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Market Opener – 14 Sep 2017
Local Markets Commentary
The Australian market opens today’s trade ahead of a batch of influential regional economic indicators, on lacklustre international equities leads and mostly lower key commodities prices.
China’s August industrial production, retail sales and fixed asset investment figures are expected midday AEST.
Japan is due to report (final) July industrial production 2.30pm.
Meanwhile, the heads of the central banks of China, Japan and South Korea are meeting in Seoul.
In overnight commodities trade, US gold futures settled lower for a third consecutive session. Oil rallied. LME copper continued to fall. Iron ore reportedly gained a little.
The $A slipped well below US80.0c after being pushed beyond US80.35c early yesterday evening.
Locally today, the Australian Bureau of Statistics (ABS) releases its August employment report 11.30am AEST.
The Melbourne Institute also publishes a monthly inflation expectations report, and the Australian Chamber of Commerce & Industry and Westpac their quarterly business survey, highlighting the manufacturing sector.
In addition, a plethora of stocks trades ex-dividend, including BRG, FLT, S32, SEK and VRT. Please see pp3-4 for a detailed list.
Overseas Market Commentary
Early falls for major European and US equities markets were mostly negated, except again for the FTSE 100.
In a yearly State of the Union address, European Commission president Jean-Claude Juncker claimed the UK would rue its decision to separate from the European Union.
The euro zone in the meantime reported 3.2% annual growth in July industrial output following 2.8% for June and forecasts for a 3.4% rise.
In Germany, August year-on-year CPI growth was confirmed at 1.8%.
Among UK economic indicator updates, July quarter average weekly earnings remained at 2.1% annual higher and July unemployment claims fell 2.8%.
Overnight US data releases included a $US108B August trade deficit, 9.9% increase in weekly mortgage applications and 0.2% higher producer prices.
The PPI reading followed a 0.1% pull back in July, and was mainly credited to higher petrol prices, these having drawn forecasts of a 0.3% rise. The core (excluding the energy and food sectors) reading was calculated 0.2% higher for the month.
Tonight’s US August CPI reading is expected to come in at 0.4%. Weekly new unemployment claims are also due.
Elsewhere, the Bank of England holds a policy meeting.
The overnight rate is expected to remain at 0.25%, but post-meeting comments are keenly anticipated in terms of the inflation outlook and the impacts of UK negotiations to leave the European Union.
Also in the UK, WM Morrison (Morrisons supermarket chain) reports earnings.
In overnight corporate news, major department store Nordstrom was reported to be near to finalising a favourable agreed sale, and appreciated 6%.
The Australian market opens today’s trade ahead of a batch of influential regional economic indicators, on lacklustre international equities leads and mostly lower key commodities prices.
China’s August industrial production, retail sales and fixed asset investment figures are expected midday AEST.
Japan is due to report (final) July industrial production 2.30pm.
Meanwhile, the heads of the central banks of China, Japan and South Korea are meeting in Seoul.
In overnight commodities trade, US gold futures settled lower for a third consecutive session. Oil rallied. LME copper continued to fall. Iron ore reportedly gained a little.
The $A slipped well below US80.0c after being pushed beyond US80.35c early yesterday evening.
Locally today, the Australian Bureau of Statistics (ABS) releases its August employment report 11.30am AEST.
The Melbourne Institute also publishes a monthly inflation expectations report, and the Australian Chamber of Commerce & Industry and Westpac their quarterly business survey, highlighting the manufacturing sector.
In addition, a plethora of stocks trades ex-dividend, including BRG, FLT, S32, SEK and VRT. Please see pp3-4 for a detailed list.
Overseas Market Commentary
Early falls for major European and US equities markets were mostly negated, except again for the FTSE 100.
In a yearly State of the Union address, European Commission president Jean-Claude Juncker claimed the UK would rue its decision to separate from the European Union.
The euro zone in the meantime reported 3.2% annual growth in July industrial output following 2.8% for June and forecasts for a 3.4% rise.
In Germany, August year-on-year CPI growth was confirmed at 1.8%.
Among UK economic indicator updates, July quarter average weekly earnings remained at 2.1% annual higher and July unemployment claims fell 2.8%.
Overnight US data releases included a $US108B August trade deficit, 9.9% increase in weekly mortgage applications and 0.2% higher producer prices.
The PPI reading followed a 0.1% pull back in July, and was mainly credited to higher petrol prices, these having drawn forecasts of a 0.3% rise. The core (excluding the energy and food sectors) reading was calculated 0.2% higher for the month.
Tonight’s US August CPI reading is expected to come in at 0.4%. Weekly new unemployment claims are also due.
Elsewhere, the Bank of England holds a policy meeting.
The overnight rate is expected to remain at 0.25%, but post-meeting comments are keenly anticipated in terms of the inflation outlook and the impacts of UK negotiations to leave the European Union.
Also in the UK, WM Morrison (Morrisons supermarket chain) reports earnings.
In overnight corporate news, major department store Nordstrom was reported to be near to finalising a favourable agreed sale, and appreciated 6%.