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ASX on different orbit

Market futures were mixed on Monday following a strong finish to the week among key global market indices on Friday.
ASX on different orbit ASX on different orbit ASX on different orbit ASX on different orbit ASX on different orbit

Unsplash/Image: David Menidrey

Staff reporter

Asian indices were near nine-month highs today, Reuters reported, on US-China trade talk optimism and strong Chinese export and bank loan data boosting confidence in the global economy.

However the benchmark S&P/ASX200 was lower at the time of writing.

IG's Kyle Rodda said while the "gravitational centre" of financial markets was Wall Street, its influence would be of varying significance depending on the market in question.

He noted despite Wall Street's bullishness, the Australian index had been set for a flat start and had "recently moved in relation to the S&P500 like Pluto does to the Sun".

The gold price was dented today, below US$1,288 an ounce on the spot market earlier.

Soon-to-be-merged Newmont Mining (NYSE: NEM) and Goldcorp (TSX: G) had both managed slight gains on Friday after receiving all necessary regulatory and shareholder approvals for their transaction. 

Australian gold miner Saracen Mineral Holdings (ASX: SAR) was showing one of the bigger declines among larger capitalised stocks, down 3.6% in afternoon trade.

Still among the gold equities, Lydian International (TSX: LYD) was one of the big risers in Toronto on Friday.

It closed up more than 38% on news an Armenian court had ruled in favour of it regaining access to its under-construction Amulsar gold project.