Local Markets Commentary

The Australian market commences today’s trade with Japan reporting a nuclear missile fired from North Korea has early this morning passed over northern Japan (Hokkaido), and flown a total 2700km before landing in the Pacific Ocean.

US equities futures have fallen.

Overnight international equities leads are offering no consequential support and commodities leads are mixed.

US gold futures rallied to $US1315/oz. Oil and iron ore swung lower. The LME did not trade, due to a public holiday, but US copper futures continued their latest rise.

The $A has dropped below US79.30c after trading at ~US79.50c early yesterday evening.

Locally today, a weekly consumer sentiment reading is due pre-trade.

Several high-profile stocks trade ex-dividend. Please see p3 for a detailed list.

Regionally, Japan is due to release July employment figures and household spending 9.30am AEST.

Overseas Market Commentary

Mainland European and US equities markets diverged overnight, the NASDAQ notably opening, and remaining, higher than the previous session.

In the UK, the FTSE and London Metals Exchange (LME) did not trade due to a public holiday.

In the US, the costly impact to households, civic infrastructure and industry of Hurricane Harvey, and associated storms and flooding, was still being assessed.

Large energy companies with Texan refinery interests were generally pushed lower, and insurance stocks more so.

Tech and biotech corporate activity supported the NASDAQ.

In US data releases, the national July trade deficit was reported 1.7% higher, at $US65.1B, following forecasts of $US64.1B. Exports fell 1.3% while imports declined 0.3%.

July wholesale inventories were estimated 0.4% higher, following 0.6% for June. Retail inventories slipped 0.2%.

Tonight in the US, house price and consumer confidence indices are due.

In Germany, a summer news conference by chancellor Angela Merkel is likely to attract more attention than usual, due to the upcoming national election.

In overnight corporate news, Apple was reported to be unveiling a new iPhone and perhaps smartwatch at a scheduled 12 September product launch.

Meanwhile, Fitbit uncovered its smartwatch.

Gilead Sciences announced an $US11B purchase of Kite Pharma.