Robust US jobs data boosts Wall St: ASX poised to open higher
Following positive leads from US markets, the Australian share market looks set to start the week by opening higher. Robust US jobs data saw November gains surpass expectations despite global trade and economic uncertainty, boosting Wall Street last week. China’s exports fell in November for the fourth month showing their need to finanlise a trade deal with the US. Overseas shipments fell 1.1 per cent from a year earlier last month, customs data showed yesterday. The 17-month long trade dispute has heightened the risks of a global recession.
Wall Street closed higher on Friday: The Dow Jones Industrial Average gained 1.2 per cent to close at 28,015, the S&P 500 added 0.9 per cent to close at 3146 and the NASDAQ rose 1 per cent to 8657.
European markets closed higher on Friday: London’s FTSE added 1.4 per cent, Paris gained 1.2 per cent and Frankfurt closed 0.9 per cent higher.
Asian markets closed also higher on Friday: Tokyo’s Nikkei gained 0.2 per cent, Hong Kong’s Hang Seng added 1.1 per cent higher and China’s Shanghai Composite rose 0.4 per cent.
Taking all of this into equation, the SPI futures are pointing to 0.5 per cent gain. On Friday, the Australian share market closed 24 points (0.4 per cent) higher at 6707.
Local economic news
Reserve Bank Governor Philip Lowe will give a speech.
Australian Bureau of Statistics will release figures for Residential Property Price for eight capital cities for September.
Monthly consumer sentiment for the month
Credit & debit card lending for October From the Reserve Bank
Lifestyle Communities (ASX:LIC) has appointed PricewaterhouseCoopers as the Company’s Auditor. This follows a request from Pitcher Partners to resign as Auditor of the Company and consent by the Australian Securities and Investments Commission to this request. Shareholders voted in favour of the resolution at the Company’s Annual General Meeting which was held on 18 November 2019. Lifestyle Communities (ASX: LIC) houses people over 50 to live an independent life operating as land lease communities which is slightly different to a retirement village. Shares in Lifestyle communities (ASX:LIC) closed 1.21 per cent higher at $8.38 on Friday.
Contango Income Generator Ltd (ASX:CIE) is paying 1 cent fully franked
One Australian Dollar at 7:45 AM was buying 68.39 US cents, 52.11 Pence Sterling, 74.29 Yen and 61.85 Euro cents.
Iron Ore has added 0.5 per cent to US$89.06.
Iron Ore futures suggest a 2.7 per cent gain.
Gold was down $18 to US$1465 an ounce.
Silver dropped 46 cents to US$16.60 an ounce.
Oil has gained $0.77 to US$59.20 a barrel.
Copyright 2019 – Finance News Network
Source: Finance News Network