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Home News Forex Broker News fpmarkets

Australian market expected to open flat 11/12/19

 

OPENING CALL: The Australian share market is expected to open flat. The SPI200 futures contract expected to open up 2 points.

 

 

U.S. and Chinese trade negotiators are laying the groundwork for a delay of a fresh round of tariffs set to kick in Dec. 15, though President Trump hasn’t yet decided and has overridden his advisers on trade several times to add tariffs.  

 

Saudi Arabia still hopes to attract the foreign capital it failed to draw with its record-breaking domestic IPO.  

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Overnight Summary

 

Market Quotes by TradingView

 

Each Market in Focus

 

Australian Market
 
Australian shares snapped a three-session run higher, sinking along with most markets in the Asia-Pacific. Finishing near the session low, the S&P/ASX 200 fell 0.3% to 6706.9.
 
Only the materials subindex logged a gain, rising 0.5% thanks to advances by big miners BHP, Rio Tinto and fellow iron-ore producer Fortescue Metals.  
The financial sector was a particular drag on the market, and while Commonwealth Bank was only slightly in the red the other major banks were down by between 0.6% and 1.5%. Property stocks and the energy sector also struggled.  
 
US Market

U.S. stocks drifted around the flatline intraday, paring earlier losses after Democratic lawmakers reached an agreement with the Trump administration to support a trade deal with Mexico and Canada.  

The Dow Jones Industrial Average fell 27 points, or 0.1%, to 27882. The S&P 500 lost less than 0.1% and the Nasdaq Composite edged up 0.1%.  

Tuesday’s trading day started off relatively quietly, even as a flurry of news caught traders’ and analysts’ attention. Stock futures had initially climbed after The Wall Street Journal reported that U.S. and Chinese trade negotiators were looking to delay a fresh round of tariffs.

 
Commodities
 
Gold prices settled higher, with futures finding support in the wake of losses after the past two sessions, as traders eyed potential progress toward a U.S.-China trade deal and awaited the outcome of the two-day Federal Reserve monetary policy meeting.  
 
Oil Futures
 
Oil futures finished higher, recovering from early losses, after a report from the Wall Street Journal was seen as upbeat in long-running negotiations between the U.S. and China on tariffs.  
Prices also got a boost from expectations that a U.S. government report Wednesday will reveal a second straight weekly decline in domestic crude inventories.  
 
Forex

The British pound climbed, with the U.K. currency extending gains on the expectation the Conservatives will win a majority in Parliament during the general election on Thursday.  

The pound changed hands at $1.3171 from $1.3143 on Monday. It’s gained over 6% against the U.S. dollar over the last 3 months.  

European Markets

The Stoxx Europe 600 falls 0.3%, the FTSE 100 drops 0.3%, the DAX sheds 0.3% and the IBEX 35 declines 0.4% while the CAC-40 rises 0.2% and the FTSE MIB gains 0.7%.  

European stocks are mostly in the red but off from lows seen earlier in Tuesday’s session as traders are less fearful of the U.S. imposing fresh tariffs on Chinese goods.

Asian Markets
 
 Hong Kong’s Hang Seng Index ticked down as investors stayed on the sidelines before Dec. 15, when the U.S. is slated to implement additional tariffs on Chinese goods. The index closed 0.2% lower at 26436.62.  
Japanese stocks ended lower as auto and utility stocks weighed, trumping gains by pharmaceutical stocks. The Nikkei Stock Average closes down 0.1% at 23410.19. Among individual movers, Nintendo gained 2.9% on hopes for its Switch console sales as the
product goes on sale in China.  
 Indian shares ended down, with the benchmark Sensex falling 0.6% to 40239.88.  
 

The post Australian market expected to open flat 11/12/19 appeared first on FP Markets.

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