The ASX 200 (INDEXASX: XJO)(^AXJO) is expected to open lower today, the USA’s S&P 500 Index (.INX) fell by 0.01% on Monday.
Australian Dollar ($A) (AUDUSD): 68.65US cents
Dow Jones (DJI): up 0.14%
Oil (WTI): $US57.98 per barrel
Gold: $US1,500 per ounce
ASX Sharemarket News
In ASX sharemarket news, the Federal Court case for TPG Telecom Ltd (ASX: TPM) to try to merge with Vodafone is expected to start today.
The idea behind the proposed merger is that it would create enormous synergies for both businesses, particularly with the need to only build one 5G network rather than two.
However, the Australian Competition and Consumer Commission blocked the merger initially on grounds that it would lower competition whereas TPG building its own mobile network would increase competition.
After the Huawei equipment ban TPG says it’s not going to make its own network now.
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New Hope Corporation Limited (ASX: NHC) shares have gone into a trading halt this morning.
It requested the trading halt because during the course of trading hours today it’s expected the Queensland Court of Appeal is expected to deliver its judgement against the Supreme Court’s decision to set aside the Queensland Land Court’s recommendation to refuse the applications for mining leases and an amended environmental authority for the New Acland Stage 3 project.
New Hope expects to make another announcement about the matter tomorrow.
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CML Group Ltd (ASX: CGR) has announced it’s going to acquire Classic Funding Group for $11 million which will be funded by a new $25 million facility and also by existing.
The idea is that it will accelerate CML’s strategy to gain market share by expanding its offerings of invoice discounting and equipment finance.
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