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 Tuesday.
Australian Dollar ($A) (AUDUSD): 68.00US cents
Dow Jones (DJI): down 0.53%
Oil (WTI): $US56.88 per barrel
Gold: $US1,531 per ounce
ASX Sharemarket News
In ASX sharemarket news, Fonterra Shareholders’ Fund (ASX: FSF) has announced that it has reduced its debt by $1 billion.
It said that the agreed sale of its 50% share of DFE Pharma for NZ$633 million and the cash from other proceeds throughout the year, which includes a significant contribution from Tip Top, gives over $1 billion for debt reduction.
Fonterra CEO Miles Hurrell said: “We set ourselves a tough initial target for debt reduction and we are pleased with the progress we are making. It’s an important milestone in our Co-op’s plan to lift our business performance.”
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Many global facing ASX shares will be on watch this morning after a number of developments in international news. US President Donald Trump faces impeachment inquiries and he also criticised China further.
So I wouldn’t be surprised to see investors react more heavily with shares like Blackmores Limited (ASX: BKL) which are more dependent on international sales compared to others.
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Investors could react today to the news that global investment bank UBS has decided to take up a substantial holding position in infant formula company A2 Milk Company Ltd (ASX: A2M).
On 20 September 2019 the Swiss headquarted business had a 5.1% holding of the dairy business. With the amount of trading of A2 Milk shares that the investment bank does, it could fall under the 5% by next week, but I think it’s interesting when institutions becomes a large holder (even if it’s on behalf of other investors).
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