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Market Opener – 27 Aug 2018
Local Markets Commentary
The Australian market opens a new week’s trade on positive international commodities and US equities trade leads, amid a UK Monday public holiday weekend, and hence with the London Metals Exchange closed tonight.
In overnight Friday commodities trade, oil turned and rallied.
Iron ore (China port, 62% Fe) headed higher.
US gold futures also swung to settle sharply higher.
Earlier, LME copper and other base metals had recorded strong gains.
The $A was propelled further, to ~US73.30c, after rising to ~US72.80c early Friday evening.
Regionally today, China is expected to publish July industrial profits 11.30am AEST.
Locally today, a weekly capital city residential property price report is due.
In addition, analyst re-ratings continue during major reporting season.
High-profile stocks trading ex-dividend today include AZJ, CCL, GWA and PRY. Details can be found on pp3-4.
Overseas Market Commentary
US equities markets rallied from the outset overnight Friday, the $US and bond yields both down, and China’s central bank reported to have supported domestic lending with a new $US21.7B medium-term facility.
The S&P 500 attained a new recorded peak settlement and the NASDAQ a record intra-session high, which some commentators warned was a result, of record-contagion trade.
Major European indices chopped and swung again, however, despite key commodities price gains.
US Federal Reserve Jerome Powell underscored his view of a strong US economy at a key annual central bankers’ conference.
He also maintained, that interest rates should increase at a measured pace.
In new data releases, Germany’s final June quarter GDP reading came in at 0.5% growth (seasonally adjusted) for the three months and 2.0% year-on-year.
In the US, July durable goods orders were reported 1.7% lower, following forecasts of a 0.5% fall, and a 0.7% rise in June.
Tonight in the US, the Chicago Fed national activity index is due, together with a regional manufacturing index.
Angang Steel is among companies scheduled to report earnings.
In overnight Friday corporate news, Gap dropped almost 10% on disappointing same-store sales.
Foot Locker fell similarly, following a post-Thursday US trade quarterly report also featuring same-store sales that were considered below-par.
HP Inc suffered 2% on guidance that undershot expectations.
Over the weekend, Tesla’s CEO and chairman Elon Musk revealed his revised view that the company should not go private.
UK markets, including the London Metals Exchange (LME), will not trade later today and tonight due to a public holiday.
The Australian market opens a new week’s trade on positive international commodities and US equities trade leads, amid a UK Monday public holiday weekend, and hence with the London Metals Exchange closed tonight.
In overnight Friday commodities trade, oil turned and rallied.
Iron ore (China port, 62% Fe) headed higher.
US gold futures also swung to settle sharply higher.
Earlier, LME copper and other base metals had recorded strong gains.
The $A was propelled further, to ~US73.30c, after rising to ~US72.80c early Friday evening.
Regionally today, China is expected to publish July industrial profits 11.30am AEST.
Locally today, a weekly capital city residential property price report is due.
In addition, analyst re-ratings continue during major reporting season.
High-profile stocks trading ex-dividend today include AZJ, CCL, GWA and PRY. Details can be found on pp3-4.
Overseas Market Commentary
US equities markets rallied from the outset overnight Friday, the $US and bond yields both down, and China’s central bank reported to have supported domestic lending with a new $US21.7B medium-term facility.
The S&P 500 attained a new recorded peak settlement and the NASDAQ a record intra-session high, which some commentators warned was a result, of record-contagion trade.
Major European indices chopped and swung again, however, despite key commodities price gains.
US Federal Reserve Jerome Powell underscored his view of a strong US economy at a key annual central bankers’ conference.
He also maintained, that interest rates should increase at a measured pace.
In new data releases, Germany’s final June quarter GDP reading came in at 0.5% growth (seasonally adjusted) for the three months and 2.0% year-on-year.
In the US, July durable goods orders were reported 1.7% lower, following forecasts of a 0.5% fall, and a 0.7% rise in June.
Tonight in the US, the Chicago Fed national activity index is due, together with a regional manufacturing index.
Angang Steel is among companies scheduled to report earnings.
In overnight Friday corporate news, Gap dropped almost 10% on disappointing same-store sales.
Foot Locker fell similarly, following a post-Thursday US trade quarterly report also featuring same-store sales that were considered below-par.
HP Inc suffered 2% on guidance that undershot expectations.
Over the weekend, Tesla’s CEO and chairman Elon Musk revealed his revised view that the company should not go private.
UK markets, including the London Metals Exchange (LME), will not trade later today and tonight due to a public holiday.