ASX futures down 35 points amid renewed health and economic fears

By Trevor Hoey. Published at Jul 6, 2020, in Market Wrap

The S&P/ASX 200 (XJO) gained 25 points on Friday to close at 6057 points, topping off a good week with an overall gain of 2.6%.

Friday’s gain, however, was the most moderate of the week, suggesting that Monday is not likely to run on the back of last week’s momentum but more likely be driven by international or domestic developments.

The coronavirus resurgence could well be front and centre today, and there could be some second guessing as to what may stem from tomorrow’s RBA policy meeting.

Looking at possible global drivers, US markets didn’t trade on Friday due to Independence Day, suggesting that our markets will mainly be influenced by the manner in which UK and European markets ended last week.

That being the case, we could be in for a poor start to the week, and the ASX SPI200 index is certainly pointing in that direction, down 35 points to 5999 points this morning.

The only factor that could work in our favour was a relatively robust finish to the week in terms of the gold price and a significant lift in the oil price on a week on week basis.

As a measure of the former, the S&P/ASX All Ordinaries gold index finished the week at 8567 points, less than 2% shy of its 12 month high of 8730 points.

24 hours

Working across the time zones on, the Shanghai Composite was the star performer gaining 2% to close at 3152 points.

The Hang Seng was also relatively strong, gaining 1% or 249 points to close at 25,373 points.

The Nikkei’s close of 22,306 points represented a gain of 0.7%.

It wasn’t long after the open that the FTSE 100 slipped into negative territory, and it was all downhill from there as it shed 1.3% or 83 points to close at 6157 points. Negative commentary regarding a lack of anticipated large tax cuts undermined investor sentiment, and it was mainly the banks that were sold down heavily.

The mood was similar in mainland Europe with the DAX shedding 0.6% or 80 points to close at 12,528 points.

The CAC 40 was hit harder as it came off 0.8% to close at 5007.

It was a stellar week for gold having surpassed the US$1800 per ounce mark, and while there was a retracement to around the US$1770 per ounce mark towards the latter part of the week, it stabilised on Friday finishing at US$1787 per ounce.

The oil price kicked off the week around the US$40 per barrel mark and gradually increased throughout the week to pass US$43 per barrel, before finishing just shy of that mark.

There was little movement in base metals prices.

Iron ore was up 1.2%, taking it just above the US$100 per tonne mark.

The Australian dollar gained ground against the US dollar for most of the week, increasing from about US$0.685 to finish near its week high of US$0.695.

View Our Investment Portfolios

S3 Consortium Pty Ltd (CAR No.433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). The information contained in this article is general information only. Any advice is general advice only. Neither your personal objectives, financial situation nor needs have been taken into consideration. Accordingly you should consider how appropriate the advice (if any) is to those objectives, financial situation and needs, before acting on the advice.

Conflict of Interest Notice

S3 Consortium Pty Ltd does and seeks to do business with companies featured in its articles. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this article. Investors should consider this article as only a single factor in making any investment decision. The publishers of this article also wish to disclose that they may hold this stock in their portfolios and that any decision to purchase this stock should be done so after the purchaser has made their own inquires as to the validity of any information in this article.

Publishers Notice

The information contained in this article is current at the finalised date. The information contained in this article is based on sources reasonably considered to be reliable by S3 Consortium Pty Ltd, and available in the public domain. No “insider information” is ever sourced, disclosed or used by S3 Consortium.

Australian ASX Small Cap stocks | Why is Australia’s leading small cap publication

Founded seven years ago, is Australia’s leading and longest standing website for investor and finance news, education and expert opinion.

Published by StocksDigital, Finfeed was created to report daily on the comings and goings of ASX listed stocks in the small cap market.

As the first digital publication dedicated specifically to this space, Finfeed soon became the most trusted publication in the market, quickly garnering over two million page views – a number that continues to rise. provides its readers with informative articles that tackle the latest in market moving #ASX small cap news, plus exclusive content you won’t find anywhere else. It is aimed at those with an interest in investing, market education, company performance, start-ups and much more. is the only media organisation operating under the strength of a Financial Services License and is backed by leading journalists and analysts all with brands of their own.

The website aims to inform, educate and entertain with content that drills down into the heart of financial matters.

Finfeed is a leading source of investor and market information, with everything investors need to know about how to invest written in a way that anyone can understand. 

Over the years, the website has expanded beyond exclusively reporting on small caps, to profile Australia’s leading ASX listed small, mid and large caps as well as some of the country’s most successful CEOs and business leaders to find out what makes them tick.

Every day you will find fresh content covering:

Fast Facts

Over 4,000 articles published

Over 2.3 Million Page Views and counting

Over 10,000 followers on social media

Subscriber list growing by 2% monthly

Thanks for subscribing!