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Home News Forex Broker News fpmarkets

Australian market expected to open higher 05/12/19

 

OPENING CALL: The Australian share market is expected to open higher. The SPI200 futures contract expected to open up 56 points.

 

Alphabet shares are headed toward their best day in months after the co-founders of Google unexpectedly stepped down from active management.  

 

 

 

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Ryanair Holdings said it would cut jobs and close two bases as it warned traffic growth would slow next year because of new delays in deliveries of its first Boeing 737 MAX aircraft  

Overnight Summary

 

Market Quotes by TradingView

 

Each Market in Focus

 

 
Australian Market
 
Australian shares fell sharply for a second day as worries build over the global economy and the threat the trade war between the U.S. and China will drag on.  
The S&P/ASX 200 dropped 1.6% to close at 6606.5, as consumer staples again led all industry sectors lower. The benchmark index has now retreated 4.2% from the all-time high notched last Friday.
 
The heavily-weighted four biggest banks were down between 1.0% and 2.1%, while major miners BHP and Rio Tinto shed 2.5% and 2.1%, respectively.  
 
US Market

U.S. stocks advanced intraday on fresh optimism over U.S. and China trade talks. The Dow Jones Industrial Average advanced 191 points, or 0.7%, a day after suffering its biggest single-day pullback since early October. The S&P 500 rose 0.7%. The Nasdaq Composite added 0.6%.  

Markets welcomed reports that Washington and Beijing could still hash out an agreement before the scheduled new round of tariffs on Dec. 15.  

Fresh economic data showed a sharp slowdown in employment figures. The U.S. private sector added 67,000 jobs in November, according to the latest ADP National Employment Report.

 
Commodities
 
Gold futures finished lower, pulling back from a near one-month settlement high a day earlier, after a report that trade talks between Beijing and Washington are progressing dulled some haven demand for the metal.  
 
Gold for February delivery on Comex lost $4.20, or 0.3%, to settle at $1,480.20 an ounce, after jumping 1% Tuesday to the highest settlement for a most-active contract since Nov. 6, according to FactSet data. March silver , meanwhile, dropped 33.2 cents, or 1.9%, to end at $16.916 an ounce, following a 1.7% surge in the previous session.  
 
Oil Futures
 
U.S. oil ended 4.2% higher at $58.43/bbl as several bullish factors including a likely extension of OPEC output cuts spark a crude-buying frenzy.  
 
Forex

The pound rose to a seven-month high against the dollar as polls suggested that Prime Minister Boris Johnson’s Conservative Party would win a majority in next week’s general election-a victory that could end the political uncertainty over Brexit.  

European Markets

 European stocks were firmly higher on fresh hopes of a trade deal between the U.S. and China.  

The Stoxx Europe 600 gained 1.2%, the DAX was up 1.2% and the CAC-40 advanced 1.3%, though the FTSE 100’s gains were more modest, up 0.4% as sterling rose.  

Asian Markets
 
Hong Kong stocks ended the session lower in a day that saw Asian markets retreating after President Trump said the trade war with China could drag on, heightening uncertainty over an initial trade deal ahead of a Dec. 15 planned increase in tariffs on Chinese goods.
 
The Hang Seng Index fell 1.3% to 26062.56, with most constituents in the red. Tech suppliers, arguably more susceptible to U.S. tariffs, led the declines. AAC Technologies lost 3.7%, while Sunny Optical and Techtronic Industries shed 3.5% and 2.9%, respectively. Blue-chips stocks including Chinese banks and oil majors also ended the session lower.  
The Nikkei Stock Average fell 1.1% to 23135.23 despite Japan’s Parliament approving a trade deal with the U.S. that would cut tariffs between the countries.

The post Australian market expected to open higher 05/12/19 appeared first on FP Markets.

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