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02 October 2019 06:51 AM
Overseas Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Dow Jones Industrial Average26,57326,917-344.00-1.280.64
S&P 5002,9402,977-36.00-1.230.47
NASDAQ7,9097,999-91.00-1.13-0.68
FTSE 100 Index7,3607,408-48.00-0.651.08
DAX 3012,2640-164.00-1.322.59
CAC 40 Index5,5985,678-80.00-1.411.90
Nikkei 225 (Japan)21,88521,756129.000.596.14
HKSE26,09225,955137.000.531.43
SSE Composite Index2,9052,932-27.00-0.920.66
S&P/TSX Composite Index16,44816,659-211.00-1.270.03
NZ 5010,96010,997-37.00-0.341.48
US Volatility (Vix)19
Overseas Market Report

US sharemarkets were volatile on Tuesday. Investors responded to weak manufacturing activity data. Reuters reported that shares in McDonald's fell 2.7% on a broker report. Shares of online brokerage E*Trade Financial fell 16.4%, after rival Charles Schwab Corp (down 9.8%) said it would remove commissions for online trading of stocks, ETFs and options listed on US or Canadian exchanges. After being up 129 points in early trade, the Dow was down 347 points in afternoon trade. The Dow Jones closed lower by 344 points or 1.3%. The S&P500 index fell by 1.2% and the Nasdaq lost 91 points or 1.1%. 

Global oil prices fell by around 0.7% on Tuesday. The weak US ISM manufacturing survey raised fears on the global economy and the outlook for oil demand. Also weighing on prices was news from Saudi Aramco that it had restored all oil production and capacity to levels before attacks on its facilities on September 14. The Brent crude price fell by US36 cents or 0.6% to US$58.89 a barrel. And the US Nymex price fell by US45 cents or 0.8% to US$53.62 a barrel. 

Base metal prices were mixed on the London Metal Exchange on Tuesday. Tin, nickel and aluminium rose 1.2-2.0%. Other metals fell by 0.7-3.9% with zinc down the most. 

The gold futures price rose by US$16.10 an ounce or 1.1% to US$1,489 an ounce. The spot gold price was trading near US$1,480 an ounce in late US trade. Iron ore rose by US70 cents or 0.8% to US$93.90 a tonne.

CommoditiesCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Oil Brent58.8959.25-0.36-0.61-2.55
Oil - West Texas crude54.0553.620.430.80-1.91
Gold Spot $/OZ1,479.001,479.00-0.50-0.03-3.32
Silver Spot $/OZ17.3017.200.000.09-6.59
Iron Ore92.1092.80-0.60-0.684.85
Thermal Coal Newcastle67.4070.00-2.60-3.782.51
APAC Hard Coking Coal FOB152.00137.0015.0010.95-2.56
Aluminium ($US/t)1,7221,70221.001.20-0.13
Copper Mar-18 ($US/lb)2.572.560.600.231.32
Lead ($US/t)2,0862,127-41.00-1.923.63
Nickel ($US/t)17,43417,219215.001.25-3.17
Zinc ($US/t)2,3342,428-94.00-3.875.54
Tin ($US/t)16,22815,910318.002.00-0.75
Uranium ($US/lb)25.0026.000.00-0.590.40
Australian Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
ASX All Ords6,8536,80152.000.772.63
S&P/ASX 2006,7436,68855.000.812.48
ASX 24 Futures6,653
Australian Market Report

Tuesday 1 October 2019 - close. The Australian share market has enjoyed its best day in nearly a month following the Reserve Bank's decision to cut the cash rate for a third time this year. The benchmark S&P/ASX200 index on Tuesday finished up 54.5 points, or 0.81 per cent, to 6,742.8 points, while the broader All Ordinaries rose 52.4 points, or 0.77 per cent, to 6,853 points.

Ashanti Headlines

MOD Resources Limited (MOD.ASX, 43cps, m.cap A$146.3m with 340.1m SOI, Cash c$8.2m, Copper Explorer /Developer)

  • MOD Resources’ shareholders have approved the Scheme of Arrangement under which Sandfire Resources will acquire MOD . Over 98% of the votes cast were in favour.
  • Final approval to the acquisition remains subject to conditions including the recommendation of an independent expert that the proposal is in shareholders best interests and the approval of Western Australia’s Supreme Court.
  • The company expects the conclusion of the transaction under which Sandfire will acquire the development-stage T3 copper deposit and other, less advanced, copper exploration properties in the Kalahari Copper Belt of Botswana towards the end of October.

Rolls Royce acquires Siemens' eAircraft Division

  • Rolls-Royce has acquired Siemens' formerly division of electric and hybrid aerial propulsion, known as the eAircraft division. With this move, Rolls-Royce has established a subsidiary in Hungary with more than 100 engineers taken over from Siemens

  • The company emphasized that closing the deal announced in June this year will also be an integral part of Rolls-Royce's strategy of prioritizing the electrification of the aerospace industry and contributing to the achievement of its goals of being a key player in aviation.

  • Siemens's former Hungarian and German business units employ around 180 professionals who develop a full range of fully electric and hybrid solutions for the aerospace industry. 

  • Rolls-Royce is already well-known to the international Siemens team, having previously worked together on the E-FanX demonstration program, which has already taken significant steps towards increased electrification of flight. Rolls-Royce has successfully conducted ground tests on a hybrid propulsion system that can be used on many smaller platforms , including EVTOL (hybrid electric, vertical take-off and landing aircraft), commercial public aircraft and hybrid helicopters. These tests are part of one of the most comprehensive hybrid jet engine development and integration programs in the world, paving the way for 2021 experimental test flights. And as part of the ACCEL initiative, they are also developing a fully electric demonstration aircraft to try to break the world record for electric speed.

  • The agreement is the latest development in Rolls-Royce's series of electrification announcements. At the end of August, the company launched a joint research program on emission-free flight with Scandinavia's largest regional airline, Widerøe. The program is part of the airline's ambition to replace and electrify its old regional fleet by 2030.


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ERA Communications