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Market Opener – 13 Sep 2017
Local Markets Commentary
The Australian market commences mid-week trade on mixed international overnight leads.
Equities markets remained mostly buoyant.
In commodities trade, US gold futures continued lower and oil higher, each modestly. Iron ore (China port, 62% Fe) rallied. LME copper fell but nickel and aluminium continued to rally.
The $A mostly marked time after falling to ~US80.25c early yesterday evening.
Locally today, the Melbourne Institute and Westpac publish their monthly consumer confidence report 10.30am AEST. An employment indicator is expected from an Australian government department 2pm.
BXB, LOV and SVW are among companies trading ex-dividend.
Overseas Market Commentary
Major European and US equities markets mostly headed higher on or near opening again overnight, but the FTSE could not retain gains. While increases proved relatively modest, key US indices appeared fed by new record peaks.
US treasury secretary Steven Mnuchin indicated planned domestic tax reforms could be back-dated to 1 January, but suggested budget negotiations meant a 15% corporate tax rate was unlikely to become reality in the near-term.
In US data releases, a July job opportunity report calculated 6.17M jobs available against 6.12M in June, in part due to a skills matching problem. Manufacturing, health care, social support and national public service job openings declined, however.
A small business optimism report also revealed employers rated sourcing potential employees with appropriate qualifications as one of their biggest issues.
Meanwhile, recovery from hurricane damage in at least five States continued as overall impacts continued to be quantified.
In the UK, August CPI growth was estimated at 2.9% year-on-year following 2.6% for July.
Meanwhile, further UK - European Union negotiations, due to commence 18 September, were pushed back a week. The chance to enable a potential improvement in progress was cited.
Tonight in the US, producer prices, a monthly budget statement and weekly mortgage applications are due.
In Brussels, European Commission president Jean-Claude Juncker is scheduled to give the annual State of the Union speech.
In overnight corporate news, Apple showed off 10th anniversary iPhone, appropriately named iPhone X and due for dispatch 3 November. iPhone 8, also launched, is planned for sale from 22 September.
Major PR firm Bell Pottinger placed its UK division into administration.
The Australian market commences mid-week trade on mixed international overnight leads.
Equities markets remained mostly buoyant.
In commodities trade, US gold futures continued lower and oil higher, each modestly. Iron ore (China port, 62% Fe) rallied. LME copper fell but nickel and aluminium continued to rally.
The $A mostly marked time after falling to ~US80.25c early yesterday evening.
Locally today, the Melbourne Institute and Westpac publish their monthly consumer confidence report 10.30am AEST. An employment indicator is expected from an Australian government department 2pm.
BXB, LOV and SVW are among companies trading ex-dividend.
Overseas Market Commentary
Major European and US equities markets mostly headed higher on or near opening again overnight, but the FTSE could not retain gains. While increases proved relatively modest, key US indices appeared fed by new record peaks.
US treasury secretary Steven Mnuchin indicated planned domestic tax reforms could be back-dated to 1 January, but suggested budget negotiations meant a 15% corporate tax rate was unlikely to become reality in the near-term.
In US data releases, a July job opportunity report calculated 6.17M jobs available against 6.12M in June, in part due to a skills matching problem. Manufacturing, health care, social support and national public service job openings declined, however.
A small business optimism report also revealed employers rated sourcing potential employees with appropriate qualifications as one of their biggest issues.
Meanwhile, recovery from hurricane damage in at least five States continued as overall impacts continued to be quantified.
In the UK, August CPI growth was estimated at 2.9% year-on-year following 2.6% for July.
Meanwhile, further UK - European Union negotiations, due to commence 18 September, were pushed back a week. The chance to enable a potential improvement in progress was cited.
Tonight in the US, producer prices, a monthly budget statement and weekly mortgage applications are due.
In Brussels, European Commission president Jean-Claude Juncker is scheduled to give the annual State of the Union speech.
In overnight corporate news, Apple showed off 10th anniversary iPhone, appropriately named iPhone X and due for dispatch 3 November. iPhone 8, also launched, is planned for sale from 22 September.
Major PR firm Bell Pottinger placed its UK division into administration.