OPENING CALL: The Australian share market is expected to open higher. The SPI200 futures contract expected to open up 19 points.
Chesapeake Energy Corp said it may be unable to stay in business if oil and natural gas prices remain depressed.
Underscoring the challenges faced by drillers still trying to regain their footing from when commodity prices collapsed in 2014 and 2015.
Shake Shack’s stock fell 20% after the burger chain told investors that it expected weaker sales growth.
Shaving off more than half a billion dollars in market-cap value. Shares still remain up 49% in 2019.
Each Market in Focus
Aussie shares rose slightly after the central bank kept interest rates steady. The benchmark S&P/ASX 200 index rose 0.2% to 6697.1, marking its third straight session of gains.
Energy shares advanced 0.9% and healthcare stocks rose 0.5%. Telecoms fell 0.4%, while consumer staples and property stocks fell 0.2%.
Westpac believes the central bank — which cut its key rate to a record low last month— will keep it steady again in December before cutting one more time in February.Corporate news was light as it was a public holiday in Victoria to mark the Melbourne Cup horse race.
The Dow Jones Industrial Average extended its recent rally intraday as investors grew hopeful that the U.S. and China will roll back tariffs as they work to clinch a partial trade deal.
The blue-chip index rose 81 points, or 0.3%, extending its recent rally. The gains accelerated in afternoon trading as shares of Walgreens Boots Alliance surged on a Reuters report that the company has held talks with private equity firms about potentially going private.
The Nasdaq Composite inched up 0.1%, while the S&P 500 edged down less than 0.1%. All three indexes closed at records Monday propelled by optimism over trade and a better-than-expected corporate earnings season.
Gold futures fell, as a climb in U.S. stocks, bond yields and the dollar on hopes for a U.S.-China trade deal, along with a stronger-than-expected ISM services reading, sent prices for the precious metal to their lowest finish in three weeks.
December gold on Comex fell $27.40, or 1.8%, to settle at $1,483.70 an ounce. That was the lowest most-active contract settlement since Oct. 15 and biggest one-day dollar and percentage decline since Sept. 30, according to FactSet data. Prices also settled below $1,500, a level seen by technical analysts as a dividing line between bearish and bullish sentiment, for the first time four sessions.
Oil futures rose, with positive expectations around U.S.-China trade talks and a move further into record territory by U.S. stocks helping to lift global and U.S. benchmark crude prices to their highest settlements in six weeks.
January Brent crude, the global benchmark, gained 83 cents, or 1.3%, to settle at $62.96 a barrel on ICE Futures Europe. West Texas Intermediate crude for December delivery rose 69 cents, or 1.2%, to settle $57.23 a barrel on the New York Mercantile Exchange.
Both front-month WTI and Brent contracts posted their highest finish since Sept. 24, according to Dow Jones Market Data.
The WSJ Dollar Index was recently up 0.3% to 90.84.
In Europe, the Stoxx Europe 600’s closed 0.2% higher at 404.23. London stocks closed higher, with the FTSE 100 up 0.25%, in its third consecutive day of gains. Primark-owner Associated British Foods rose 5.6% and was the top gainer of the FTSE 100, after exceeding expectations for fiscal 2019. Software company Aveva Group fell 2.7% and was the biggest blue-chip faller.
The French CAC-40 Index was up 22.59 points, or 0.39%, to 5846.89 while the German DAX was up 12.22 points, or 0.09%, to 13148.50.
In Asia, Japan’s Nikkei 225 index climbed as the nation’s electronics, machinery and financial companies, which have been under pressure from the global trade tensions, gained on the renewed optimism about a deal. The Shanghai Composite Index rose by 0.5%. Japanese stocks finish higher. The Nikkei Stock Average ended up 1.8% at 23251.99.
Singapore’s FTSE Straits Times Index closed 0.4% higher at 3248.63, extending gains amid improved investor sentiment over the U.S.-China trade negotiations.
India’s benchmark Sensex closed 0.1% lower at 40248.23 after hitting a fresh opening high. Banking shares were mixed; IndusInd Bank was the top decliner on the index, falling 2.4%, while Yes Bank added 3.4% to become the best-performing stock.