US/China trade talks to resume: ASX set to open higher

30Aug

US/China trade talks to resume: ASX set to open higher

 

Optimism resumed on the markets as President Donald Trump announced that the US and China are scheduled to have a conversation about trade today. The Dow surged more that 300 points. The Australian share market looks set to open higher this morning. European markets closed higher on Thursday as investors monitored developments with China and the US.On the commodities front, gold has dropped almost $12 and oil has gained.

Local economic news 

Building approvals for July

Markets

Wall Street closed higher yesterday: The Dow Jones Industrial Average gained 1.3 per cent to close at 26,362, the S&P 500 closed 1.3 per cent higher at 2925 and the NASDAQ added 1.5 per cent to 7973.

European markets closed higher: London’s FTSE rose almost 1 per cent, Paris gained 1.5 per cent and Frankfurt added 1.2 per cent.

Asian markets closed mixed: Tokyo’s Nikkei fell 0.1 per cent, Hong Kong’s Hang Seng was up 0.3 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 0.7 per cent gain.

Yesterday, the Australian share market closed 7 points or 0.1 per cent higher at 6507.

Company news

Lithium miner Galaxy Resources (ASX:GXY) reported a huge half-year loss due to its flagship Mt Cattlin project. The Group reported a statutory net loss after tax of US$171.9 million compared to US$11.5 million profit after tax a year earlier. The underlying net profit after-tax for the half year, excluding the one-off items was US$4.9 million. Despite a boost in lithium concentrate production, the miner’s concentrate sales more than halved from a year earlier. Shares in Galaxy Resources (ASX:GXY) closed 2.88 per cent lower at $1.18 yesterday.

Reporting Season

– Collection House (ASX:CLH)
– Northern Star Resources (ASX:NST)
– Reece Ltd (ASX:REH)
– Vitalharvest Freehold Trust (ASX:VTH)

Ex – Dividend

Aurelia Metals Ltd (ASX:AMI) is paying 2 cents fully franked
Boral Limited (ASX:BLD) is paying 13.5 cents 50 per cent franked
Challenger Limited (ASX:CGF) is paying 18 cents fully franked
Carlton Investments (ASX:CIN) is paying 78 cents fully franked
Helloworld Travel Ltd (ASX:HLO) is paying 12.5 cents fully franked
Integral Diagnostics Ltd (ASX:IDX) is paying 5 cents fully franked
MCP Master Income Trust (ASX:MXT) is paying 0.78 cents unfranked
Regis Resources Limited (ASX:RRL) is paying 8 cents fully franked
Smartgroup Corporation Ltd (ASX:SIQ) is paying 21.5 cents fully franked
Wesfarmers Limited (ASX:WES) is paying 78 cents fully franked

Currencies

One Australian Dollar at 7:40AM was buying 67.32US cents, 55.27Pence Sterling, 71.70 Yen and 60.89 Euro cents.

Commodities

Iron Ore futures suggest a 0.8 per cent gain.
Gold has dropped $12.30 to US$1537 an ounce.
Silver has lost $0.09 cents to US$18.37 an ounce.
Oil has increased $0.83 to US$56.61 a barrel.
 
Copyright 2019 – Finance News Network


Source: Finance News Network

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