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Home News Forex Broker News fpmarkets

Australian market expected to open lower 24/12/19

 

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

 

On Monday, China’s cabinet approved plans to cut import tariffs for all trading partners on more than 850 types of products, the latest
step toward a so-called phase-one trade deal with Washington.  

 

 

A Tesla rally has taken the stock above a symbolic threshold Monday, the $420 a share at which Chief Executive Elon Musk last year said he wanted to take the electric-vehicle maker private.  

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Overnight Summary

 

Market Quotes by TradingView

 

Each Market in Focus

 

Australian Market

Australian shares continue drifting away from their recent highs, falling for a third straight session. The S&P/ASX 200 kicked off the holiday-shortened week by falling 0.5% to 6785.1, settling at the day’s low and widening the gap from late November’s all-time high to 1.2%.  
 

Miners led the retreat, with BHP, Rio Tinto and Fortescue each losing more than 1.0% and South32 falling 2.5%. Banks also joined the broad losses, with Commonwealth Bank 0.5% lower and Macquarie 0.9% weaker.  

US Market

U.S. stocks broadly inched higher to start the week, building on a string of fresh highs for major indexes. The S&P 500 rose 0.1%. The Nasdaq Composite advanced 0.3%.  Signs of easing trade tensions between the U.S. and China also lifted shares at the start of the holiday-shortened week. 

A jump in Boeing shares drove the Dow Jones Industrial Average toward a new record.  The blue-chip index of 30 stocks added 100 points, or 0.4%, to 28555.  Shares of Boeing climbed 2.7% after the aerospace giant named a new chief executive, making it the biggest gainer in the Dow industrials early Monday.  

 
Commodities

Gold prices rose to their highest level since early November to start a shortened holiday week that kicked off with U.S. stocks also recording all-time highs in intraday trade.  

Bullion for February delivery on Comex rose $7.80, or 0.5%, to settle at $1,488.70 an ounce, breaking above the “pivotal” $1,480 to $1,481 range, which may put the yellow metal on track for further gains. 

Oil Futures

Oil futures settled slightly higher, even as reports indicated that a recent pact to curb global output by OPEC and its allies may be eased and as Kuwait and Saudi Arabia appeared close to a resolution on a disputed territory, which could see fresh oil hit the market in coming months.  
West Texas Intermediate oil for February delivery finished up 8 cents, or 0.1%, at $60.52 a barrel, after the international benchmark snapped a sixth straight session of gains on Friday sinking 1.2%.  

Forex
 
Sterling turned lower in thin preholiday trade, dropping to three-week lows against the dollar and the euro, taking GBP/USD down to $1.2940 and EUR/GBP to a high of 0.8570 according to FactSet.  
 
European Markets

European stocks were mixed with gains in healthcare stocks offset by declines in banking shares. The Stoxx Europe 600 index was flat at 418, the FTSE 100 gains 0.5% to 7623, the DAX falls 0.1% to 13300 and the CAC-40 rises 0.1% to 6029.

Asian Markets
 
Hong Kong’s Hang Seng Index closed 0.1% higher at 27906.41, paring gains after it breached the 28000-point level at the open in the strongest start since July. Chinese drug makers led gains, with Sino Biopharmaceutical advancing 2.4% and CSPC Pharmaceutical
rising 2.1%. Exporters were broadly higher, with clothing manufacturer Shenzhou International adding 1.9%.  
The Nikkei Stock Average ended flat at 23821.11 as gains in pharmaceutical stocks offset auto makers’ losses. Trading was sluggish, as some investors are away for the holiday season.

The post Australian market expected to open lower 24/12/19 appeared first on FP Markets.

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