The White House plan to inject $1 trillion into US economy: ASX poised for an uncertain open

  • Home
  • Latest Market News
  • The White House plan to inject $1 trillion into US economy: ASX poised for an uncertain open
18Mar

The White House plan to inject $1 trillion into US economy: ASX poised for an uncertain open

 

The Australian share market could surprise us this morning. There is uncertainty as to which way it will open. On Wall Street investors were relieved that President Donald Trump is seeking a $1 trillion dollar package for the coronavirus fight. The Dow Jones Industrial Average ended more than 1000 points higher after yet another day of highs and lows. Back home the Federal Government has urged all citizens overseas to fly back to Australia as soon as possible if they plan to return home, as fears of border closures grow during the outbreak. The Government is also set to introduce stimulus measures should help Australia's major airlines.The European Union has agreed to close the external borders to most people from other countries for 30 days in a new effort to slow the coronavirus pandemic. On Monday, Canada’s prime minister, Justin Trudeau, said he was closing his nation’s borders to foreigners, with the exception of US citizens. The Aussie dollar has dropped to below 60 US cents.

Markets

Wall Street gained yesterday: The Dow Jones Industrial Average added 5.2 per cent to close at 21,237, the S&P 500 gained 6 per cent to 2529 and the NASDAQ increased 6.2 per cent to 7335.

European markets closed higher: London’s FTSE gained 2.8 per cent, Paris added 2.8 per cent and Frankfurt closed up 2.3 per cent.

Asian markets closed mixed: Tokyo’s Nikkei added 0.1 per cent, Hong Kong’s Hang Seng gained 0.9 per cent and China’s Shanghai Composite was down 0.3 per cent.

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

Yesterday, the Australian share market closed 5.8 per cent higher at 5293.

Company news

Kathmandu Holdings Limited (ASX:KMD) report that travel and movement restrictions globally have impacted the Group’s European operations where the majority of Rip Curl stores and wholesale customers are now in enforced closures. There has been a recent significant reduction in footfall in Australian and New Zealand stores, impacting sales performance. Due to the uncertainty around the spread of COVID-19 globally the Group cannot forecast the extent to which it will impact the business in the second half of this fiscal year. However, there is likely to be a material adverse impact to earnings.
Shares in Kathamandu Holdings (ASX:KMD) closed 7.6 per cent lower at $1.70 yesterday.

Ex-Dividends

Carsales.Com Ltd. (ASX:CAR) is paying 22 cents fully franked
Contact Energy Ltd (ASX:CEN) is paying 14.50 cents unfranked
Generation Dev Group (ASX:GDG) is paying 1 cent unfranked
Pacific Smiles Group ((ASX:PSQ) is paying 2.4 cents fully franked
Supply Network (ASX:SNL) is paying 6.5 cents fully franked

Currencies

One Australian Dollar at 7:45 AM was buying 59.95 US cents, 49.75 Pence Sterling, 64.55 Yen and 54.52 Euro cents.

Commodities

Iron Ore has gained 0.4 per cent to $91.20.
Iron Ore futures suggest a 0.9 per cent gain.
Gold has gained $41.60 to US$1528 an ounce.
Silver has lost $0.18 to US$12.64 an ounce.
Oil was down $1.91 to US$26.79 a barrel.
 
Copyright 2020 – Finance News Network


Source: Finance News Network

Share this post

Related Posts

17Mar

Wall Street plunges on coronavirus sell-off: ASX set to open lower

17 Mar 2020 - The ASX looks set to open lower this after a disastrous day on Wall St due to the coronavirus impact. The Dow Jones has closed down almost 13%, the biggest one-day fall in percentage terms since the 1987 stock market crash. Rio Tinto (ASX:RIO) is working to ensure Oyu Tolgoi is operating in accordance with the restrictions the Mongolian authorities have put in place to contain the spread of COVID-19.

Read More
19Dec

Aus shares give up gains after better-than-expected jobs numbers decrease Feb rate cut chances: Aus shares up 0.1%

19 Dec 2019 - Australian shares have given up gains made in early trade after stronger-than-expected jobs data has reduced the chances of the Reserve Bank cutting rates in February. Photo sharing company Tinybeans (ASX:TNY) has capped off its biggest year yet doubling its advertising revenue to around $3.5 million.

Read More
14Nov

S&P 500 closes near flat line as Moody’s cuts US rating

14 Nov 2023 - The S&P 500 ended Monday’s session near the flat line as traders prepared for the release of key inflation data.

Read More
27Jan

Stocks rise as Tesla soars 10 per cent higher: Big Oil sits on $200b of profits

27 Jan 2023 - Stocks rose Thursday as traders combed through the latest batch of corporate earnings and fourth-quarter gross domestic product that came in above expectations. The US economy logged better than expected growth in the final quarter of 2022, even as the Federal Reserve’s aggressive campaign to raise borrowing costs began to weigh more heavily on business activity. The world’s largest economy expanded 2.9 per cent on an annualised basis between September and December.

Read More
19Sep

Global climate strike kicks off: Aus shares to open higher

20 Sep 2019 - The Australian share market looks set to open higher following strong leads from the US. Overnight the OECD released an interim economic outlook report projecting the weakest annual growth rates since the financial crisis. Cedar Woods Properties (ASX:CWP) has penned a conditional agreement to acquire a 12.4 ha property in WA for $21.2 million.

Read More
17Jun

Starpharma’s (ASX:SPL) DEP lutetium effective in cancer: Aus shares 0.2% up at midday

17 Jun 2020 - The Australian share market opened higher this morning and is now trading 0.2 per cent higher at noon. Starpharma (ASX:SPL) has reported that its DEP lutetium candidate is effective in human prostate cancer models.

Read More
20Feb

Unemployment rate steady at 5.2%: ASX closed 0.3% higher

20 Feb 2020 - The ASX rose at the open, held momentum closing 0.3% higher. Shares in Wisetech Global (ASX:WTC) continue to fall after yesterday’s downgrade regarding the coronavirus. SmartGroup ASX:SIQ) shares are on the rise after they reported NPATA of $81 million, which was a 4% increase on FY 2018’s profit. iSignthis (ASX:ISX) has taken a 12.96 per cent interest in NSX.

Read More
24Sep

Webjet rises on UK travel company collapse: ASX tracking 0.1% lower at noon

24 Sep 2019 - The ASX rose at the open despite weak leads from Wall Street but failed to maintain the momentum and is now tracking 0.1% lower at noon. Webjet (ASX:WEB) shares are on the up following the collapse of UK travel firm Thomas Cook. Qantas have been called on to help their passengers stranded in all corners of the globe. Macquarie Media (ASX:MRN) has confirmed that John Singleton has signed over his stake in the group.

Read More
07Oct

US unemployment rate reassures investors: ASX set to open higher

07 Oct 2019 - Following positive leads from US markets on Friday , the ASX looks set to open higher this morning. A rally in tech stocks led by Apple also helped lift Wall St. US unemployment rate dropped which could potentially help American steer clear of a recession for now. DWS (ASX:DWS) completes the acquisition of certain assets of the software services and products business operated by Object Consulting.

Read More
28Jul

US stimulus looms: Aus shares to open higher

28 Jul 2020 - Following positive leads from US markets with Wall Street closing higher, the Australian share market looks set to open in the green this morning. Market sentiment was boosted on the back of a looming US government stimulus package proposed to aid the impact of coronavirus.

Read More