MARKET NEWS

Aust shares surge higher at the open
17/11/2017 10:20 AM

A return of risk appetite on Wall Street seems to have flowed through to the Australian share market with the local key indexes more than half a per cent higher at the opening of trade.

At 1015 AEDT on Friday, the benchmark S&P/ASX200 index was up 33.8 points, or 0.57 per cent, at 5,977.3, while the broader All Ordinaries index up 33.7 points, or 0.56 per cent, at 6,057.2 points.

In futures trading, the SPI200 futures contract was up 38 points, or 0.64 per cent, at 5,989 points.

Aust shares look set to soar at the open
17/11/2017 7:28 AM

The Australian share market looks set to open with a surge following solid Wall Street's gains fuelled by better-than-expected company earnings and optimism that President Donald Trump's tax cuts would proceed.

At 0700 AEDT on Friday, the share price futures index was up 43 points, or 0.72 per cent, at 5,994.

In the US, risk appetite returned amid optimism that the Republican's tax reform package would pass the US House of Representatives on Friday, and on solid company earnings results.

The Dow Jones Industrial Average in late afternoon trading was up 0.83 per cent, the S&P 500 was up 0.88 per cent and the Nasdaq Composite was up 1.37 per cent.

Locally, in economic news on Friday, the Australian Bureau of Statistics is due to release October new motor vehicle sales figures.

In equities news, Lendlease and Kogan have their annual general meetings.

The Australian market on Thursday edged higher as takeover speculation fuelled a big gain for gas giant Santos and other sectors recovered from early weakness.

The benchmark S&P/ASX200 index rose 9.3 points, or 0.16 per cent, to 5,943.5 points.

The broader All Ordinaries index gained 11.2 points, or 0.19 per cent, to 6,023.5 points

Meanwhile, the Australian dollar has slipped against its US counterpart with the US dollar index lifting 0.1 per cent as risk appetite returns to markets.

The local currency was trading at 75.89 US cents at 0700 AEDT on Friday, from 75.96 on Thursday.

CURRENCY SNAPSHOT AT 0700 AEDT:

One Australian dollar buys:

* 75.89 US cents, from 75.96 on Thursday

* 85.75 Japanese yen, from 85.89 yen

* 64.51 euro cents, from 64.49 euro cents

* 57.56 British pence, from 57.67 pence

* 110.79 NZ cents, from 110.72 cents

GOLD:

The spot price of gold in Sydney at 0700 AEDT was $US1,278.62 per fine ounce, from $US1,276.31 per fine ounce on Thursday.

BOND SNAPSHOT AT 0700 AEDT:

* CGS 4.50 per cent April 2020, 1.8537pct, unchanged

* CGS 4.75pct April 2027, 2.5404pct, unchanged

Sydney Futures Exchange prices:

* December 2017 10-year bond futures contract at 97.385 (implying a yield of 2.615pct), from 97.400 (implying a yield of 2.600pct) on Thursday

* December 2017 3-year bond futures contract at 98.03 (1.97pct), from 98.04 (1.96pct).

(*Bond market closes taken at 1630 AEDT previous local session; currency closes taken from 1700 AEDT previous local session)

$A slips against $US
17/11/2017 6:57 AM

The Australian dollar is a little lower against its US counterpart as risk appetite turns a little more positive thanks to solid earnings and revived optimism over US President Donald Trump's promised tax cuts.

At 0635 AEDT on Friday, the Australian dollar was worth 75.90 US cents, down from 75.96 US cents on Thursday.

Westpac's Imre Speizer says US company earnings had been solid overnight and there appeared to be optimism tax reforms would pass through the US House of Representatives on Friday.

"(Subsequently) US interest rates and the US dollar are slightly firmer," he said in a morning note.

"The US dollar index is up 0.1 per cent on the day. (The) EUR eked a sideways range of 1.1760-1.1800. USD/JPY made a round-trip from 112.80 to 113.33 and back. (And the) AUD ranged sideways between 0.7580 and 0.7602."

There were no major local event risks on the horizon for Friday.

But, he said, "momentum remains negative although it has stalled at 0.7570 technical support".

The Aussie dollar is also lower against the yen but a little higher against the euro.

CURRENCY SNAPSHOT AT 0635 AEDT ON FRIDAY

One Australian dollar buys:

* 75.90 US cents, from 75.96 on Thursday

* 85.78 Japanese yen, from 85.89 yen

* 64.52 euro cents, from 64.49 euro cents

(*Currency closes taken at 1700 AEDT previous local session)