Australian shares could follow Wall St higher at the start of trade. Citigroup, JP Morgan Chase and Wells Fargo see potential impact of bad loans due to coronavirus coming in at $US28 billion.
The Australian share market has a strong lead from Wall Street, after the Dow Jones added more than 550 points overnight.AUD: 69.74 US cents, 55.54 British pence, 61.16 Euro cents, 74.79 Japanese yen, $NZ1.06Europe: FTSE 100 +0.1pc at 6,179, DAX -0.8pc at 12,697, Euro Stoxx 50 -0.7pc at 3,037
All 30 stocks on the US blue chip index finished higher, led by machinery manufacturing giant Caterpillar and energy companies Chevron and Exxon Mobil .Shares in JP Morgan Chase rose modestly , after it beat estimates with its profit result but tipped a tough economic recovery from the coronavirus pandemic.
The bank saw revenue surge, driven by its trading business as record volumes went through financial markets during the past few months. Combined with Citigroup , the banks set aside $US28 billion to cover potential losses on bad loans due to coronavirus.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
ASX opens strong after volatile week | Sky News AustraliaThe ASX 200 is up 1.4 per cent in early trade, with the banking sector leading the gains.\n\nUS indexes closed strongly on Friday afternoon causing the ASX to rise.\n\nBanking is up about 2.3 per cent.\n
Read more »
ASX jumps on hope for COVID-19 drugAustralian shares jump in early trade, as markets ignore a spike in COVID-19 infections and, instead, focus their hopes on a drug to combat the virus.
Read more »
US urges Huawei ban on eve of UK security meetingPrime Minister Boris Johnson has endured friendly fire from allied countries and fellow Tory MPs ahead of an expected reversal on allowing the Chinese company to roll out Britain's 5G networks.
Read more »
US declaration on South China Sea will provoke 'a strong reaction from Beijing' | Sky News AustraliaSky News US contributor Cameron Stewart says he expects “a strong reaction from Beijing” after US Secretary of State Mike Pompeo formally declared China’s claim to disputed territories in the South China Sea to be illegal. \n\nMr Stewart said the declaration was “a step forward and a harder line from the US”, adding the timing of the statement did not go unnoticed. \n\n“This is part of Donald Trump’s attempt to put pressure on Beijing,” he said. \n\n“Of course tensions between the two are very high at the moment. \n\n“But this is a real statement from the US, and I think you’ll find in the next couple of hours we’ll have a strong reaction from Beijing.” \n
Read more »
'Cruel hoax': Harvey Weinstein's accusers urge US judge to reject 'one-sided' settlement offerA group of women who say Harvey Weinstein sexually abused them have called a proposed settlement unfair, one-sided and a 'cruel hoax'.
Read more »
21 injured in explosion and fire on ship at US naval baseIt's not yet known where the blast and fire occurred on the 255-metre amphibious assault vessel USS Bonhomme Richard, which was docked at its home port in San Diego.
Read more »