MARKET NEWS

Volatile ASX set for strong early gains
03/04/2020 7:18 AM

A wild week for the Australian share market is set to continue with the local bourse tipped to copy Wall Street's overnight gains in early trade.

The SPI200 futures contract was up 114 points, or 2.22 per cent, at 5,250.0 points at 0700 AEDT on Friday, suggesting strong gains for local stocks at the market open.

Wall Street's major indices all closed higher as an oil price surge offset a coronavirus-driven rise in US unemployment claims.

European stocks also had a strong session.

The S&P/ASX200 benchmark index finished Thursday down 104.3 points, or 1.98 per cent, at 5,154.3, while the All Ordinaries index dropped 102 points, or 1.93 per cent, to 5,188.7.

The Australian dollar is buying 60.53 US cents, down from 61.84 US cents as the market closed on Thursday.

ASX set to mirror virus-hit Wall St dive
02/04/2020 7:13 AM

The Australian share market is poised to lurch back into the red after US stocks were hammered overnight on warnings of a mounting coronavirus death toll.

The SPI200 futures contract was down 169 points, or 3.24 per cent, at 5,055.0 points at 0700 AEDT on Thursday, suggesting heavy early losses for local stocks.

Wall Street continues to suffer as US health officials warn the death toll from the COVID-19 pandemic will surge.

The Australian share market had rallied on Wednesday with a 3.58 per cent rise for the S&P/ASX200 benchmark index, even as the Reserve Bank released minutes from a meeting a fortnight ago showing members were worried about the likelihood of a recession.

The Australian dollar is buying 61.78 US cents, slightly down from 61.80 US cents as the market closed on Wednesday.

ASX set to bounce amid virus volatility
01/04/2020 7:18 AM

The Australian share market is tipped to bounce back after another day of wild swings that ultimately sent the bourse into the red.

The SPI200 futures contract was up 71 points, or 1.39 per cent, at 5,180.0 points at 0700 AEDT on Wednesday, suggesting strong early gains for local stocks in a volatile market.

The S&P/ASX200 benchmark index climbed by as much as 3.5 per cent on Tuesday before dropping most of the afternoon to finish down 104.6 points, or 2.02 per cent, at 5,076.8.

For the month, the ASX200 closed down 21.2 per cent, and it finished out the quarter down 24.1 per cent in its worst quarterly decline ever.

Elsewhere, Wall Street suffered more losses overnight as the coronavirus pandemic continues to stoke economic fears.

The Reserve Bank of Australia is today scheduled to release the minutes of its ad hoc meeting held a fortnight ago, where board members decided to cut the cash rate to 0.25 per cent and launch quantitative easing measures.

The Australian dollar is buying 61.50 US cents, down from 61.99 US cents as the market closed on Tuesday.