Dow rallies over 460 points: ASX poised to open higher

11Mar

Dow rallies over 460 points: ASX poised to open higher

 

The Australian share market is set to open higher following mixed leads from US markets. The Dow Jones Industrial Average rallied 463 points, to hit a record high on the back of the House passing President Joe Biden's $1.9 trillion dollar stimulus plan. The 10-year US Treasury yield slipped from its session highs as data showed core consumer prices index excluding volatile items such as food and energy lifted 0.4 per cent in February calming inflation worries. The Nasdaq closed lower in choppy trade after logging its best one-day percentage jump in four months on Tuesday. A rotation into sectors such as energy and financials continued as investors sold big tech names that have fueled the rally since last March.

Local economic news

 The Reserve Bank is set to release data on credit and debit cards, ATM statistics and cheques.

Figures from around the globe:

Wall Street closed mixed yesterday: The Dow Jones Industrial Average gained 1.5 per cent to 32,297, the S&P 500 added 0.6 per cent to 3899 and the NASDAQ closed 0.04 per cent lower at 13,069.

European markets closed mixed, London’s FTSE fell 0.1 per cent, Paris added 1.1 per cent and Frankfurt closed 0.7 per cent higher.

Asian markets closed mixed, Tokyo’s Nikkei added 0.03 per cent, Hong Kong’s Hang Seng gained 0.5 per cent and China’s Shanghai Composite closed 0.1 per cent lower.

Taking all of this into equation, the SPI futures are pointing to a 0.5 per cent gain.

Yesterday, the Australian share market closed 0.8 per cent lower at 6714.

Company news

New Zealand fuel distributor with branded service stations, Z Energy (ASX:ZEL) expects its financial year 2021 EBITDA to be in a range between $235 million to $245 million. Their previous guidance range was $235 million to $265 million. Z continues to experience the effects of Covid-19 from the two recent lockdowns, the loss of international tourists in its retail channel and reduced volume in Jet travel, as well as the enduring and ongoing effects of lower refining margins. Intense retail competition has continued, while crude prices have increased substantially in a short period of time, compressing margins. Oil prices have risen on the expectation of a post-Covid-19 global economic recovery and vaccination roll-out, with the Brent indicator having increased by over 75 per cent in the 120 days since the beginning of November 2020. Shares in Z Energy (ASX:ZEL) closed 0.38 per cent higher at $2.61 yesterday.

Ex-Dividends:

Globe International (ASX:GLB) is paying 12 cents fully franked.
McMillan Shakespeare (ASX:MMS) is paying 30.2 cents fully franked.
OZ Minerals (ASX:OZL) is paying 17 cents fully franked.
South32 Limited (ASX:S32) is paying 1.8058 cents fully franked.
Sealink Travel Group (ASX:SLK) is paying 7 cents fully franked.

Currencies

One Australian Dollar at 8:20 AM was buying 77.39 US cents, 55.53 Pence Sterling, 83.87 Yen and 64.87 Euro cents.

To Commodities

Iron Ore has gained 0.2 per cent to US$164.67.
Iron Ore futures suggest 1.2 per cent gain.
Gold has gained $6.30 to US$1723 an ounce.
Silver was up $0.09 to US$26.28 an ounce.
Oil was up $0.77 to US$64.78 a barrel.
 
Copyright 2021 – Finance News Network


Source: Finance News Network

Share this post

Related Posts

04Nov

Energy sector remains the market’s safe haven

04 Nov 2022 - US equities finished lower in Thursday trading, with the S&P 500 bouncing off its lowest morning levels, but trading in a narrow range through the afternoon before fading into the close. Across the sectors energy was the standout despite a fall in the oil price. Strong results, higher dividends and share buybacks has led the sector to shine in 2022. The suggestion of a 'windfall tax' from the Biden government has already met heavy resistance...

Read More
09Feb

US stocks fall after the release of more corporate earnings

09 Feb 2023 - US stocks slid Wednesday as investors returned focus to the latest batch of corporate earnings. Wall Street also continued to weigh the outlook for future Federal Reserve policy moves. With the US reporting season still playing out - rising interest rates are starting to affect earnings.

Read More
17Nov

New vaccine hope boosts global markets: ASX poised to open slightly higher

17 Nov 2020 - The ASX looks set to open higher this morning with the Dow closing at a record high on vaccine news. The ASX had a set back yesterday with a technical glitch but is all back to normal this morning. And the NSW state government has announced it will give every adult vouchers to spend separately on dining and entertainment. PointsBet Holdings Limited (ASX:PBH) has launched in the State of Colorado.

Read More
09Dec

The UK roll out their Covid vaccine: ASX set to open higher

09 Dec 2020 - The ASX looks set to open higher this morning as US markets see a boost due to promising vaccine news. Johnson & Johnson report they could get trial results of a single-dose Covid-19 vaccine earlier than expected. The UK has rolled out its first vaccine to the public, becoming the first country to inoculate people with a fully-tested jab. Washington H. Soul Pattinson and Company (ASX:SOL) yesterday sold 50 million fully paid ordinary shares in...

Read More
14Oct

US equity markets surge off lows despite higher than expected inflation data

14 Oct 2022 - US equities finished higher in Thursday trading, near best levels after reversing a big decline from right after the open - this included the Dow Jones surging 1,500 points from peak to trough, as traders shook off another hot inflation report. Stocks fell to session lows when the September consumer inflation report showed a larger-than-expected increase. The consumer price index increased 0.4% for the month, more than the 0.3% estimate from Dow Jones. On an...

Read More
31Aug

Aus shares edge up in choppy trade: S&P/ASX 200 0.2% higher at noon

31 Aug 2020 - The local bourse has edged higher in choppy trade defying expectations of a slip as some of the big banks and BHP trade higher. The S&P/ASX 200 index is 11 points hup or 0.2 per cent higher at 6,085. On the futures market the SPI is 12 points higher.

Read More
01Apr

Half-price flights take off today: ASX closed 0.1% higher over the week

01 Apr 2021 - The local share market finished the first day of the month in positive territory building on yesterday's gains. The S&P/ASX 200 index closed 38 points or 0.6% higher to finish at 6,829. Over the week we closed 0.1% or 5 points higher. Gains in technology, materials and utilities offset losses in health care, industrials and consumer staples. Boral (ASX:BLD) rose 6.7% after announcing a buy back offer following the $1.33 billion sale in their USG...

Read More
19Mar

KGL Resources (ASX:KGL) raises $21.57M: Aus shares shed 0.9% over week

19 Mar 2021 - Australian shares fell at the open following negative leads from the US overnight. They continued to sink in early trade. The market managed to shrug off weaker than expected preliminary retail trade data and staged a valiant attempt at a recovery in the second half of the session. But this wasn’t enough to move the S&P/ASX200 into positive territory. At the closing bell the S&P/ASX 200 index closed 0.6 per cent or 38 points lower...

Read More
13Dec

UK election boosts the Australian market: ASX closed 0.5% higher

13 Dec 2019 - It has been a positive day of trade for the Australian share market the local bourse managed to close 0.5% higher. Stocks with significant UK businesses enjoyed gains such as Virgin Money UK (ASX:VUK) after exit polls in the UK election point to a Boris Johnson majority. Adairs (ASX:ADH) has today completed its acquisition of Mocka.

Read More
01Oct

Wall St rises on trade optimism: Aus shares to edge higher, RBA meeting ahead

01 Oct 2019 - The local sharemarket is poised to edge higher this morning followed by a solid session in the US on Monday. RBA rate decision ahead. Coles (ASX:COL) strengthens its partnership with online marketplace eBay.

Read More