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Market Opener - 03 Sep 2018
Local Markets Commentary
The Australian market opens a new week and month’s trade ahead of key domestic and regional data, amid a US public holiday weekend and following largely uninspiring overnight international commodities and equities trade.
In addition, over the weekend, a Communist Party journal in China conceded likely short-term economic pain from US trade hostilities but that the nation’s economic growth trend was expected to remain intact.
Caixin is due to publish its August manufacturing PMI for China 11.45am AEST.
Also regionally today, a final August manufacturing PMI is due for Japan, at 10.30am AEST.
Locally today, a swag of economic reports is due ahead of the Reserve Bank of Australia’s (RBA) policy meeting tomorrow.
Pre-trade, AiG publishes its August manufacturing PMI.
Also pre-trade, August and weekly capital city residential property prices are due.
The Australian Bureau of Statistics (ABS) releases July retail sales and June quarter business indicators at 11.30am AEST.
ANZ’s monthly job advertisements report is also expected at 11.30am.
Ex-dividend season continues today also, featuring several high-profile stocks. Details can be found on p3.
In overnight Friday commodities trade, oil swung lower.
US gold futures turned and settled slightly higher.
Iron ore (China port, 62% Fe) continued to seesaw, recording a sessional gain.
LME copper, nickel and aluminium declined further.
The $A tumbled below US71.95c after trading at US72.35c early Friday evening, and has dropped further this morning.
Overseas Market Commentary
Choppy, swinging trade featured across US equities markets overnight Friday at the commencement of a Monday public holiday weekend.
Major European markets dropped on opening and closed at session lows.
US trade relationships remained in focus, and economic data proved largely disappointing.
Canada-US trade negotiators failed to reach agreement for a trade deal between the US, Mexico and Canada.
The US announced it would continue talks over a 90-day period.
Earlier, the US had indicated it was not impressed with the European Union’s (EU) offer to eliminate vehicle tariffs, and was prepared to implement additional import taxes on EU goods. This prompted retaliatory remarks from the head of the European Commission.
In new data releases, the euro zone’s initial August CPI growth reading came in at 2.0% year-on-year, following 2.1% for July.
Germany’s July retail sales fell 0.4% for the month, but were 0.8% higher year-on-year. In June, sales rose 0.9% for the month and 2.7% year-on-year.
A UK August house price index fell 0.5% for the month, after a 0.7% rise in July, but were 2% ahead year-on-year.
A consumer confidence index, as calculated by GfK, improved to -7 from -10.
In the US, the Chicago PMI fell to 63.6 from 65.5.
A University of Michigan final August consumer confidence reading was calculated at 96.2, from 95.3.
Manufacturing PMIs are due for the UK and euro zone tonight.
Bitcoin Group is due to report earnings.
In overnight Friday corporate news, Coca-Cola was revealed as the buyer of Costa coffee from Whitbread. Whitbread promised the expected £3.8B cash proceeds would be passed onto shareholders.
US markets will remain closed tonight, due to a public holiday.
The Australian market opens a new week and month’s trade ahead of key domestic and regional data, amid a US public holiday weekend and following largely uninspiring overnight international commodities and equities trade.
In addition, over the weekend, a Communist Party journal in China conceded likely short-term economic pain from US trade hostilities but that the nation’s economic growth trend was expected to remain intact.
Caixin is due to publish its August manufacturing PMI for China 11.45am AEST.
Also regionally today, a final August manufacturing PMI is due for Japan, at 10.30am AEST.
Locally today, a swag of economic reports is due ahead of the Reserve Bank of Australia’s (RBA) policy meeting tomorrow.
Pre-trade, AiG publishes its August manufacturing PMI.
Also pre-trade, August and weekly capital city residential property prices are due.
The Australian Bureau of Statistics (ABS) releases July retail sales and June quarter business indicators at 11.30am AEST.
ANZ’s monthly job advertisements report is also expected at 11.30am.
Ex-dividend season continues today also, featuring several high-profile stocks. Details can be found on p3.
In overnight Friday commodities trade, oil swung lower.
US gold futures turned and settled slightly higher.
Iron ore (China port, 62% Fe) continued to seesaw, recording a sessional gain.
LME copper, nickel and aluminium declined further.
The $A tumbled below US71.95c after trading at US72.35c early Friday evening, and has dropped further this morning.
Overseas Market Commentary
Choppy, swinging trade featured across US equities markets overnight Friday at the commencement of a Monday public holiday weekend.
Major European markets dropped on opening and closed at session lows.
US trade relationships remained in focus, and economic data proved largely disappointing.
Canada-US trade negotiators failed to reach agreement for a trade deal between the US, Mexico and Canada.
The US announced it would continue talks over a 90-day period.
Earlier, the US had indicated it was not impressed with the European Union’s (EU) offer to eliminate vehicle tariffs, and was prepared to implement additional import taxes on EU goods. This prompted retaliatory remarks from the head of the European Commission.
In new data releases, the euro zone’s initial August CPI growth reading came in at 2.0% year-on-year, following 2.1% for July.
Germany’s July retail sales fell 0.4% for the month, but were 0.8% higher year-on-year. In June, sales rose 0.9% for the month and 2.7% year-on-year.
A UK August house price index fell 0.5% for the month, after a 0.7% rise in July, but were 2% ahead year-on-year.
A consumer confidence index, as calculated by GfK, improved to -7 from -10.
In the US, the Chicago PMI fell to 63.6 from 65.5.
A University of Michigan final August consumer confidence reading was calculated at 96.2, from 95.3.
Manufacturing PMIs are due for the UK and euro zone tonight.
Bitcoin Group is due to report earnings.
In overnight Friday corporate news, Coca-Cola was revealed as the buyer of Costa coffee from Whitbread. Whitbread promised the expected £3.8B cash proceeds would be passed onto shareholders.
US markets will remain closed tonight, due to a public holiday.