US and Aus to partner on emission reduction technologies: Aus shares to open lower
The SPI indicates that the Australian share market will open lower after the global vaccine rally teetered off bringing into sharp focus the latest wave of Covid 19 cases in the US and UK. There are now 10.4 million known cases in the US with deaths rising to over 240,000. Meanwhile, the UK has recorded the highest number of new daily cases since the pandemic began, with over 33,000 people testing positive for Covid 19 in the last 24 hours. In the UK, the number of deaths since the start of the pandemic has now surpassed 50,000. Back home, Prime Minister Scott Morrison has had his first call with US President elect Biden yesterday. He says that the 2 countries will work together to confront climate change by developing emissions reducing technologies. This comes as the Bureau of Meteorology and the CSIRO release the 2020 State of the Climate Report showing that Australia’s climate has warmed 1.44 degrees celsius since 1910. The report shows conditions drying through parts of Australia, and projects further for hotter and dryer conditions going forward, including more heatwaves and longer and more intense fire seasons.
Local economic news
The Australian Bureau of Statistics will release the provisional overseas travel figures for the month of October. The National Cabinet will also meet later today. The reopening of borders prior to Christmas and the rollout of the Covid 19 vaccine are sure to be high on the agenda.
Company news
Electronic warfare company DroneShield (ASX:DRO) has secured an R&D contract related to its artificial intelligence and machine learning ) algorithms from a defence department of country which is part of the Five Eyes Alliance. The Alliance comprises of Australia, Canada, New Zealand, the United Kingdom and the United States. The contract is valued at $600,000 and will be performed out to mid 2021. Shares in DroneShield (ASX:DRO) closed 5 per cent lower at $0.19 yesterday.
Markets
To the figures from around the globe: Wall Street closed lower yesterday: The Dow Jones Industrial Average fell 1.1 per cent to 29,080, the S&P 500 lost 1 per cent to 3537 and the NASDAQ closed 0.7 per cent lower at 11,710.
European markets closed lower, London’s FTSE lost 0.7 per cent, Paris fell 1.5 per cent and Frankfurt closed 1.2 per cent lower.
Asian markets closed mixed, Tokyo’s Nikkei gained 0.7 per cent, Hong Kong’s Hang Seng fell 0.2 per cent and China’s Shanghai Composite closed 0.1 per cent lower.
Taking all of this into equation, the SPI futures are pointing to a 0.6 per cent fall.
Yesterday, the Australian share market closed 0.5 per cent lower at 6418.
Ex-dividends
2 companies are going ex-dividend today:
Dicker Data (ASX:DDR) is paying 7.5 cents fully franked.
Plato Inc Max (ASX:PL8) is paying 0.4 cents fully franked.
Currencies
One Australian Dollar at 8:30 AM was buying 72.30 US cents, 55.13 Pence Sterling, 76.01 Yen and 61.25 Euro cents.
Commodities
Iron Ore has lost 0.7 per cent to US$123.74.
Iron Ore futures suggest 1.4 per cent fall.
Gold has gained $13 to US$1875 an ounce.
Silver was up $0.06 to US$24.33 an ounce.
Oil was down $0.44 to US$41.01 a barrel.
Invitation
Don’t forget to tune in to our FNN Investor Event next Tuesday the 17 November to get an insight into companies like Mitchell Services (ASX:MSV), Altech Chemicals (ASX:ATC) and Suda Pharmaceuticals (ASX:SUD). For more details and to register for the free event head to https://www.finnewsnetwork.com.au/page/investor-events.
Copyright 2020 – Finance News Network
Source: Finance News Network
