 10% of PTM’s issued share capital.

Read More