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Market Opener – 26 Sep 2017
Local Markets Commentary
Overnight international trade offers mixed support as the Australian market commences today’s trade.
Major equities markets settled lower on a mix of influences, including ‘war’ talk from North Korea.
In commodities trade, US gold futures and oil rallied. Iron ore (China port, 62% Fe) continued to fall. LME copper slightly extended Friday’s decline. Nickel swung higher and rallied.
The $A was pushed below US79.40c after trading beyond ~US79.60c early evening.
Locally pre-trade, a weekly consumer sentiment reading is due.
Regionally, New Zealand has this morning reported a $NZ1.23B August trade deficit against expectations of a $NZ520M deficit.
Overseas Market Commentary
Major European and US equities markets mostly traded lower early overnight, on separate reactions to domestic scenarios, including a UK credit downgrade, Germany’s national election, an associated euro fall against the $US, reduced Apple sentiment and corporate deals.
My mid-late morning US eastern time, however, North Korea’s foreign minister Ri Yong Ho was being reported as having described US presidential comments as the US having ‘declared war on our country’ and claiming the right to attack US military craft ‘even when they are not yet inside the airspace of our country’.
In new economic and finance reports, IFO’s monthly business survey for Germany revealed slips for key components including climate, conditions and expectations.
Meanwhile, a Bank of England’s financial policy statement called for banks to hold more capital.
In the US, a Texas region manufacturing index surprised some, rising 4.3 points to 21.3.
Earlier, Japan’s PM Shinzo Abe had called a national parliamentary election for October, a year earlier than the deadline.
Tonight in the US, Federal Reserve chair Janet Yellen is guest speaker at a business and economics event.
Among data releases, new home sales, house prices, a preliminary services PMI estimate and consumer confidence index are also due.
In corporate news, Deloitte confirmed a cyber attack, compromising some client plans and details.
Overnight international trade offers mixed support as the Australian market commences today’s trade.
Major equities markets settled lower on a mix of influences, including ‘war’ talk from North Korea.
In commodities trade, US gold futures and oil rallied. Iron ore (China port, 62% Fe) continued to fall. LME copper slightly extended Friday’s decline. Nickel swung higher and rallied.
The $A was pushed below US79.40c after trading beyond ~US79.60c early evening.
Locally pre-trade, a weekly consumer sentiment reading is due.
Regionally, New Zealand has this morning reported a $NZ1.23B August trade deficit against expectations of a $NZ520M deficit.
Overseas Market Commentary
Major European and US equities markets mostly traded lower early overnight, on separate reactions to domestic scenarios, including a UK credit downgrade, Germany’s national election, an associated euro fall against the $US, reduced Apple sentiment and corporate deals.
My mid-late morning US eastern time, however, North Korea’s foreign minister Ri Yong Ho was being reported as having described US presidential comments as the US having ‘declared war on our country’ and claiming the right to attack US military craft ‘even when they are not yet inside the airspace of our country’.
In new economic and finance reports, IFO’s monthly business survey for Germany revealed slips for key components including climate, conditions and expectations.
Meanwhile, a Bank of England’s financial policy statement called for banks to hold more capital.
In the US, a Texas region manufacturing index surprised some, rising 4.3 points to 21.3.
Earlier, Japan’s PM Shinzo Abe had called a national parliamentary election for October, a year earlier than the deadline.
Tonight in the US, Federal Reserve chair Janet Yellen is guest speaker at a business and economics event.
Among data releases, new home sales, house prices, a preliminary services PMI estimate and consumer confidence index are also due.
In corporate news, Deloitte confirmed a cyber attack, compromising some client plans and details.