🧐 ProPicks AI October update is out now! See which stocks made the listPick Stocks with AI

Australian shares expected to open little changed; NZ flat in early trade

Published 03/11/2017, 08:43 am
Updated 03/11/2017, 08:50 am
© Reuters.  Australian shares expected to open little changed; NZ flat in early trade
US500
-
AXJO
-
DX
-
LCO
-
DXY
-
LFST
-

By Aaron Saldanha

Nov 3 (Reuters) - Australian shares are expected to open flat on Friday, tracking stocks on Wall Street after U.S. President Donald Trump named Jerome Powell as the Federal Reserve's new chief and investors assessed the tax cut plan unveiled by Republicans in the House of Representatives.

The bill called for slashing the corporate tax rate to 20 percent from 35 percent but also ending certain tax breaks for companies and individuals.

The dollar index .DXY , a measure of the U.S. dollar's strength against a basket of major currencies, fell to its lowest since Oct. 26 after the proposals were announced. The S&P 500 .SPX ended 0.02 percent higher. .N FRX/

The Australian share price index futures YAPcm1 rose 0.3 percent, or 19 points, to 5,939, a 0.1 percent or 7.3-point premium to the underlying S&P/ASX 200 index's .AXJO close. The local benchmark fell 0.1 percent on Thursday.

In the metals space, iron ore on the Dalian exchange DCIOcv1 in China climbed 2.2 percent to 442 yuan a tonne while on the London Metal Exchange, nickel CMNI3 and zinc CMZN3 retreated from multi-year highs. IRONORE/ MET/L

Brent crude LCOc1 closed up 13 cents, or 0.2 percent, at $60.62 per barrel. The benchmark is up by more than a third from its 2017-lows in June. O/R

Meanwhile, New Zealand's benchmark S&P/NZX 50 index .NZ50 was flat in early trade as gains in consumer staples were negated by losses in utilities.

Homebuilder Fletcher Building FBU.NZ propped the index up the most, trading 0.6 percent higher.

On the other hand, Contact Energy Ltd CEN.NZ fell as much as 0.9 percent and weighed the index down the most.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.