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Market Opener – 23 Nov 2017
Local Markets Commentary
The Australian market commences today’s trade with overnight gains for key commodities and lagging international equities sentiment, amid a plethora of updates from large-cap stocks hosting AGMs.
In overnight commodities trade, oil and US gold futures continued decidedly higher. Iron ore (China port, 62% Fe) turned and rose sharply. LME copper extended this week’s gains and aluminium swung higher.
The $A surpassed US76.15c after trading at ~US75.70c early yesterday evening.
Locally today, another spate of high-profile stocks holds AGMs. IPL is among companies trading ex-dividend. Please see pp3-4 for detailed lists.
Meanwhile, Amazon is expected to initiate a partial online Australian launch.
Overseas Market Commentary
Major European and US equities markets struggled for traction overnight, Germany’s DAX dropping notably in late trade.
Sentiment was pushed and pulled by a new budget, reduced growth forecasts and European Union separation uncertainty for the UK, ongoing negotiations to determine a workable coalition government in Germany, US Federal Reserve considerations, and further mixed earnings reports and data. All this also ahead of the US Thanksgiving holiday, shortened US Friday trade and the traditional weekend of heavy retail activity.
Post-Tuesday US trade, Federal Reserve chair Janet Yellen confirmed her view that soft inflation may not be temporary as in confined to a two-year time frame.
In the US overnight, the Federal Reserve’s November policy meeting minutes revealed majority support for a ‘near term’ rate rise amid inflation risk misgivings, and some also for equity valuations.
October durable goods orders fell 1.2% following a 2.2% rise in September, impacted by volatile transportation equipment activity.
Weekly new unemployment claims fell by 13,000 to 239,000.
The University of Michigan’s November consumer sentiment estimate declined to 98.5, from 101.1.
Delivering a new budget, the UK government cut forecast 2017 GDP growth from 2% to 1.5%, and predicted 1.4%, 1.3% and 1.6% for 2018 through 2020, from respective 1.6%, 1.7% and 1.9% previous forecasts.
The British pound immediately dropped but was soon supported again.
Meanwhile, on returning to Lebanon, the Lebanese PM reversed his two weeks-old decision to resign, something never accepted by the president.
US markets will be closed tonight, due to Thanksgiving.In the euro zone, European Central Bank (ECB) policy meeting minutes will be published and initial November PMIs.
A final September quarter GDP reading for the UK is also due.
Air Asia X and Domino’s Pizza are among companies scheduled to report earnings and/or provide trading updates.
US markets will open as usual tomorrow night (Friday), but close early (1pm ET).
The Australian market commences today’s trade with overnight gains for key commodities and lagging international equities sentiment, amid a plethora of updates from large-cap stocks hosting AGMs.
In overnight commodities trade, oil and US gold futures continued decidedly higher. Iron ore (China port, 62% Fe) turned and rose sharply. LME copper extended this week’s gains and aluminium swung higher.
The $A surpassed US76.15c after trading at ~US75.70c early yesterday evening.
Locally today, another spate of high-profile stocks holds AGMs. IPL is among companies trading ex-dividend. Please see pp3-4 for detailed lists.
Meanwhile, Amazon is expected to initiate a partial online Australian launch.
Overseas Market Commentary
Major European and US equities markets struggled for traction overnight, Germany’s DAX dropping notably in late trade.
Sentiment was pushed and pulled by a new budget, reduced growth forecasts and European Union separation uncertainty for the UK, ongoing negotiations to determine a workable coalition government in Germany, US Federal Reserve considerations, and further mixed earnings reports and data. All this also ahead of the US Thanksgiving holiday, shortened US Friday trade and the traditional weekend of heavy retail activity.
Post-Tuesday US trade, Federal Reserve chair Janet Yellen confirmed her view that soft inflation may not be temporary as in confined to a two-year time frame.
In the US overnight, the Federal Reserve’s November policy meeting minutes revealed majority support for a ‘near term’ rate rise amid inflation risk misgivings, and some also for equity valuations.
October durable goods orders fell 1.2% following a 2.2% rise in September, impacted by volatile transportation equipment activity.
Weekly new unemployment claims fell by 13,000 to 239,000.
The University of Michigan’s November consumer sentiment estimate declined to 98.5, from 101.1.
Delivering a new budget, the UK government cut forecast 2017 GDP growth from 2% to 1.5%, and predicted 1.4%, 1.3% and 1.6% for 2018 through 2020, from respective 1.6%, 1.7% and 1.9% previous forecasts.
The British pound immediately dropped but was soon supported again.
Meanwhile, on returning to Lebanon, the Lebanese PM reversed his two weeks-old decision to resign, something never accepted by the president.
US markets will be closed tonight, due to Thanksgiving.In the euro zone, European Central Bank (ECB) policy meeting minutes will be published and initial November PMIs.
A final September quarter GDP reading for the UK is also due.
Air Asia X and Domino’s Pizza are among companies scheduled to report earnings and/or provide trading updates.
US markets will open as usual tomorrow night (Friday), but close early (1pm ET).