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Market Opener – 23 Jul 2018
Local Markets Commentary
The Australian market opens a new week’s trade on positive key commodities leads, ahead of a significant week in the northern hemisphere corporate reporting season and a busy week for local quarterly reports and major reporting season guidance.
In overnight Friday commodities trade, both Brent and WTI crude gained.
US gold futures turned higher.
Iron ore (China port, 62% Fe) settled slightly lower.
LME copper, nickel and aluminium swung higher.
The $A was propelled to ~US74.25c after surpassing US73.60c early Friday evening, and has appreciated further this morning.
Locally today, a weekly capital city residential property price report is due pre-trade. A leading economic index report is expected this afternoon.
Over the weekend, G20 finance ministers and central bankers concluded global economic growth was at risk from broad geopolitical issues and agitated trade relations.
Overseas Market Commentary
Choppy trade featured across major European and US equities markets overnight Fridayamid ongoing international relationship flux and ahead of a major week for earnings reporting season and hence risk sentiment.
Earlier, the US president said he was prepared to place tariffs on all imports from China, alleged China and the European Union were manipulating currencies and further criticised the Federal Reserve’s view that interest rate rises were appropriate.
Friday morning, the People’s Bank of China was reported to have moved the yuan 0.9% lower against the $US.
Among new data releases, Germany’s June producer prices rose 0.3% for the month and 3.0% year-on-year, in line with forecasts.
In the UK, June public sector borrowing came in at £5.4B against £6.2B a year earlier. For the year to date, borrowing was reported at £16.8B, £5.4B less than for January – June 2017.
Tonight in the US, June existing home sales and the Chicago Fed national activity index are due.
Companies due to report earnings or provide an update include Alphabet, Halliburton, Hasbro, Philips Electronics, POSCO, Ryanair, Sthree and Whirlpool.
In overnight Friday corporate news, Microsoft appreciated more than 1.5% however, trading at record highs, following earnings support from the company’s cloud business.
General Electric fell more than 4.4% after reporting for the June quarter, the group’s power division seeming to particular deliver concern.
Schlumberger’s $US8.3B revenue failed to impress and the stock was pushed 1% lower.
The Australian market opens a new week’s trade on positive key commodities leads, ahead of a significant week in the northern hemisphere corporate reporting season and a busy week for local quarterly reports and major reporting season guidance.
In overnight Friday commodities trade, both Brent and WTI crude gained.
US gold futures turned higher.
Iron ore (China port, 62% Fe) settled slightly lower.
LME copper, nickel and aluminium swung higher.
The $A was propelled to ~US74.25c after surpassing US73.60c early Friday evening, and has appreciated further this morning.
Locally today, a weekly capital city residential property price report is due pre-trade. A leading economic index report is expected this afternoon.
Over the weekend, G20 finance ministers and central bankers concluded global economic growth was at risk from broad geopolitical issues and agitated trade relations.
Overseas Market Commentary
Choppy trade featured across major European and US equities markets overnight Fridayamid ongoing international relationship flux and ahead of a major week for earnings reporting season and hence risk sentiment.
Earlier, the US president said he was prepared to place tariffs on all imports from China, alleged China and the European Union were manipulating currencies and further criticised the Federal Reserve’s view that interest rate rises were appropriate.
Friday morning, the People’s Bank of China was reported to have moved the yuan 0.9% lower against the $US.
Among new data releases, Germany’s June producer prices rose 0.3% for the month and 3.0% year-on-year, in line with forecasts.
In the UK, June public sector borrowing came in at £5.4B against £6.2B a year earlier. For the year to date, borrowing was reported at £16.8B, £5.4B less than for January – June 2017.
Tonight in the US, June existing home sales and the Chicago Fed national activity index are due.
Companies due to report earnings or provide an update include Alphabet, Halliburton, Hasbro, Philips Electronics, POSCO, Ryanair, Sthree and Whirlpool.
In overnight Friday corporate news, Microsoft appreciated more than 1.5% however, trading at record highs, following earnings support from the company’s cloud business.
General Electric fell more than 4.4% after reporting for the June quarter, the group’s power division seeming to particular deliver concern.
Schlumberger’s $US8.3B revenue failed to impress and the stock was pushed 1% lower.