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Home News Forex Broker News fpmarkets

Australian market expected to open higher 03/12/19

 

OPENING CALL: The Australian share market is expected to open lower. The SPI200 futures contract expected to open down 90 points.

 

President Trump said he would raise tariffs on steel and aluminum imports from Brazil and Argentina, surprising financial markets and opening a new front in the global trade war.  

 

 

 

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Overnight Summary

 

Market Quotes by TradingView

 

Each Market in Focus

 

 
Australian Market

Australian shares began the week on a positive note, thanks in part to gains by the major banks, though the benchmark index failed to better the fresh all-time high notched last week.  

After fading in the final minutes of trade, the S&P/ASX 200 settled 0.2% higher at 6862.3.  Heavily-weighted Commonwealth Bank led the big banks with a rise of 0.8% and ANZ gained 0.6%, while Virgin Money UK added another 4.8% to last week’s rally. The energy sector
was the biggest drag, falling 0.5% following Friday’s sharp decline in crude prices.  

US Market

U.S. stocks fell intraday, hit by a downbeat report on the manufacturing sector and a fresh flare-up in trade tensions.  The Dow Jones Industrial Average declined 182 points, or 0.7%, to 27868. The S&P 500 fell 0.6%, and the Nasdaq Composite dropped 0.9%.

The moves were a step back for stocks after they closed out their best month since June. The market has climbed to fresh highs in recent weeks, buoyed by data showing the U.S. service sector on solid footing.  

 
Commodities

Gold fell, pressured by a round of upbeat data on Chinese manufacturing activity, but prices finished above the session’s worst levels as weakness in the U.S. manufacturing index dulled appetite for stocks.  

Gold for February delivery on Comex fell $3.50, or 0.2%, to settle at $1,469.20 an ounce after tapping lows under $1,460. March silver lost 14 cents, or 0.8%, at $16.966 an ounce.  

Oil Futures

U.S. benchmark oil prices ended the session 1.4% higher at $55.96/bbl in a partial rebound from a nearly 5% slide last week.  

Investors were encouraged by indications OPEC will extend or even deepen production cuts when they meet later this week, and by Chinese data pointing to a manufacturing rebound, which could help boost overall global demand for oil.  

Forex

The dollar took a turn lower intraday after President Trump tweeted he would restore tariffs on steel and aluminum imports from Brazil and Argentina. It then dropped further after the ISM manufacturing index showed a larger contraction in factory activity than analysts had expected.  

The euro initially fell against the dollar overnight following better-than-expected Chinese economic data. But it recently strengthened 0.6% on the day, while the WSJ Dollar Index was down 0.4% at 90.89.  

European Markets

European markets followed American stocks lower after fresh trade concerns and U.S. manufacturing figures sparked an equity retreat.
  The Stoxx Europe 600 fell 1.6%, Germany’s DAX dropped 2.1% and France’s CAC retreated 2%.  

Asian Markets
 
Hong Kong’s Hang Seng Index closed 0.4% higher at 26444.72, mainly helped by Chinese developers, which climbed on expectations that Beijing may loosen property-market restrictions.  
 
India’s benchmark BSE Sensex closed flat at 40802.17. Auto makers slid after reporting lower sales for November, with Bajaj Auto losing 0.8% and Tata Motors down 0.3%. 

The post Australian market expected to open higher 03/12/19 appeared first on FP Markets.

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