Money: ASX advances on US midterm results - PressFrom - Australia
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MoneyASX advances on US midterm results

04:32  08 november  2018
04:32  08 november  2018 Source:   msn.com

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Australian shares advanced on Wednesday as the US midterm results were declared and landed in line with market expectations. The benchmark S&P/ ASX 200 Index closed 21.7 points, or 0.4 per cent, higher at 5896.9 while the broader All Ordinaries rose 23.3 points, or 0.4 per cent, to 5982.

Australian shares advanced on Wednesday as the US midterm results were declared and landed in line with market expectations. The market fell by as much as 30 points just before midday before rallying later in the session as the results of the US midterms came through.

Australian shares advanced on Wednesday as the US midterm results were declared and landed in line with market expectations.

The benchmark S&P/ASX 200 Index closed 21.7 points, or 0.4 per cent, higher at 5896.9 while the broader All Ordinaries rose 23.3 points, or 0.4 per cent, to 5982.

The market fell by as much as 30 points just before midday before rallying later in the session as the results of the US midterms came through.

At the market close, the US midterm elections had been declared by many outlets, with Republicans reportedly retaining control of the Senate and Democrats taking control of the House.

"[Global] volumes have been high, and equities remain supported suggesting this outcome is positive for risk since the gridlock outcome ultimately will support the President's mandate and a higher probability of more fiscal stimulus," said OANDA head of trading APAC Stephen Innes in a note on Wednesday.

Hillary Clinton on Possible 2020 Run: ‘I’d Like to Be President’

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Dow Jones: ASX watching US midterm election results . ASX set to dip, caution surrounds US vote. European stock markets slipped Tuesday on trepidation over US midterm elections seen as a referendum on Donald Trump’s presidency While his tax cuts and deregulation helped fire the

Australian shares advanced on Wednesday as the US midterm results were declared and so far in line with market expectations. The benchmark S&P/ ASX 200 Index closed 21.7 points, or 0.4 per cent, higher at 5896.9 while the broader All Ordinaries rose 23.3 points, or 0.4 per cent, to 5982.

The major banks lifted the index. ANZ led the four majors, climbing 1.2 per cent to $26.45, Westpac rose 1 per cent to $27.18, NAB advanced 0.8 per cent to $25.87 and Commonwealth Bank closed trade at $69.35, up 0.6 per cent.

WorleyParsons was also among the market leaders as its shares rose 10.5 per cent to $15.54.

The move followed reports Dubai-based construction company Dar Group had locked in a margin loan via investment bank JPMorgan to take up a $490 million stake in WorleyParsons' $1.1 billion retail rights issue.

Syrah Resources shares rose 8.7 per cent to $1.94 after the graphite miner announced it had signed a binding term sales agreement with Qingdao Taida-Huarun New Energy Technology. The agreement commences immediately and is for 20,000 tonnes of natural graphite from Balama by 31 August, 2019.

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US mid - term election results 2018: Maps, charts and analysis. BBC News - 07 Nov 2018 In West Virginia's 3rd district, there The Sydney Morning Herald - 07 Nov 2018 Australian shares advanced on Wednesday as the US midterm results were declared and landed in line with market expectations.

US mid - term election results 2018: Maps, charts and analysis. BBC News - 07 Nov 2018 In West Virginia's 3rd district ASX advances on US midterm results . The Sydney Morning Herald - 07 Nov 2018 Australian shares advanced on Wednesday as the US midterm results were declared and

Major miners closed the session slightly lower on Wednesday following a weaker session for commodities in London on Tuesday. BHP Billiton closed 0.5 per cent lower at $33.39 and South32 shares fell 0.8 per cent to $3.66. Alumina shares slid 2.3 per cent to $2.52.

AMP shares closed 2.2 per cent lower at $2.65. On Wednesday morning, the embattled financial services company's largest shareholder BlackRock Group announced to the market it was ceasing to be a substantial shareholder in the company.

Webjet shares fell 6.6 per cent to $11.93  after resuming trading following a two-day trading halt for a capital raising to help fund the purchase of Dubai-based Destinations of the World. Brokers Morgan and Morgan Stanley both downgraded their price targets for the company too.

Stock watch

Webjet

Morgan Stanley downgraded Webjet following its announcement it had entered into a binding agreement to acquire Dubai headquarter B2b travel business Destinations of the World for $US173 million ($240 million). As part of the announcement, Webjet announced guidance 5 per cent below consensus. The broker said that the returns for Webjet, even with synergies from its acquisition, are likely to be marginal. It said the company was trading at a very full price. "Organic softness, a fully priced acquisition and a single-digit ROIC is not a compelling combination," the broker wrote. "The stock de-rated materially into the deal. We expect the de-rate to linger." Morgan Stanley lowered its target multiples, resulting in a reduced price target of $14.20 but retained its 'equal-weight' rating.

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Stocks in Asia were mainly higher, with the exception of mainland China, after a stateside rally saw the Dow Jones Industrial Average and S&P 500 record their best post- midterm elections rally since 1982. The mainland China markets posted losses for the trading day seeing morning gains.

Latest US midterms 2018 news, comment and analysis from the Guardian, the world's leading liberal voice. North CarolinaAbsentee-ballot fraud scandal speaks to wider issue of racism. The state elections board will not certify results in the ninth congressional race after reports of ‘ballot

What moved the market

Iran oil exports

Iran's oil exports fell sharply ahead of the long-anticipated US sanctions against the country, which came into effect on Monday. Other countries had been decreasing their purchasing from the country as they prepared for the sanction, pushing the Islamic's Republic's oil production from 2.5 million barrels per day in April to an estimated 1.6 million barrels per day in October. While this had caused a spike in oil prices, the news the United States will issue waivers to China, India, South Korea, Turkey, Japan, Taiwan, Italy and Greece has softened oil prices recently. The waivers suggest Iran's oil exports will not fall as far as originally forecast.

Sugar

The price of sugar has lost the strong momentum it had through the past two months, having falling 7.4 per cent since October 24, when prices hit an eight month high. Trading volumes have been lower in the past few days as prices hit a near month-long low and uncertainty remain in the market. "Sugar futures prices fell sharply on Tuesday. The losses were a shade larger than Friday's hefty rises," said Commonwealth Bank's agri commodities analyst Tobin Gorey in a note on Wednesday. "The market's momentum has become still more ambiguous." Brazil, which accounts for 25 per cent of global sugar production, had softer production levels during October.

Facebook pulls controversial Trump anti-immigration ad

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Asian shares advance ahead of US midterm election outcome. TOKYO (AP) — Asian shares were mostly higher Wednesday as investors awaited results from the U . S . midterm Australia's S&P/ ASX 200 edged 0.1 percent higher to 5,881.40. South Korea's Kospi gained 0.5 percent at 2,100.47.

All three US benchmarks ended Thursday's trading session higher. Appen may be widely considered one of the hottest tech stocks on the ASX , but really, its journey to becoming a tech In a sign of rising appetite for US infrastructure since the November US midterm elections, Macquarie Group's

Brazilian real

The Brazilian real had a poor start to the week, falling close two per cent against the US dollar through Monday and Tuesday. Reports from Bloomberg suggest that Brazil President-elect Jair Bolsonaro will pursue austerity measures in order to tackle the country's rising debt, large fiscal deficit and sluggish growth. The first of those reforms is set to centre around pensions. The country's central bank also said on Tuesday that continuing economic reforms were crucial to keeping interest rates low. While the local currency has rebounded from a three year low in September, it is still down 12.1 per cent year-to-date.

NZ labour force

New Zealand's unemployment for the third quarter fell from 4.4 per cent to 3.9 per cent, shocking consensus expectations that the rate would remain flat. Hourly earnings also rose 1.4 per cent for the quarter however this did no translate into a large rise in labour costs. "Today's data suggest that the RBNZ may not wait until 2021 before raising rates," said Capital Economics economist Ben Udy. "But labour market data are more prone to revisions than other data. And we still think that a slowdown in migration will result in weaker GDP growth next year so rate hikes remain a distant prospect."

Lady Gaga applauds women after historic midterm elections.
Lady Gaga was honored by the SAG-AFTRA Foundation Thursday night alongside Harrison Ford, and took a quick moment to react to Tuesday night’s midterm elections. 

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