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Market Opener – 07 Mar 2018
Local Markets Commentary
The Australian market commences mid-week trade ahead of influential domestic data as several large-cap stocks trade ex-dividend.
A press conference convened this morning AEDST by the US president with Sweden’s PM will also be thoroughly parsed for anything new regarding positions on trade tariffs, European Union relationships and possible new diplomatic engagement with North Korea.
Locally today, December quarter GDP is due 11.30am AEDST.
Pre-trade, a construction sector activity index was reported at 56.0, representing a 1.7-point rise for the month. Residential building activity notably rose 9.8 points to 61.8.
Companies trading ex-dividend today include BKL, BXB, MND, QAN and TWE. Please see p3 for detailed information.
Earlier today, Reserve Bank of Australia (RBA) governor Philip Lowe told a business summit that the bank expects inflation to rise gradually, to a medium-term 2% - 3% average, and that the national economy is trending in the right direction, in part supported by growing non-mining business investment.
Dr Lowe predicted Australia’s next interest rate move would be up.
In mixed overnight commodities trade, US gold futures swung decisively higher. WTI crude settled virtually flat, and Brent modestly higher.
Iron ore (China port, 62% Fe) extended its latest run of declines.
LME copper and nickel rallied.
The $A reached ~US78.20c after being pushed beyond US77.70c early yesterday evening.
Overseas Market Commentary
Choppy trade featured across most major European and US equities markets as commentary and speculation abounded on proposed US aluminium and steel import tariffs.
Reports also emerged that the leaders of North and South Korea may meet late-April to discuss regional security and nuclear weapons holdings.
In data releases, a euro zone retail PMI was calculated at 52.3 following 50.8 in January.
US January factory orders dropped 1.4%, following a 1.8% rise in December, but the fall and its approximate magnitude were well anticipated.
Tonight in the US, January trade figures, consumer credit, the Federal Reserve’s region-by-region economic update ‘beige book report’, December quarter productivity and a private sector February employment report are due.
China’s Auto home and Rolls-Royce are due to report earnings today and tonight.
In overnight corporate news, William Hill confirmed it had decided to sell its Australian operations to CrownBet Holdings for $A313.7M.
US retailer Target Corp reported $US22.8B December quarter revenue, a little above expectations, but profit and forecasts disappointed, with the stock suffering an ~4% fall.
Fellow retailer Nordstrom appreciated after revealing it had knocked back the founding family’s offer to privatise the company.
The Australian market commences mid-week trade ahead of influential domestic data as several large-cap stocks trade ex-dividend.
A press conference convened this morning AEDST by the US president with Sweden’s PM will also be thoroughly parsed for anything new regarding positions on trade tariffs, European Union relationships and possible new diplomatic engagement with North Korea.
Locally today, December quarter GDP is due 11.30am AEDST.
Pre-trade, a construction sector activity index was reported at 56.0, representing a 1.7-point rise for the month. Residential building activity notably rose 9.8 points to 61.8.
Companies trading ex-dividend today include BKL, BXB, MND, QAN and TWE. Please see p3 for detailed information.
Earlier today, Reserve Bank of Australia (RBA) governor Philip Lowe told a business summit that the bank expects inflation to rise gradually, to a medium-term 2% - 3% average, and that the national economy is trending in the right direction, in part supported by growing non-mining business investment.
Dr Lowe predicted Australia’s next interest rate move would be up.
In mixed overnight commodities trade, US gold futures swung decisively higher. WTI crude settled virtually flat, and Brent modestly higher.
Iron ore (China port, 62% Fe) extended its latest run of declines.
LME copper and nickel rallied.
The $A reached ~US78.20c after being pushed beyond US77.70c early yesterday evening.
Overseas Market Commentary
Choppy trade featured across most major European and US equities markets as commentary and speculation abounded on proposed US aluminium and steel import tariffs.
Reports also emerged that the leaders of North and South Korea may meet late-April to discuss regional security and nuclear weapons holdings.
In data releases, a euro zone retail PMI was calculated at 52.3 following 50.8 in January.
US January factory orders dropped 1.4%, following a 1.8% rise in December, but the fall and its approximate magnitude were well anticipated.
Tonight in the US, January trade figures, consumer credit, the Federal Reserve’s region-by-region economic update ‘beige book report’, December quarter productivity and a private sector February employment report are due.
China’s Auto home and Rolls-Royce are due to report earnings today and tonight.
In overnight corporate news, William Hill confirmed it had decided to sell its Australian operations to CrownBet Holdings for $A313.7M.
US retailer Target Corp reported $US22.8B December quarter revenue, a little above expectations, but profit and forecasts disappointed, with the stock suffering an ~4% fall.
Fellow retailer Nordstrom appreciated after revealing it had knocked back the founding family’s offer to privatise the company.