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Before making any investment decision, you should seek the relevant advice.
Market Opener – 28 Sep 2018
Local Markets Commentary
The Australian market opens Friday trade ahead of influential regional and domestic data, and an interim report from Australia’s Financial Services Royal Commission.
In overnight commodities trade, oil turned higher.
US (December) gold futures fell.
Iron ore (62% Fe, China port) settled lower for a third consecutive session.
LME copper, nickel and aluminium dropped in chorus.
The $A fell to ~US72.0c after trading at ~US72.30c early yesterday evening.
Locally today, the financial services royal commission’s interim report will be delivered to the Governor General and tabled in (the national) Parliament. The report is expected to outline policy issues identified from the first four rounds of hearings.
The Reserve Bank of Australia (RBA) reports financial aggregates, including private sector credit, 11.30am AEST.
A swag of additional influential figures is scheduled for release before the RBA’s policy meeting Tuesday next week
Regionally, Caixin is expected to release its China September manufacturing PMI 11.45am AEST, ahead of official National Bureau of Statistics (NBS) manufacturing and services readings over the weekend.
Japan is due to report August industrial production and retail sales 9.50am AEST.
The Bank of Japan releases a summary of opinions from its September policy meeting at the same time.
Japan’s August workforce statistics are also due pre-ASX trade today.
China’s markets will be closed Monday and through next week, due to a national holiday season.
NB: In Australia, public holidays are scheduled for Melbourne and most of Victoria’s local council regions today, and for the ACT, New South Wales, Queensland and South Australia Monday.
Overseas Market Commentary
Major European equities markets settled at or near session highs overnight, but while key US indices trended higher early, they mostly reversed direction in second-half trade.
Among mixed overnight data releases, US June quarter GDP growth was calculated at 4.2%, in a third and final reading, the same as the previous estimate. March quarter GDP grew 2.2%.
August durable goods orders came in 4.5% higher for the month, the highest rate of increase since February, and following a 1.2% July decline. Excluding transport and defence, core orders increased 0.1%.
Wholesale inventories rose 0.8% and retail stocks by 0.7%.
August pending home sales were reported 1.8% lower for the month, against forecasts of a 0.4% decline, and following a 0.8% fall in July.
The Kansas City Fed manufacturing index slipped one point to 13, 10 points lower than the July estimate.
Weekly new unemployment claims rose by ~12,000, attributed mostly to Hurricane Florence impacts.
In the euro zone, a consumer confidence index fell to -2.9, from -1.9 a month ago.
Germany’s initial September CPI growth was estimated at 2.3% year-on-year and 0.4% for the month.
Meanwhile in Italy, the most recent government’s budget targets, in particular relating to European Union (EU) requirements, remained under debate, pushing bond yields higher.
The European Central Bank’s (ECB) economic bulletin revealed expectations of a near-term slowdown in international economic growth, mostly from global trade relationship and tax flux.
Tonight in the US, August personal income and spending, a Chicago PMI and the University of Michigan’s final September consumer sentiment reading are due.
In overnight corporate news, the (US) Securities and Exchange Commission effectively charged Tesla CEO and executive chairman Elon Musk with fraud, alleging ‘false and misleading statements’, in relation to his claim of a pending private Tesla purchase.
Apple and Amazon gained from positive research commentary.
The Australian market opens Friday trade ahead of influential regional and domestic data, and an interim report from Australia’s Financial Services Royal Commission.
In overnight commodities trade, oil turned higher.
US (December) gold futures fell.
Iron ore (62% Fe, China port) settled lower for a third consecutive session.
LME copper, nickel and aluminium dropped in chorus.
The $A fell to ~US72.0c after trading at ~US72.30c early yesterday evening.
Locally today, the financial services royal commission’s interim report will be delivered to the Governor General and tabled in (the national) Parliament. The report is expected to outline policy issues identified from the first four rounds of hearings.
The Reserve Bank of Australia (RBA) reports financial aggregates, including private sector credit, 11.30am AEST.
A swag of additional influential figures is scheduled for release before the RBA’s policy meeting Tuesday next week
Regionally, Caixin is expected to release its China September manufacturing PMI 11.45am AEST, ahead of official National Bureau of Statistics (NBS) manufacturing and services readings over the weekend.
Japan is due to report August industrial production and retail sales 9.50am AEST.
The Bank of Japan releases a summary of opinions from its September policy meeting at the same time.
Japan’s August workforce statistics are also due pre-ASX trade today.
China’s markets will be closed Monday and through next week, due to a national holiday season.
NB: In Australia, public holidays are scheduled for Melbourne and most of Victoria’s local council regions today, and for the ACT, New South Wales, Queensland and South Australia Monday.
Overseas Market Commentary
Major European equities markets settled at or near session highs overnight, but while key US indices trended higher early, they mostly reversed direction in second-half trade.
Among mixed overnight data releases, US June quarter GDP growth was calculated at 4.2%, in a third and final reading, the same as the previous estimate. March quarter GDP grew 2.2%.
August durable goods orders came in 4.5% higher for the month, the highest rate of increase since February, and following a 1.2% July decline. Excluding transport and defence, core orders increased 0.1%.
Wholesale inventories rose 0.8% and retail stocks by 0.7%.
August pending home sales were reported 1.8% lower for the month, against forecasts of a 0.4% decline, and following a 0.8% fall in July.
The Kansas City Fed manufacturing index slipped one point to 13, 10 points lower than the July estimate.
Weekly new unemployment claims rose by ~12,000, attributed mostly to Hurricane Florence impacts.
In the euro zone, a consumer confidence index fell to -2.9, from -1.9 a month ago.
Germany’s initial September CPI growth was estimated at 2.3% year-on-year and 0.4% for the month.
Meanwhile in Italy, the most recent government’s budget targets, in particular relating to European Union (EU) requirements, remained under debate, pushing bond yields higher.
The European Central Bank’s (ECB) economic bulletin revealed expectations of a near-term slowdown in international economic growth, mostly from global trade relationship and tax flux.
Tonight in the US, August personal income and spending, a Chicago PMI and the University of Michigan’s final September consumer sentiment reading are due.
In overnight corporate news, the (US) Securities and Exchange Commission effectively charged Tesla CEO and executive chairman Elon Musk with fraud, alleging ‘false and misleading statements’, in relation to his claim of a pending private Tesla purchase.
Apple and Amazon gained from positive research commentary.