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Market Opener – 23 Feb 2018
Local Markets Commentary
The Australian market opens Friday trade with earnings reports from influential domestic stocks across several sectors, and another clutch of large-cap stocks trading ex-dividend.
Overnight international equities and commodities trade leads are mixed.
Among commodities, US gold futures settled little changed. Oil rallied.
Iron ore (China port, 62% Fe) slipped a little from prices recorded a week earlier.
LME copper continued higher. Aluminium swung lower.
The $A strengthened to ~US78.45c after trading at ~US78.10c early yesterday evening.
Locally today, companies trading ex-dividend include DHG, EVN, IFL, OML and WHC.
Regionally, Japan’s January CPI is anticipated 10.30am AEDST.
China’s January property prices are scheduled for release over the weekend.
Overseas Market Commentary
Choppy, swinging trade featured across major European and US equities markets overnight, but the DJIA largely maintained gains.
One US Federal Reserve regional president assured the number of any rate rises this year (one is expected in March) would be contained below some predictions if deemed necessary.
In Europe, a plethora of mixed corporate earnings and disappointing data appeared to unsettle sentiment.
Among the data releases, the UK’s December quarter GDP growth reading was revised from an initial 0.5% to 0.4% for the three months.
Year-on-year, growth came in at 1.4%.
European Central Bank (ECB) January policy meeting minutes confirmed broad concern at the depreciation of the $US and possible US administrative manipulation.
Some policy-setting committee members also sought to have economic slowdown contingency talk eradicated from communiques.
Meanwhile, Germany’s IFO business climate index fell 2.2 points to 115.4.
Tonight, in the US, the Federal Reserve’s six-monthly monetary policy report, as prepared for Congress, is due.
In addition, at least five Federal Reserve regional presidents are scheduled to speak publicly.
Berkshire Hathaway, IAG and RBS are among companies scheduled to report earnings today and tonight.
In overnight corporate news, Barclays reported a £1.9B full year net loss following a £1.6B profit for 2016. Results were impacted by a one-off charge due to the introduction of the US new tax laws and selling its African business. The stock was pushed higher, in part due to a pleasing dividend plan.
Goldman Sachs revealed it had raised $US2.5B to acquire small holdings in select private-equity businesses.
Private-equity firms JC Flowers and Cerberus Capital Management in the meantime were reported to be offering up to $US1.2B for Germany’s HSH Nordbank.
The Australian market opens Friday trade with earnings reports from influential domestic stocks across several sectors, and another clutch of large-cap stocks trading ex-dividend.
Overnight international equities and commodities trade leads are mixed.
Among commodities, US gold futures settled little changed. Oil rallied.
Iron ore (China port, 62% Fe) slipped a little from prices recorded a week earlier.
LME copper continued higher. Aluminium swung lower.
The $A strengthened to ~US78.45c after trading at ~US78.10c early yesterday evening.
Locally today, companies trading ex-dividend include DHG, EVN, IFL, OML and WHC.
Regionally, Japan’s January CPI is anticipated 10.30am AEDST.
China’s January property prices are scheduled for release over the weekend.
Overseas Market Commentary
Choppy, swinging trade featured across major European and US equities markets overnight, but the DJIA largely maintained gains.
One US Federal Reserve regional president assured the number of any rate rises this year (one is expected in March) would be contained below some predictions if deemed necessary.
In Europe, a plethora of mixed corporate earnings and disappointing data appeared to unsettle sentiment.
Among the data releases, the UK’s December quarter GDP growth reading was revised from an initial 0.5% to 0.4% for the three months.
Year-on-year, growth came in at 1.4%.
European Central Bank (ECB) January policy meeting minutes confirmed broad concern at the depreciation of the $US and possible US administrative manipulation.
Some policy-setting committee members also sought to have economic slowdown contingency talk eradicated from communiques.
Meanwhile, Germany’s IFO business climate index fell 2.2 points to 115.4.
Tonight, in the US, the Federal Reserve’s six-monthly monetary policy report, as prepared for Congress, is due.
In addition, at least five Federal Reserve regional presidents are scheduled to speak publicly.
Berkshire Hathaway, IAG and RBS are among companies scheduled to report earnings today and tonight.
In overnight corporate news, Barclays reported a £1.9B full year net loss following a £1.6B profit for 2016. Results were impacted by a one-off charge due to the introduction of the US new tax laws and selling its African business. The stock was pushed higher, in part due to a pleasing dividend plan.
Goldman Sachs revealed it had raised $US2.5B to acquire small holdings in select private-equity businesses.
Private-equity firms JC Flowers and Cerberus Capital Management in the meantime were reported to be offering up to $US1.2B for Germany’s HSH Nordbank.