Trump vows to keep US open during second wave of Covid-19: ASX poised to open lower

22May

Trump vows to keep US open during second wave of Covid-19: ASX poised to open lower

 

Following a fall in US markets overnight, the Australian share market looks set to open lower this morning. Mining stocks pulled the market down yesterday after reports changes to China's rules around inspecting iron ore could hit Australian exporters. In the US, President Donald Trump has said he will not close the country if a second wave of coronavirus infections hits.Trade tension between the US and China also contributed to market weakness.

Markets

Wall Street closed lower yesterday: The Dow Jones Industrial Average fell 0.41 per cent to close at 24,474 the S&P 500 closed dropped 0.8 per cent to close at 2949 and the NASDAQ closed 1 per cent lower at 9285.

European markets closed lower: London’s FTSE lost 0.9 per cent, Paris dropped 1.2 per cent and Frankfurt closed 1.4 per cent lower.

Asian markets closed lower, Tokyo’s Nikkei fell 0.2 per cent, Hong Kong’s Hang Seng lost 0.5 per cent, and China’s Shanghai Composite closed 0.6 per cent lower.

Taking all of this into equation, the SPI futures are pointing to a 2 point fall.

Yesterday, the Australian share market closed 23 points or 0.4 per cent lower at 5550.

Company news

Real estate investor and manager, Cromwell Property Group (ASX:CMW) has settled the sale of a 50 per cent stake in 475 Victoria Avenue, Chatswood to a private fund managed by BlackRock for $120 million. The address comprises two 13-level office buildings, ground floor retail and three levels of basement parking. Cromwell has an existing development application on the site for a new office building, hotel and additional amenity and, in partnership with BlackRock, will now examine ways to further increase the value of the asset. Shares in the Cromwell Property Group (ASX:CMW) closed 3.4 per cent higher at $0.77.

Currencies

One Australian Dollar at 7:00 AM was buying 65.67US cents, 53.74 Pence Sterling, 70.66 Yen and 59.99 Euro cents.

Commodities

Iron Ore futures suggest a 2.8 per cent gain.
Gold has gained $3.90 to US$1726 an ounce.
Silver has added $0.09 to US$17.46 an ounce.
Oil was up $0.14 to US$34.06 a barrel.
 
Copyright 2020 – Finance News Network


Source: Finance News Network

Share this post

Related Posts

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
15Oct

Qantas helps local shares push to flat: Aus shares 0.1% higher at noon

15 Oct 2019 - The Australian share market opened lower this morning following leads from the US but has gained some momentum and is now edging into positive territory in the second hour of trade. Retail Food Group (ASX:RFG) has announced a $190 million equity raising.

Read More
11Feb

Wall Street see positive start to the week: ASX set to open higher

11 Feb 2020 - Wall Street saw a positive start to the week and we can now expect to see the ASX open higher. Gold lifted over night as investors sought safe haven from the economic impact of the coronavirus. Moelis Australia (MOE:ASX) yesterday settled on the purchase of the Beach Hotel, Byron Bay for $104 million.

Read More
03Dec

Trump to impose tariffs: Aus shares to tumble

03 Dec 2019 - The Australian share market looks set to tumble this morning. US President Donald Trump to put tariffs on steel and aluminum exports from Brazil and Argentina. Hannah Hamling will join the Mercury NZ (ASX:MCY) board from 1 February 2020.

Read More
10May

Major indexes lower as investors await key inflation reports

10 May 2023 - Stocks closed lower Tuesday as investors readied for key inflation reports due later in the week and progress on the US debt limit.

Read More
13Jul

TechnologyOne (ASX:TNE) responds to ‘false and misleading’ report: Aus shares 0.7% higher at noon

13 Jul 2020 - The Australian share market opened higher this morning and is now trading 0.7 per cent up at noon. TechnologyOne (ASX:TNE) has responded to a research report published by GMT Research about the company’s audited results.

Read More
01Dec

Dow notches best month since 1987: Local shares to open lower following profit taking in the US

01 Dec 2020 - Local shares are set to edge lower this morning. In the US Wall Street fell amid profit-taking but the but the major averages posted sharp monthly gains. Travelers and Chevron were among the worst-performing Dow stocks, falling 3.6 per cent and 4.5 per cent, respectively

Read More
09Sep

Energy sector drags on the market: ASX closes 2.2% lower

02 Sep 2020 - After a fall at the open the ASX failed to recover closing 2.2% lower. Shares in Nufarm (ASX:NUF) closed up today, meanwhile, shares in Beach Energy took a hit falling over 9%. As for the sectors today Materials were the best of a bad bunch and Energy fell lower even lower. FINEOS Corporation Holdings PLC (ASX:FCL) reports they raised $8 million on their securities purchase plan.

Read More
18Feb

CSL (ASX:CSL) reports a 44% jump in NPAT: ASX closes flat at 6,886 points

18 Feb 2021 - The S&P/ASX 200 Index closed 0.01 per cent or 1 point higher at 6,886 points. The best performing stock is Treasury Wine Estates (ASX:TWE) rising 17.5% despite reporting 24% drop in NPAT for their half year yesterday while the worst performing stock was NRW Holdings (ASX:NWH) falling 17.1% following mixed results reporting a 12% drop in profits and 44% increase in revenue for their 1H FY 20.

Read More
01Feb

WA enters first full day of Covid lockdown: ASX to open lower

01 Feb 2021 - The ASX is set to open lower this morning as Wall Street dropped. The US markets may have entered a correction phase, as hedge funds sell to cover short sale losses. US senators Bernie Sanders and Elizabeth Warren are calling for Wall Street reform after the frenzy over GameStop shares last week. A new coronavirus lockdown has been announced for Perth after a quarantine hotel worker has tested positive. And Talga (ASX:TLG) completes $25...

Read More