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Market Opener - 6 Mar 2018
Local Markets Commentary
The Australian market opens today’s trade ahead of a Reserve Bank of Australia (RBA) policy meeting, from which outcomes will be announced 2.30pm AEDST, and following positive overnight international equities trade.
In addition to the RBA policy meeting and announcement, January retail sales and December quarter current account figures are due 11.30am AEDST.
A weekly consumer sentiment reading is due, pre-trade.
Several large-cap and high-profile stocks trade ex-dividend today. Please see p3 for detailed information.
In overnight commodities trade, US gold futures turned to settle a little lower. Oil extended Friday’s gain.
Iron ore (China port, 62% Fe) fell further.
LME copper swung slightly higher.
The $A appreciated to ~US77.60c after swinging early yesterday evening, falling below US77.40c before rising above US77.50c.
Regionally today, China’s two-week National People’s Congress continues.
Overseas Market Commentary
US equities markets opened lower but trended decisively higher towards strong gains, helping drag major European indices also to settle at sharply higher session peaks.
Reports of both domestic and international attempts to push back proposed implementation of new US trade tariffs from this week, were cited as support for improved equities sentiment.
In addition, the US Federal Reserve was reported to be considering greater easing than previously envisaged of compliance measures relating to financial conduct regulations brought in almost a decade ago.
Among a batch of data releases, the euro zone’s February services and composite PMIs respectively fell 0.5 and 0.4, but remained encouraging at 56.2 and 57.1.
January retail sales slipped 0.1% for the month, coming in at 2.3% higher, year-on-year.
A Sentix confidence index fell 7.9 to 24.
Germany’s services PMI remained at 55.3, and the composite reading rose 0.2 to 57.6.
In the UK, the February services sector activity index rose 1.5 to 54.5.
Meanwhile, Italy’s parliamentary election delivered no clear winner, helping push the euro lower. The national vote was reported to have confirmed comparatively strong support for an alliance including right-wing and anti-establishment representatives.
In the US, ISM’s February services sector activity index slipped by 0.4 to 59.5, impacted by a 6.6-point drop in the employment component to 55. Nonetheless, the figures remained in the ‘robust’ range.
Tonight in the US, January factory orders and an economic optimism index are due.
In overnight corporate news, US chip manufacturer Qualcomm was reported to have attempted to scupper the Singapore-headquartered Broadcom bid by asking government foreign investment regulators to review the proposal.
France’s Axa revealed it planned to outlay $US15.3B to acquire US insurance specialist XL Group.
The Australian market opens today’s trade ahead of a Reserve Bank of Australia (RBA) policy meeting, from which outcomes will be announced 2.30pm AEDST, and following positive overnight international equities trade.
In addition to the RBA policy meeting and announcement, January retail sales and December quarter current account figures are due 11.30am AEDST.
A weekly consumer sentiment reading is due, pre-trade.
Several large-cap and high-profile stocks trade ex-dividend today. Please see p3 for detailed information.
In overnight commodities trade, US gold futures turned to settle a little lower. Oil extended Friday’s gain.
Iron ore (China port, 62% Fe) fell further.
LME copper swung slightly higher.
The $A appreciated to ~US77.60c after swinging early yesterday evening, falling below US77.40c before rising above US77.50c.
Regionally today, China’s two-week National People’s Congress continues.
Overseas Market Commentary
US equities markets opened lower but trended decisively higher towards strong gains, helping drag major European indices also to settle at sharply higher session peaks.
Reports of both domestic and international attempts to push back proposed implementation of new US trade tariffs from this week, were cited as support for improved equities sentiment.
In addition, the US Federal Reserve was reported to be considering greater easing than previously envisaged of compliance measures relating to financial conduct regulations brought in almost a decade ago.
Among a batch of data releases, the euro zone’s February services and composite PMIs respectively fell 0.5 and 0.4, but remained encouraging at 56.2 and 57.1.
January retail sales slipped 0.1% for the month, coming in at 2.3% higher, year-on-year.
A Sentix confidence index fell 7.9 to 24.
Germany’s services PMI remained at 55.3, and the composite reading rose 0.2 to 57.6.
In the UK, the February services sector activity index rose 1.5 to 54.5.
Meanwhile, Italy’s parliamentary election delivered no clear winner, helping push the euro lower. The national vote was reported to have confirmed comparatively strong support for an alliance including right-wing and anti-establishment representatives.
In the US, ISM’s February services sector activity index slipped by 0.4 to 59.5, impacted by a 6.6-point drop in the employment component to 55. Nonetheless, the figures remained in the ‘robust’ range.
Tonight in the US, January factory orders and an economic optimism index are due.
In overnight corporate news, US chip manufacturer Qualcomm was reported to have attempted to scupper the Singapore-headquartered Broadcom bid by asking government foreign investment regulators to review the proposal.
France’s Axa revealed it planned to outlay $US15.3B to acquire US insurance specialist XL Group.