OPENING CALL: The Australian share market is expected to open lower. SPI futures contract expected to open up 31 points down.
OPENING CALL: The Australian share market is expected to open lower. SPI futures contract expected to open up 31 points down.
U.S. services industries showed signs of recovery in June as businesses took early steps to reopen following the easing of some of the coronavirus-related lockdowns, according to two surveys of purchasing managers released Monday. But analysts warned
those gains could be undone in July as a resurgence of cases in some states leads to another shutdown of businesses.
Australian Market
Australian shares dropped 0.7% to 6014.6, with every sector other than tech losing ground amid escalating concerns about the coronavirus pandemic.
US Market
U.S. stocks jumped following the holiday weekend, lifted by shares of everything from medical technology companies to banks. The Dow Jones Industrial Average extended gains in afternoon trading to close about 460 points higher, or 1.8%, to 26286. The S&P 500 added 1.6% and the Nasdaq Composite advanced 2.2%. At least part of stocks’ recent gains appear to stem from bets that the U.S. will be able to avoid having to reinstate widespread restrictions on business.
Commodities
Gold futures moved higher, building on last week’s climb to mark their highest finish in almost a week. August gold rose $3.50, or 0.2%, to settle at $1,793.50 an ounce.
Oil Futures
U.S. benchmark oil prices retreated ever-so-slightly from the previous session’s four-month-closing-high, ending two cents, or 0.05% lower, at $40.63 a barrel as oil investors mostly held their bets despite surging U.S. equities.
Forex
Major currencies were mostly stronger against the US dollar in European and US trade. The Euro rose from lows near US$1.1280 to highs near US$1.1343 and was near US$1.1310 at the US close. The
Aussie dollar rose from lows near US69.49 cents to highs near US69.86 cents and was near US69.75 cents at the US close. The Japanese yen held between JPY107.25 per US dollar and JPY107.61 and was near JPY 107.35 at the US close
European Markets
European sharemarkets lifted on Monday. STOXX 600 index was up by 1.6%.The German Dax index rose by 1.6% and the UK FTSE index was up 2.1%. London-listed shares in Rio Tinto (+2.1%) and BHP (+1.8%) both rose
Asian Markets
Earlier in the day, China stocks extended their advance into a new week, as more investors flocked to financial stocks, on hopes that the recovering Chinese economy will lead to a bull market. The benchmark Shanghai Composite Index jumped 5.7% to close at 3332.88, clinching its biggest daily gain in five years. The smaller Shenzhen Composite Index added 3.9% while the ChiNext Price Index gained 2.7%. Japanese stocks ended broadly higher with auto and electronics shares rising
particularly sharply thanks in part to a weaker yen. The Nikkei Stock Average rose 1.8% to 22714.44.
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