After Friday’s losses the Australian share market looks set to open higher this morning. Global bonds stabilised after US government bond yields hit their highest level in a year and causing a selloff in stocks. On Saturday, President Biden scored his first legislative win as the House of Representatives passed his $1.9 trillion coronavirus relief package. US consumer spending increased by the most in seven months in January.
Local economic news
The week kicks off today with the release of the CoreLogic home value index and the Melbourne Institute inflation gauge issued for February. Also today the Business Indicators publication from the Australian Bureau of Statistics (ABS) is scheduled. On Tuesday, a current account surplus of $13 billion is expected in the December quarter when the ABS Balance of Payments report is issued. Building approvals and quarterly government financial statistics round-out a busy day of economic data releases. On Wednesday, the ABS issues the National Accounts for the December quarter. Also on Wednesday, the AiGroup construction activity gauge, and the ABS weekly payroll jobs and wages data are all scheduled. On Thursday, the ABS releases the final, detailed retail and international trade estimates for January. On Friday, the AiGroup issues the Performance of Services index for February.
Markets
The Coeur D’alene Casino Resort Hotel is situated in Worley, Idaho. Its architecture is beautiful. The hotel has around 300 rooms with different types of suites and standard rooms. There is also the Spa Tower, a space reserved for the care and well being, and Lodges that can be booked. Bingo and off track betting stations. Coeur d'Alene Casino is located in Worley, Idaho. In 1992 the Coeur d'Alene people began the process of negotiating with the State of Idaho, inaugurating a Bingo hall in 1993. The 20,000 square-feet property’s initial cost was $2.7 million. The project was managed by Chief Executive Officer Dave Matheson.
Wall Street closed mixed on Friday: The Dow Jones Industrial Average lost 1.5 per cent to close at 30,932, the S&P 500 fell 0.5 per cent to close at 3811 and the NASDAQ closed 0.6 per cent higher at 13,192.European markets closed lower on Friday: London’s FTSE lost 2.5 per cent, Paris fell 1.4 per cent and Frankfurt closed 0.7 per cent lower.
Asian markets closed lower on Friday: Tokyo’s Nikkei lost almost 4 per cent, Hong Kong’s Hang Seng fell 3.6 per cent and China’s Shanghai Composite closed 2.1 per cent lower.
Back home, the SPI futures are pointing to 0.4 per cent gain. On Friday, the Australian share market closed 2.4 per cent lower at 6673.
Company news
SkyCity Entertainment Group (ASX:SKC) closed its Auckland casino and entertainment facilities and implementing physical distancing and hygiene requirements at its Hamilton and Queenstown properties over the weekend. These measures were in response to the announcement by the New Zealand Government to increase to Alert Level 3 in Auckland and to Alert Level 2 for the rest of the country for a period of seven days. Someone in the Auckland area tested positive to Covid-19. SkyCity Adelaide remains open with physical distancing and hygiene requirements already in place. Shares in Skycity Entertaintment (ASX:SKC)
closed 0.35 per cent lower at $2.82 on Friday.Ex-Dividends
Australian Finance Group Ltd (ASX:AFG) is paying 5.9 cents fully franked
Altium Limited (ASX:ALU) is paying 19 cents unfranked
Appen Limited (ASX:APX) is paying 5.5 cents 50 per cent franked
Aurizon Holdings Ltd (ASX:AZJ) is paying 14.4 cents 70 per cent franked
Bega Cheese Ltd (ASX:BGA) is paying 5 cents fully franked
Bingo Industries Ltd (ASX:BIN) is paying 1.5 cents fully franked
Credit Corp Group (ASX:CCP) is paying 36 cents fully franked
Clime Investment (ASX:CIW) is paying 1 cents fully franked
Evolution Mining Ltd (ASX:EVN) is paying 7 cents fully franked
Fortescue Metals Grp (ASX:FMG) is paying 147 cents fully franked
Heartland Group (ASX:HGH) is paying 3.7164 cents 70.67 per cent franked
Integral Diagnostics
(ASX:IDX) is paying 5.5 cents fully frankedL1 Long Short Fund (ASX:LSF) is paying 1.5 cents fully franked
McGrath Ltd (ASX:MEA) is paying 0.5 cents fully franked
NB Global Corporate Income Trust (ASX:NBI)
is paying 0.6963 cents unfrankedSteadfast Group Ltd (ASX:SDF) is paying 4.4 cents fully franked
Coeur D'alene Casino Bingo Schedule
VGI Partners Limited (ASX:VGI) is paying 28 cents fully frankedWorley Limited (ASX:WOR) is paying 25 cents unfranked
Currencies
One Australian Dollar at 8:00 AM was buying 77.11 US cents, 55.42 Pence Sterling, 82.26 Yen and 63.91 Euro cents.
Commodities
Iron Ore has gained 0.9 per cent to US$175.78.
Iron Ore futures suggest a 1.3 per cent gain.
Gold was down $46.06 to US$1729 an ounce.
Silver has lost $1.25 to US$26.44 an ounce.
Oil was down $2.03 to US$61.50 a barrel.
The Coeur d’Alene Casino is set to reopen May 1, according to the Coeur d’Alene Tribal Council.
But that won’t happen without strict safety measures, including a requirement for everyone to wear masks, increased distance between seating at restaurants, lounges and games, plexiglass barriers in some locations and enhanced cleaning.
All concerts and large events have been rescheduled, according to the tribal council. The Spa Ssakwa’q’n, the High Mountain Buffet, bingo and horse races will remain closed initially.
The Coeur d’Alene Casino Resort Hotel will reopen in a limited capacity on Monday.
“Our guests and our employees are like family to us, so this time has been difficult for everyone. We are excited to open our doors after such a lengthy, but necessary closure,” casino CEO Laura Stensgar said in a statement.
The casino closed on March 20, five days before Idaho Gov. Brad Little announced his statewide stay-home order, which is set to expire April 30.
Little outlined a phased plan Thursday to begin reopening Idaho during the course of eight weeks as long as the state’s downward trend of infections continues. Restaurant dining rooms, gyms and hair salons won’t open until mid-May under that plan.
“We made the difficult decision to enact an early stay-home order and shut down the casino, which is an essential tribal operation that keeps many of our other vital programs running,” Ernie Stensgar, chairman of the Coeur d’Alene Tribe, said in a statement. “Our swift and deliberate actions worked to keep our community safe. The curve has flattened in our region.”
Casino employees did not lose their jobs, wages or benefits during the closure, according to the tribal council.
At the point the casino closed, Kootenai County had reported three cases, according to the Panhandle Health District. It had 59 on Thursday, an increase of 10 from last week.
The reservation itself, along with Benewah County, where the tribe is headquartered in Plummer, have no confirmed cases.
The Tribal Council also announced it plans to reopen the rest of the reservation in phases.
“Based on local trends and the consistently low number of confirmed cases in the region, we believe we can safely start to reopen the reservation,” Stensgar said. “Protecting lives and protecting livelihoods don’t have to be mutually exclusive. We have a plan that we believe can do both and frankly, it is time to take action.”
The tribal council appointed a task force to formulate that plan in line with federal guidelines for social distancing and sanitation.
The Spokane Tribe of Indians went into a partial shutdown – including the closure of the Spokane Tribe Casino in Airway Heights – in mid-March and could reopen May 4, in line with Washington Gov. Jay Inslee’s planned stay-home order expiration.
The Kalispel Tribe of Indians shut down much of its reservation on March 16 after a visitor to the Northern Quest Resort & Casino in Airway Heights tested positive for COVID-19. Officials have not announced any plans to reopen.
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