The jury in the rape trial against NRL player Jack de Belin informed the court that it was unable to reach a verdict. The judge has ordered that they be released
The Australian market got off to a strong start in its first hour before it lost momentum.
Investors first shook off the recent escalation in tensions between Australia and China, namely the imposition of massive tariffs on Australian wine by Beijing.
But the ASX 200 index had fallen since then (-0. 8pc) on 6. 548 points to 14. 8 p.m. AEDT with all early wins undone.
It was an opportune moment to cash out, especially since November was an exceptionally strong month – with the ASX up 10. 4 percent in the past four weeks.
The recent surge was mainly due to the euphoria of the vaccine after pharmaceutical companies Pfizer, Moderna and AstraZeneca released solid COVID-19 vaccine results.
However, over the past week some doubts have surfaced about the effectiveness of AstraZeneca’s vaccine, which is currently undergoing further testing.
While the Shanghai Composite rose sharply (1. 3pc), Japan’s Nikkei (0. 1 piece) and New Zealand’s NZX 50 (0. 4pc) made slight gains, while Hong Kong’s Hang Seng slipped (-0. 2pc).
Wall Street’s benchmark index, the S&P 500, rose (0). 3pc) on Friday at a record high of 3. 638 points to close.
The Dow Jones Industrial Average was slightly higher (0). 1pc), while the tech-heavy Nasdaq Composite posted strong gains (0. 9pc).
The Australian dollar was up (0). 5pc) to 73. 96 US cents, around the highest value in three months.
Spot gold fell (-1. 3 pieces) on 1. $ 789. 20 an ounce while Brent crude (-1 piece) fell to $ 47. 60 a barrel.
As trade and political tensions ease, speculation is stirring up about what is really going on between the two nations – and what is next on a Chinese « hit list » for sanctions. .
This sharp drop in commodity prices weighed on gold and energy stocks, including Whitehaven Coal (-7). 5 pieces), Perseus Mining (-4 pieces), Resolute Mining (-3). 5 pieces) and Regis Resources (-3 pieces).
On the flip side, Bega Cheese (3) were some of the top performers in today’s ASX. 3 pieces), rare earth miner Lynas Corporation (2. 3pc) together with the health company Polynovo (3. 7 pieces) and Fisher & Paykel Healthcare (4 pieces).
Bega Cheese’s share price is up 12 percent in the last two sessions after the company announced it would aggressively expand by acquiring Lion Dairy & Drinks for at least $ 534 million.
Qantas shares fell (-1. 5pc) after the airline announced that it had sold more than 2% as part of a massive cost-cutting plan. Would outsource 000 ground crew roles at 10 airports.
The coronavirus pandemic has caused a collapse in air travel, forcing airlines to lay off large numbers of employees around the world.
Meanwhile, Treasury Wine Estates stocks posted the biggest losses (-8 percentage points) as a result of the recent Chinese wine price in China.
The $ 6. 4 billion wine companies, known for their Penfolds, Wolf Blass and Lindeman brands, said the Chinese market accounted for two-thirds of its sales to Asia and 30 percent of its profits in the past fiscal year.
It was no surprise that TWE expects that the demand for its wine in China will « be extremely limited ». .
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AEST = Australian Eastern Standard Time, 10 hours before GMT (Greenwich Mean Time)
Treasury Wine Estates, China, Australia
World News – UK – ASX falls as investors digest China trade tensions and Australian wine tariffs
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