Australian Sharemarket

Sharemarket

The Australian share market is anticipated to open higher after Wall Street recorded improvements overnight following two sessions of significant losses.

The SPI200 futures contract was up 35 points, or 0.54 percent, at 6,498.0 at 8 am AEST, signifying an early bounce for the benchmark S&P/ASX200.

On Wall Street, the Dow Jones Industrial Average ended up 0.47 percent, the S&P 500 was up 0.80 and the tech-heavy Nasdaq Composite was up 1.12 percent.

The Australian Bureau of Statistics will publish its data on retail spending.

The Australian dollar is buying 67.44 US cents from 67.05 US cents.

Wall Street stocks mounted on Thursday after data showing US services-sector activity at a three-year low fuelled potentials that the Federal Reserve would cut interest rates to stem an expansive economic downturn.

Microsoft rose 1.2 percent and Facebook added 2.7 percent, with the two contributing more than any other companies to the S&P 500’s benefit.

 

The market fell after the Institute for Supply Management (ISM) said its non- manufacturing activity index fell to a reading of 52.6 in September, the lowest since August 2016.

That increased the fears sparked on Tuesday when a report showed US factory activity shrunk to its lowest level in more than a decade, as well as data on Wednesday showing private payroll growth in August was not as robust as previously projected.

Stock prices bounced back from the sour economic data as bets on a third US rate cut this year at Fed’s October policy meeting surged to 90 percent from 40 percent, according to CME Group’s Fed Watch tool.

 

 

 

 

 

Shreyas Tanna

About Shreyas Tanna

The winner of Mr. Pune 2009 Pageant, Mr. Shreyas Tanna is currently the young, dashing, and dynamic CEO of a market research company called Research N Reports in Pune. Fondly known as RNR, the company specializes in market research as well as industry analysis, and is closely associated with its parent company Absolute Markets Insights (AMI). Mr. Shreyas Tanna began his corporate journey as the Head of Corporate sales & PR at RED Entertainment while pursuing his degree for MMS (Marketing) from the MGM College of Management, Mumbai. After accomplishing the tedious task of balancing his work and education, he further polished his skills in Corporate Sales, Public Relations, Channel Development, Global Client Engagement, Strategic Consulting, and Brand Development by working with HDFC Life and ResearchMoz Global Pvt. Ltd. His dedication towards his work has even won him accolades such as the National Level Performer 2013 – HDFC Life and Mr. ResearchMoz 2015. A disciplined individual with a loving heart, he is often seen taking crisp walks with an engrossed look and a gentle smile within the premises of his company to interact with the various departments. And he will be usually followed by an adorable trail of his beloved trio of Shih Tzu babies proudly known as Gucci, Drake, and Paris. The most enticing thing that you will notice about this content and proud pet parent is his infectious positivity and the firm belief in his eyes, a reflection of his favorite quote, “LIFE IS BEAUTIFUL!”

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