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Market Opener – 10 May 2018
Local Markets Commentary
The Australian market opens today’s trade following positive overnight international equities leads, ahead of respective China and US CPI readings today and tonight, and amid a swag of domestic corporate updates.
In overnight commodities trade, oil continued to rally.
US gold futures again settled barely changed.
Iron ore (China port, 62% Fe) pulled back for a second consecutive session.
LME copper swung higher.
The $A appreciated to ~US74.60c after trading below US74.40c early yesterday evening.
Regionally today, China is expected to release April CPI and producer prices 11.30am AEST.
Locally, the Melbourne Institute’s monthly inflation expectations report is due.
Later today, the Western Australian government reveals the details of its annual budget.
This morning, the Reserve Bank of New Zealand has retained its key lending rate at 1.75%.
Overseas Market Commentary
The energy, finance and technology sectors helped US equities markets trend decisively higher overnight following uncertain early trade.
The FTSE 100 reached four-month peaks, but Germany’s DAX chopped and swung throughout, the euro trading at new calendar year lows.
In US releases, April producer prices were reported 0.1% higher for the month and 2.6% year-on-year, following 0.3% and 3.0% respective gains in March.
March wholesale inventories rose 0.3% for the month, following a 1.0% jump in February.
Tonight in the US, April CPI, the April national budget statement and weekly initial jobless claims are due.
Elsewhere, the Bank of England holds a policy meeting after which governor Mark Carney will speak.
Bridgestone, BT, ITV, INPEX, Kirin Holdings, Morrisons, News Corporation, Nvidia, Suzuki Motor, Symantec and Yamaha Motor are among companies scheduled to report earnings or provide updates today and tonight.
BP, GlazoSmithKline and Shell trade ex-dividend on the FTSE 100.
In overnight corporate news, Toyota Motor cited US-Japan trade issues and yen strength when predicting a 15% fall in the new financial year. The stock rose 4% however, supported by a planned $SUS2.7B buy-back.
China’s ZTE announced usual business operations were at a standstill due to the drying up of component supply from the US following new US trade rules.
Walmart revealed a $US16B (77%) holding in India’s e-commerce major Flipkart and subsequently fell 3%.
TripAdvisor appreciated ~23% on better-than anticipated earnings and improved annual guidance.
Alphabet and Facebook received support however, rising ~3% and ~2% respectively.
Earlier, Vodafone confirmed it had finalised a €19B acquisition of European cable networks held by Liberty Global.
In energy sector trade, BP (up ~4%) and Shell (~3.5% higher) largely contributed to the FTSE 100’s strong gain.
The Australian market opens today’s trade following positive overnight international equities leads, ahead of respective China and US CPI readings today and tonight, and amid a swag of domestic corporate updates.
In overnight commodities trade, oil continued to rally.
US gold futures again settled barely changed.
Iron ore (China port, 62% Fe) pulled back for a second consecutive session.
LME copper swung higher.
The $A appreciated to ~US74.60c after trading below US74.40c early yesterday evening.
Regionally today, China is expected to release April CPI and producer prices 11.30am AEST.
Locally, the Melbourne Institute’s monthly inflation expectations report is due.
Later today, the Western Australian government reveals the details of its annual budget.
This morning, the Reserve Bank of New Zealand has retained its key lending rate at 1.75%.
Overseas Market Commentary
The energy, finance and technology sectors helped US equities markets trend decisively higher overnight following uncertain early trade.
The FTSE 100 reached four-month peaks, but Germany’s DAX chopped and swung throughout, the euro trading at new calendar year lows.
In US releases, April producer prices were reported 0.1% higher for the month and 2.6% year-on-year, following 0.3% and 3.0% respective gains in March.
March wholesale inventories rose 0.3% for the month, following a 1.0% jump in February.
Tonight in the US, April CPI, the April national budget statement and weekly initial jobless claims are due.
Elsewhere, the Bank of England holds a policy meeting after which governor Mark Carney will speak.
Bridgestone, BT, ITV, INPEX, Kirin Holdings, Morrisons, News Corporation, Nvidia, Suzuki Motor, Symantec and Yamaha Motor are among companies scheduled to report earnings or provide updates today and tonight.
BP, GlazoSmithKline and Shell trade ex-dividend on the FTSE 100.
In overnight corporate news, Toyota Motor cited US-Japan trade issues and yen strength when predicting a 15% fall in the new financial year. The stock rose 4% however, supported by a planned $SUS2.7B buy-back.
China’s ZTE announced usual business operations were at a standstill due to the drying up of component supply from the US following new US trade rules.
Walmart revealed a $US16B (77%) holding in India’s e-commerce major Flipkart and subsequently fell 3%.
TripAdvisor appreciated ~23% on better-than anticipated earnings and improved annual guidance.
Alphabet and Facebook received support however, rising ~3% and ~2% respectively.
Earlier, Vodafone confirmed it had finalised a €19B acquisition of European cable networks held by Liberty Global.
In energy sector trade, BP (up ~4%) and Shell (~3.5% higher) largely contributed to the FTSE 100’s strong gain.