Global markets boosted by China stimulus hopes: ASX set to open higher

Global markets boosted by China stimulus hopes: ASX set to open higher


The Australian share market is set to open higher this morning. China’s moves to boost the economy bolstered Wall Street and Europe. Markets were buoyed by the prospect of further stimulus from the People's Bank of China. Lots of companies reporting such as the Accent Group, Austal, Bingo, Boral, Charter Hall Retail REIT, and Coca-Cola Amatil. On the commodities front, oil has added and gold is also up.


Wall Street closed higher yesterday: The Dow Jones Industrial Average added 0.4 per cent to close at 29,348, the S&P 500 closed 0.5 per cent higher at 3386 and the NASDAQ added 0.9 per cent to 9817.

European markets closed higher: London’s FTSE added over 1 per cent, Paris gained 0.9 per cent and Frankfurt rose 0.8 per cent.

Asian markets closed mixed: Tokyo’s Nikkei added 0.9 per cent, Hong Kong’s Hang Seng was up 0.5 per cent and China’s Shanghai Composite fell 0.3 per cent.

Taking all of this into equation, the SPI futures are pointing to 0.2 per cent gain.

Yesterday, the Australian share market closed 0.4 per cent higher at 7145..

Local economic news 

The Australian Bureau of statistics will release the Labour Force report for January.

Company news

Lendlease (ASX:LLC) profit after tax in the six months to December 31 was $313 million. EBIT is at $479 million, down 6 per cent on the same period last year. They will pay an interim distribution of 30 cents per security, up from 12 cents. Shares in Lendlease (ASX:LLC) closed -0.63 per cent lower at $17.43 yesterday.


Flagship Investments (ASX:FSI) is paying 4.25 cents fully franked
GWA Group Ltd (ASX:GWA) is paying 8 cents fully franked
JB Hi-Fi Limited (ASX:JBH) is paying 99 cents fully franked
Korvest Ltd (ASX:KOV) is paying 15 cents fully franked
Microequities Asset Management Group Ltd (ASX:MAM) is paying 1 cent fully franked
Newcrest Mining (ASX:NCM) is paying 11.1474 cents fully franked
Qv Equities Limited (ASX:QVE) is paying 2.2 cents fully franked


One Australian Dollar at 8:50 AM was buying 66.79 US cents, 51.70 Pence Sterling, 74.36 Yen and 61.80 Euro cents.


Iron Ore has fallen 0.2 per cent to $90.00.
Iron Ore futures suggest a 1.1 per cent gain.
Gold has added $10.80 to US$1614 an ounce.
Silver has gained $0.25 to US$18.39 an ounce.
Oil was up $1.39 to US$53.68 a barrel.

Copyright 2020 – Finance News Network

Source: Finance News Network

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