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Market Opener – 30 Nov 2018
Local Markets Commentary
The Australian market opens end-of-month trade on a Friday, with influential regional and domestic data anticipated within the first two hours of trade, and the two-day G20 leaders’ summit commencing in Buenos Aires later today.
China is expected to publish official November manufacturing and service sector PMIs midday AEDT.
October industrial production and employment statistics are due for Japan 10.50am and 10.30am respectively.
Locally today, the Reserve Bank of Australia (RBA) publishes October financial aggregates, including private sector credit, 11.30am AEDT.
The $A slipped to ~US73.20c after trading at ~US73.30c early yesterday evening.
In overnight commodities trade, oil swung higher.
US (December) gold futures settled barely changed.
Iron ore (China port 62% Fe) slightly extended the previous two sessions’ rallies.
LME copper closed a little higher, nickel rallied and aluminium posted a moderate gain.
Overseas Market Commentary
US equities markets opened a little lower overnight, then trended higher most of the session before pulling back in the last hour of trade.
Major European equities indices continued to chop.
G20 leaders’ summit speculation continued, regarding who would meet individually with whom, if China and the US would achieve any trade relations progress, and what any definitive collective outcomes might encompass in focus.
Russia-Ukraine tensions appeared to broaden after Ukraine requested NATO support, and a batch of mixed data on both sides of the Atlantic mostly proved lacklustre.
In addition, in late US trade, US Federal Reserve November policy meeting minutes revealed general agreement that another increase would be ‘warranted fairly soon’.
Discussions regarding the likely optimal pace and number of any new rate rises, and how best to communicate plans and views, were also recorded.
Domestic debt and trade relations were also considered.
Earlier, the European Central Bank’s latest financial stability report highlighted increased regional financial sector menace, due to growing international economic risk.
Among new US data releases, October personal income and spending pleased, rising 0.5% and 0.6% respectively, following 0.2% September gains for each.
The new figures represented the best monthly gains in nine and seven months respectively.
Pending home sales dropped 2.6% for the month, against a 0.7% September rise. Year-on-year, pending sales were 6.7% lower.
Weekly new unemployment claims jumped by 10,000.
A euro zone consumer confidence index fell to -3.9% from -2.7%. A business confidence reading rose to 1.09 from 1.01.
In Germany, an initial November CPI growth reading was estimated at 0.1% for the month, from 0.2% in October. Year-on-year, CPI was 2.3% higher, against 2.5%.
A UK consumer confidence reading fell to -13 from -10.
Meanwhile, UK parliamentary debate regarding the draft arrangements for withdrawing from the European Union (EU) will formally commence next week.
Tonight in the US, the November Chicago PMI is due.
In overnight corporate news, Bayer revealed plans to reduce its ~120,000-strong global workforce by ~12,000, and to offload the Dr Scholl and Coppertone brands, plus an animal health business.
Nissan, Mitsubishi and Renault executives asserted they would maintain the companies’ vehicle alliance.
The Australian market opens end-of-month trade on a Friday, with influential regional and domestic data anticipated within the first two hours of trade, and the two-day G20 leaders’ summit commencing in Buenos Aires later today.
China is expected to publish official November manufacturing and service sector PMIs midday AEDT.
October industrial production and employment statistics are due for Japan 10.50am and 10.30am respectively.
Locally today, the Reserve Bank of Australia (RBA) publishes October financial aggregates, including private sector credit, 11.30am AEDT.
The $A slipped to ~US73.20c after trading at ~US73.30c early yesterday evening.
In overnight commodities trade, oil swung higher.
US (December) gold futures settled barely changed.
Iron ore (China port 62% Fe) slightly extended the previous two sessions’ rallies.
LME copper closed a little higher, nickel rallied and aluminium posted a moderate gain.
Overseas Market Commentary
US equities markets opened a little lower overnight, then trended higher most of the session before pulling back in the last hour of trade.
Major European equities indices continued to chop.
G20 leaders’ summit speculation continued, regarding who would meet individually with whom, if China and the US would achieve any trade relations progress, and what any definitive collective outcomes might encompass in focus.
Russia-Ukraine tensions appeared to broaden after Ukraine requested NATO support, and a batch of mixed data on both sides of the Atlantic mostly proved lacklustre.
In addition, in late US trade, US Federal Reserve November policy meeting minutes revealed general agreement that another increase would be ‘warranted fairly soon’.
Discussions regarding the likely optimal pace and number of any new rate rises, and how best to communicate plans and views, were also recorded.
Domestic debt and trade relations were also considered.
Earlier, the European Central Bank’s latest financial stability report highlighted increased regional financial sector menace, due to growing international economic risk.
Among new US data releases, October personal income and spending pleased, rising 0.5% and 0.6% respectively, following 0.2% September gains for each.
The new figures represented the best monthly gains in nine and seven months respectively.
Pending home sales dropped 2.6% for the month, against a 0.7% September rise. Year-on-year, pending sales were 6.7% lower.
Weekly new unemployment claims jumped by 10,000.
A euro zone consumer confidence index fell to -3.9% from -2.7%. A business confidence reading rose to 1.09 from 1.01.
In Germany, an initial November CPI growth reading was estimated at 0.1% for the month, from 0.2% in October. Year-on-year, CPI was 2.3% higher, against 2.5%.
A UK consumer confidence reading fell to -13 from -10.
Meanwhile, UK parliamentary debate regarding the draft arrangements for withdrawing from the European Union (EU) will formally commence next week.
Tonight in the US, the November Chicago PMI is due.
In overnight corporate news, Bayer revealed plans to reduce its ~120,000-strong global workforce by ~12,000, and to offload the Dr Scholl and Coppertone brands, plus an animal health business.
Nissan, Mitsubishi and Renault executives asserted they would maintain the companies’ vehicle alliance.