US markets closed for Martin Luther King Jr Day: ASX set to open higher

The Australian share market looks set to open higher. US markets are closed for Martin Luther King Jr Day. The price of iron ore continues to rise due to China’s demand. China’s economy grew 6.5 per cent year on year in the fourth quarter, beating the 6.2 per cent forecast by consensus economists. Back home, 25 council areas have eased restrictions as the Blue Mountains, Wollongong and most Greater Sydney local government areas were downgraded to orange zones at 6pm last night.

Local economic news

Weekly Payroll Jobs and Wages in Australia
Reference period Week ending 2 January 2021

Markets

Wall Street closed lower on Friday: The Dow Jones Industrial Average lost 0.6 per cent to close at 30,814, the S&P500 dropped 0.7 per cent to close at 3768 and the NASDAQ closed 0.9 per cent lower at 12,999.

European markets closed mixed yesterday: London’s FTSE lost 0.2 per cent, Paris gained 0.1 per cent and Frankfurt closed 0.4 per cent higher.

Asian markets closed mixed yesterday: Tokyo’s Nikkei fell almost 1 per cent, Hong Kong’s Hang Seng gained 1 per cent and China’s Shanghai Composite gained 0.8 per cent.

Taking all this into equation, the SPI is pointing to a rise of 37 points.

Yesterday, we closed 0.8 per cent lower, or 52 points lower, at 6,663.

Company news

Turners Automotive Group (ASX:TRA) now expects FY21 Net Profit Before Tax (NPBT) to be within a range of $33 million to $35 million, with trading results exceeding expectations across Auto Retail, Finance and Insurance business units in November and December. This is an upwards revision from the company’s update in November, when NPBT was “expected to be towards the upper end” of the $28 million to $31 million NPBT range provided at its September annual shareholders meeting. Shares in Turners Automotive Group (ASX:TRA) last traded at $2.90.

Ex-Dividends

There are two companies going ex-dividend today. Alternative Investment Trust (ASX:AIQ) is paying 0.31 cents unfranked. Katana Capital (ASX:KAT) is paying 0.5 cents fully franked.

Currencies

One Australian Dollar at 8:25am was buying 76.85 US cents, 56.57 Pence Sterling, 79.70 Yen and 63.64 Euro cents.

Commodities

Iron ore has gained 0.2 per cent to $174.07.
Iron ore futures suggest a rise of 0.8 per cent.
Gold has gained $12.81 to US$1841 an ounce.
Silver has gained $0.14 to US$25.01 an ounce.
Oil has lost $0.27 to US$52.09 a barrel.

Source: Finance News Network