Wall Street record highs continue: ASX poised to open lower - Sequoia Direct Pty Ltd

26AugAugust 26, 2020

Wall Street record highs continue: ASX poised to open lower

The Australian share market looks set to open lower this morning despite the S&P 500 and the Nasdaq reaching record closing highs. There was a mixed economic data out of the US and Apple saw a rare decline. Facebook rose over three per cent to push both benchmarks higher. Gold is up and oil is slightly down.

Local Economic News

International Merchandise Trade: Confidential Commodities List, July 2020.

Construction Work Done, Preliminary, June 2020.

Markets

Wall Street closed mixed yesterday: The Dow Jones Industrial Average lost 0.2 per cent to 28,248, the S&P 500 gained 0.4 per cent to 3,444 and the NASDAQ closed 0.8 per cent higher at 11,466.

European markets closed mixed, London’s FTSE lost 1.1 per cent, Paris gained 0.01 per cent and Frankfurt closed 0.04 per cent lower.

Asian markets closed mixed, Tokyo’s Nikkei gained 1.4 per cent, Hong Kong’s Hang Seng lost 0.3 and China’s Shanghai Composite closed 0.4 per cent lower.

Taking all of this into equation, the SPI futures are pointing to a 34 point fall.

Yesterday, the Australian share market closed 32 points higher, or 0.5 per cent higher at 6161.

Company news

Pushpay Holdings (ASX:PPH) has today been informed that interests associated with Bruce Gordon (Chief Executive Officer and Executive Director) have agreed to sell approximately half of their Pushpay shares. Pushpay continues to have a positive outlook, as highlighted by the EBITDAF guidance. Bruce Gordon has signalled his intention to stand down as CEO once a suitable replacement has been appointed. Shares in Pushpay Holdings (ASX:PPH) yesterday closed 2 per cent lower at $7.89.

Currencies

One Australian Dollar at 7:45 AM was buying 71.93 US cents, 54.72 Pence Sterling, 76.53 Yen and 60.79 Euro cents.

Commodities

Iron Ore futures suggest a 1.2 per cent fall.
Gold has lost $16.10 to US$1923 an ounce.
Silver was down $0.34 to US$26.43 an ounce.
Oil was up $0.73 to US$43.35 a barrel.

Copyright 2020 – Finance News Network

Source: Finance News Network

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