Global Market Report – 12 June

Global Market Report - 12 June
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Australia The Australian share market is expected to open slightly higher today, with SPI200 futures up 12 points, or 0.18 per cent at 8am, despite Wall Street finishing flat overnight. While Australia’s benchmark S&P/ASX200 was tipped for a positive start today, Wall Street’s Dow Jones Industrial Average, S&P500 and Nasdaq composite were yesterday down 0.05 per cent, 0.03 per cent and 0.01 per cent respectively. The ASX exceeded an 11-year high on Tuesday, cementing Australia’s position as one of the top performing share markets of the year so far. Positive investor sentiment was driven by expectations of further RBA rate cuts and fiscal stimulus, which are expected to be positives for both economic growth and company profits. The S&P/ASX 200 share market index surged 102 points, or 1.6 per cent, to 6546.3 points. The Aussie dollar is buying 69.62 US cents, from 69.55 US cents on Tuesday. Asia China stocks jumped on Tuesday as Beijing eased financing rules to boost local government spending on public works. Market sentiment was also buoyed by expectations of lower central bank rates globally and some signs of easing trade tensions. The Shanghai Composite climbed 2.6 per cent to 2,925.72 points – its highest since 29 May, while the blue-chip CSI300 index rallied 3 per cent. In Hong Kong, the Hang Seng Index rose 0.8 per cent to 27,789.34 points and H-shares climbed 0.9 per cent. Around the region, MSCI’s Asia ex-Japan was up 0.9 per cent; Singapore stocks neared one-month closing highs, up […]

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