The Asia-Pacific market is preparing for a mixed open after striking a six-year high on Thursday.
Nikkei 225 futures in Chicago rose 1.5 per cent, after the average rose 1.6 per cent on Thursday (19 June). It’s on track for a fifth weekly gain. (Futures in Osaka were only up 0.1 per cent).
But Sydney’s market is set to retreat after seeing its best session of the year on Thursday, when it rose 1.6 per cent, FTAdviser sister publication FastFT reports.
The MSCI Asia Pacific index added 0.6 per cent on Thursday, a fifth straight gain that pushed it to a six-year high.
Overnight, the US session produced tepid gains with the S&P 500 rising 0.1 per cent. Meantime, gold prices shot up 3.4 per cent on Thursday and added 0.1 per cent in early trading on Friday, placing the precious metal price at a two-month high of $1,321.66 per ounce.
The price of iron ore rose for a third straight day, moving up 0.4 per cent to $90.70 per metric tonne, providing some relief for the sector in Australia.
IG strategist Stan Shamu called the climb in gold and iron prices “very encouraging” for the commodities space down under.
As a result it could be another materials-led rise today.
Among shares to watch, Aussie retailer David Jones will be in focus after the board recommended postponing its June 30 vote on Woolworths’ takeover offer by two weeks, after billionaire Solomon Lew built up a 9.9 per cent stake in the company.
Meantime, Westfield Group and Westfield Retail Trust have requested shares be halted until Tuesday, as WRT shareholders vote on a plan to combine it with WG’s Aussie and New Zealand business.
The economic calendar is quiet (Hong Kong times):
9am: ANZ’s consumer confidence index for New Zealand.
2:30pm: Bank of Japan Governor Kuroda speaks at a Shinkin Banks conference
