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Before making any investment decision, you should seek the relevant advice.
Market Opener – 29 Apr 2019
Local Markets Commentary
The Australian market commences a new week’s trade on the second last trading day of the month with new data in hand from China, China’s markets open this week just today and tomorrow, and Japan’s markets closed for the entire week.
Over the weekend, China reported a 3.3% year-on-year fall in January-through-March industrial profits, following a 14% drop for January-February.
The new result was boosted by a 13.9% year-on-year March jump in profits.
In addition, China’s January-March spend on transport infrastructure was published yesterday as 4.8% higher year-on-year, at 488.9B yuan (~$US72.66B).
Locally today, a weekly capital city residential property price report is due pre-trade.
A plethora of March quarter reports is also anticipated through the next two sessions.
In overnight Friday commodities trade, oil fell.
US gold futures (June) swung higher.
Iron ore (China port, 62% Fe) again rose slightly.
Over the weekend, China’s Oil and Steel Association confirmed over-supply risks, reduced demand and rising raw costs.
LME copper and nickel turned higher. Aluminium continued to fall.
The $A headed past US70.40c after trading at ~US70.35c early Friday evening.
Japan’s markets are scheduled to be closed this week, and Monday next week, due to a series of public holidays.
China’s will close Wednesday and remain closed through week’s end.
Over the weekend, China reported a 3.3% year-on-year fall in January-through-March industrial profits, following a 14% drop for January-February.
The new result was boosted by a 13.9% year-on-year March jump in profits.
In addition, China’s January-March spend on transport infrastructure was published yesterday as 4.8% higher year-on-year, at 488.9B yuan (~$US72.66B).
Locally today, a weekly capital city residential property price report is due pre-trade.
A plethora of March quarter reports is also anticipated through the next two sessions.
In overnight Friday commodities trade, oil fell.
US gold futures (June) swung higher.
Iron ore (China port, 62% Fe) again rose slightly.
Over the weekend, China’s Oil and Steel Association confirmed over-supply risks, reduced demand and rising raw costs.
LME copper and nickel turned higher. Aluminium continued to fall.
The $A headed past US70.40c after trading at ~US70.35c early Friday evening.
Japan’s markets are scheduled to be closed this week, and Monday next week, due to a series of public holidays.
China’s will close Wednesday and remain closed through week’s end.
Overseas Market Commentary
Major European and US equities markets mostly closed at or near session highs overnight Friday, following influential data releases and key earnings reports. The S&P 500 and NASDAQ reached new record settlements.
In overnight Friday data releases, the US reported 3.2% March quarter GDP growth, in the first of three readings. This followed a 2.2% December quarter 2018 GDP and forecasts of 2.3% for the initial March quarter estimate.
The better-than-anticipated increase was boosted by business inventories, trade prices and government spending, but constrained by concerning falls in business and consumer spending.
A University of Michigan final April consumer sentiment reading represented a 1.2-point fall to 97.2.
Tonight in the US, March personal income and spending and a Texas manufacturing index are due.
Elsewhere, Spain’s national election results could also become clearer.
In the meantime, in the US and elsewhere, major stocks continue to report earnings.
Companies scheduled to report earnings later today or tonight include: Alphabet (Google parent), Angang Steel, Baidu, China Construction Bank, China Merchants Bank, CITIC, Everbright Securities, Gazprom, Loews, NXP Semiconductors, PetroChina, Samsung Heavy Industries, Seoul Semiconductor, Spotify, and YUM China Holdings.
In overnight Friday corporate news, Exxon Mobil and Chevron surprised on the downside with select quarterly figures.
Intel dropped almost 10% after late-Thursday reducing full year revenue guidance and disappointing with quarterly sales.
Amazon rose however, after (also late-Thursday) reporting better-than-anticipated quarterly profit.
Ford Motor gained ~10%, also on pleasing quarterly earnings.
Walt Disney benefited from Avengers: Endgame record debut ticket sales.
In overnight Friday data releases, the US reported 3.2% March quarter GDP growth, in the first of three readings. This followed a 2.2% December quarter 2018 GDP and forecasts of 2.3% for the initial March quarter estimate.
The better-than-anticipated increase was boosted by business inventories, trade prices and government spending, but constrained by concerning falls in business and consumer spending.
A University of Michigan final April consumer sentiment reading represented a 1.2-point fall to 97.2.
Tonight in the US, March personal income and spending and a Texas manufacturing index are due.
Elsewhere, Spain’s national election results could also become clearer.
In the meantime, in the US and elsewhere, major stocks continue to report earnings.
Companies scheduled to report earnings later today or tonight include: Alphabet (Google parent), Angang Steel, Baidu, China Construction Bank, China Merchants Bank, CITIC, Everbright Securities, Gazprom, Loews, NXP Semiconductors, PetroChina, Samsung Heavy Industries, Seoul Semiconductor, Spotify, and YUM China Holdings.
In overnight Friday corporate news, Exxon Mobil and Chevron surprised on the downside with select quarterly figures.
Intel dropped almost 10% after late-Thursday reducing full year revenue guidance and disappointing with quarterly sales.
Amazon rose however, after (also late-Thursday) reporting better-than-anticipated quarterly profit.
Ford Motor gained ~10%, also on pleasing quarterly earnings.
Walt Disney benefited from Avengers: Endgame record debut ticket sales.