need2know: Wall St bounce to spur ASX
|21/02/2019||Posted by admin under 南京夜网||
Local shares are set to open up as a wave of mergers in the biotechnology sector has driven Wall Street sharply higher.
What you need2know
• SPI futures up 54 points to 5905
• AUD at 76.41 US cents, 91.92 Japanese yen, 70.68 Euro cents and 51.65 British pence
• In late trade, S&P 500 +1.3%, Dow +1.6%, Nasdaq +1.1%
• In Europe, Stoxx 50 +1.3%, FTSE +0.5%, CAC +1%, DAX +1.8%
• Spot gold down $US12.57 or 1.1% to $US1185.98 an ounce
• Iron ore alips 0.9% to $US52.69 per tonne
• Brent oil down 20 US cents or 0.4% to $US56.21 a barrel
What’s on today
Australia weekly consumer confidence index, private sector credit, new home sales; US Case Shiller home prices, ADP national employment figures; UK GDP.
Stocks to watch
Trading ex dividend today: AP Eagers,ARB Corp, BPS Technology, Genesis Energy, Lycopodium, Metlifecare, SG Fleet, Sealink Travel Group, Sigma Pharmaceuticals, Virtus Healthcare.
Commonwealth Bank upgraded Bank of Queensland to “overweight” with a price target of $14.50, up from $12.30 a share previously.
Deutsche Bank retains a “buy” on James Hardie Industries and a target price of $18.55 a share.
The euro slumped against the US dollar on worries over whether Greece would secure aid before it runs out of cash in three weeks.
The single currency was down 0.7 per cent against the greenback at $US1.0813. This brings its quarterly decline to 10.6 per cent, which would be its largest since the fourth quarter of 1992.
The dollar index, a gauge of the greenback’s value against a basket of currencies, climbed 0.8 per cent at 98.054 after back-to-back weeks of losses.
Investors are bailing out of commodity funds at the fastest pace on record, and the exodus shows no signs of ending. US exchange-traded funds linked to broad baskets of raw materials saw a net outflow of $US919 million over the first three months of the year, data compiled by Bloomberg show.
Nickel hit its lowest price in nearly six years on worries over faltering demand for stainless steel and record inventories, while copper recovered part of Friday’s loss of nearly 2 per cent. London Metal Exchange (LME) nickel ended down 3.1 per cent at $US12,880 a tonne.
Teck Resources and Antofagasta are exploring a merger that would create one of the world’s largest copper producers, people with knowledge of the matter said. The companies have held early-stage talks.
US stocks have rebounded from a sharp decline last week, helped by deal activity, especially in healthcare. Major indexes each lost more than 2 per cent last week. All ten primary S&P 500 sectors are higher on Monday afternoon, with S&P energy, up 1.9 per cent and leading the way higher.
Also boosting investors’ risk appetite, Chinese stocks surged to seven-year highs, helped by hopes for more infrastructure spending and monetary policy easing.
Among the deals announced on Monday in the US, Teva Pharmaceutical said it would buy Auspex Pharmaceuticals for $US3.5 billion. Ireland’s Horizon Pharma said it would acquire Hyperion Therapeutics in an all-cash deal worth about $US1.1 billion.
The Commerce Department said on Monday that consumer spending, which accounts for more than two-thirds of US economic activity, edged up 0.1 per cent last month after dropping 0.2 per cent in January.
European stocks rose on Monday, bouncing back from last week’s losses with tech shares rallying after merger talks in the industry spurred rallies in the sector.
“You don’t get rich by ‘shorting’ this market. There’s still plenty of M&A around,” said Toby Campbell-Gray, head of trading at Tavira Securities.
Shares in Italy’s World Duty Free sank 8.4 per cent after Swiss group Dufry offered 10.25 euros a share to buy the travel retailer, below Friday’s closing price. Dufry rose 8.5 per cent.
What happened yesterday
The Australian sharemarket suffered on Monday as the big four banks sold off in tandem with the major resources stocks, which were battered after iron ore and oil prices sunk over the weekend
This story Administrator ready to work first appeared on Nanjing Night Net.