The S&P/ASX 200 (Index: ^AXJO)(ASX: XJO) is expected to jump higher on Monday, with shares of Westpac Banking Corp (ASX: WBC) and Fairfax Media Limited (ASX: FXJ) in focus.
Here's a quick recap of global markets:
- FTSE 100 (UK): up 0.7%
- DAX (Germany): up 0.6%
- CAC 40 (France): up 1.1%
- Dow Jones (USA): up 0.3%
- NASDAQ (USA): up 0.4%
In London, shares jumped ahead of the weekend's French elections and were buoyed by oil prices. FTSE-listed shares of BHP Billiton Limited (ASX: BHP) and Rio Tinto Limited (ASX: RIO) shares ended 2.1% and 1.2% higher, respectively.
Notably, on Sunday, Emmanuel Macron won the French elections to become President. Macron is a pro-Euro leader and is expected to welcomed by financial markets.
In the US, markets ended mostly higher with the energy and materials sectors bouncing back from earlier selloffs.
Closer to home, the ASX 200 is expected to open firmly higher.
Shares in focus will include Westpac Banking Corp. This morning, the banking giant reported a 6% increase in cash profit and an unchanged dividend of 94 cents per share, fully franked.
Fairfax Media Limited shares are also in focus today. Following a knocked back proposal from the NZ competition watchdog to divest and merge its Kiwi businesses, and then a poor trading update, Fairfax announced it would axe a big chunk of its editorial staff. As a result, last week, its staff went on strike.
However, Fairfax announced this morning that private equity firm TPG Capital is a considering a 95 cents per share takeover offer for its Domain and three major newspapers.
In other news, computer networks security business, Bulletproof Group Ltd (ASX: BPF), released an updated profit guidance. The group now expects revenue growth of 3% for its full financial year, with an underlying loss of $1.5 million — both figures are below prior expectations.
Finally, analysts at UBS downgraded Macquarie Group Ltd (ASX: MQG) shares to 'neutral' from 'buy' with a $91 price target, while Bell Potter analysts raised their National Australia Bank Ltd. (ASX: NAB) share price target 1.4% to $35.50, according to Dow Jones Newswires.
