Morning Bell 27 February


Good morning, thanks for company for the Morning Bell. Well US equities try to make a comeback overnight and the Nasdaq made
green tracks for the first time in days however after the market closed in the
US, Microsoft, which is one of the world’s biggest companies warned to the market
that it will miss its guidance for the segment that includes Windows on the
back of coronavirus. Yesterday our market closed low for the fourth straight day
losing 2.4 percent which took the market back to early January prices 6,708 points and earlier the futures were suggesting
a fall at the open of 0.4 percent however after the market closed we
learned that one of the biggest companies on the ASX, Rio Tinto
reported better than expected results and their shares are looking like
they’ll push higher at the open so keep an eye on Rio Tinto after their full
year 2019 underlying earnings were in line with expectations rising 18 percent
last year to 10.4 billion U.S. dollars for their earnings also other
companies to keep an eye on today reporting results Bega Cheese, Flight
Centre, Ramsay Health Care, Link Administration Holdings, Adelaide
Brighton, Costa Group and Propel Funeral Partners another funeral business that
is reporting yesterday we heard from one of their rivals InvoCare reporting
exceptional results that beat market expectations, which is why InvoCare shares
rallied 13 percent high yesterday closing at $14.48. Quickly reading out
how markets closed overnight are what Wall Street was mixed, the Dow and the S&P
500 were lower while the Nasdaq gained 0.2 of a percent in Europe
markets were mostly in the black the French market and the UK FTSE
while the broader STOXX600 closed steady while the German DAX went the
other way slipping modestly in Asia markets there were in the red China’s
Shanghai Comp fell along with Japan’s market losing 0.8 of a percent while Hong
Kong’s Hang Seng followed. Gold meantime is trading half a percent lower it’s now
$1,642 dollars an ounce as investors take advantage of that seven-year high. Oil
meantime has dived deeper into bear market territory losing 2 percent overnight
it’s now below the $50 U.S. mark, $48.70 a barrel and it’s tipped to
normalise in the second half of this year. Iron ore prices have gained slightly overnight rising 0.2 of a percent to
86.73 U.S. a ton which is set to help our iron ore majors today
and lastly the Australian dollar has fallen yet again to another eleven year
low it’s now $65.51 US cents have a great day happy trading
and don’t forget to tune in to our monthly wrap which comes out on Friday

One comment

Leave a Reply

Your email address will not be published. Required fields are marked *