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Global Market Report - May 29, 2018

Lex Hall  |  29 May 2018Text size  Decrease  Increase  |  
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Australia

The local share market is expected to open weaker after European stocks fell on a quiet night of trade with US and UK markets closed for public holidays.
At 8.30am (AEST), the Australian share price futures index was down 14 points, or 0.23 per cent, at 6002 points.
In Europe, German and French stock markets were lower as early elections loomed in Italy after the anti-establishment 5-Star and League parties abandoned plans to form a government.
The Australian share market yesterday closed lower after weaker oil prices weighed heavily on the energy giants and mining giant BHP Billiton.
The benchmark S&P/ASX200 was down 28.8 points, or 0.48 per cent, at 6004 points, while the broader All Ordinaries index was down 27.4 points, or 0.45 per cent, at 6113.6 points.
Out today, the ANZ-Roy Morgan weekly consumer confidence survey.

Asia

Asian stocks rose on signs the US and North Korea are still striving to hold a summit.
MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.5 per cent. Japan's Nikkei rose 0.1 per cent, South Korea's KOSPI rose 0.74 per cent, buoyed by stocks which are seen as benefiting from a further thawing in tensions with Pyongyang.
President Donald Trump said on Sunday a US team had arrived in North Korea to prepare for a proposed summit between him and North Korean leader Kim Jong-un, which Trump pulled out of last week before reconsidering.

Europe

European stocks gave up early gains and bond yields recovered from lows as early elections loomed in Italy after the anti-establishment 5-Star and League parties abandoned plans to form a government.
Germany's DAX 30 was 0.58 per cent lower, and France's CAC 40 fell 0.61 per cent, MSCI's main European index was down 0.1 per cent, and UK markets were closed for a bank holiday.
Early in the European session, the euro, Italy's government debt and its FTSE MIB stock index all rose in opening trades. But those gains quickly dissipated.
Italian President Sergio Mattarella is expected to ask former International Monetary Fund official Carlo Cottarelli on Monday to head a stopgap government.
His refusal to accept as economy minister Paolo Savona, who had threatened to pull Italy out of the euro, forced the 5-Star and the League to abandon efforts to form a government.

North America

US markets were closed on Monday for the memorial day public holiday. The US-North Korea summit may be back on and Japanese leader Shinzo Abe said he and Trump agreed to meet before the US leader meets Kim Jong-un. US and Japan may hold talks at the G7 conference in Quebec June 8-9, the Washington Post reported.

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Lex Hall is a Morningstar content editor, based in Sydney.

© 2018 Morningstar, Inc. All rights reserved. Neither Morningstar, its affiliates, nor the content providers guarantee the data or content contained herein to be accurate, complete or timely nor will they have any liability for its use or distribution. This information is to be used for personal, non-commercial purposes only. No reproduction is permitted without the prior written consent of Morningstar. Any general advice or 'class service' have been prepared by Morningstar Australasia Pty Ltd (ABN: 95 090 665 544, AFSL: 240892), or its Authorised Representatives, and/or Morningstar Research Ltd, subsidiaries of Morningstar, Inc, without reference to your objectives, financial situation or needs. Please refer to our Financial Services Guide (FSG) for more information at www.morningstar.com.au/s/fsg.pdf. Our publications, ratings and products should be viewed as an additional investment resource, not as your sole source of information. Past performance does not necessarily indicate a financial product's future performance. To obtain advice tailored to your situation, contact a licensed financial adviser. Some material is copyright and published under licence from ASX Operations Pty Ltd ACN 004 523 782 ("ASXO"). The article is current as at date of publication.

 

is content editor for Morningstar Australia

© 2020 Morningstar, Inc. All rights reserved. Neither Morningstar, its affiliates, nor the content providers guarantee the data or content contained herein to be accurate, complete or timely nor will they have any liability for its use or distribution. This information is to be used for personal, non-commercial purposes only. No reproduction is permitted without the prior written consent of Morningstar. Any general advice or 'class service' have been prepared by Morningstar Australasia Pty Ltd (ABN: 95 090 665 544, AFSL: 240892), or its Authorised Representatives, and/or Morningstar Research Ltd, subsidiaries of Morningstar, Inc, without reference to your objectives, financial situation or needs. Please refer to our Financial Services Guide (FSG) for more information at www.morningstar.com.au/s/fsg.pdf. Our publications, ratings and products should be viewed as an additional investment resource, not as your sole source of information. Past performance does not necessarily indicate a financial product's future performance. To obtain advice tailored to your situation, contact a licensed financial adviser. Some material is copyright and published under licence from ASX Operations Pty Ltd ACN 004 523 782. The article is current as at date of publication.

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