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Market Opener – 10 Apr 2018
Local Markets Commentary
The Australian market opens today’s trade following positive overnight settlements across US equities markets, ahead of a speech by China’s president Xi Jinping at the Boao Forum for Asia later today.
Post-US trade, the US has told the UN it will respond to Syria’s alleged chemical attack in Ghouta.
In overnight commodities trade, US gold futures settled with another, but modest, gain. Oil swung decisively higher.
Iron ore (China port, 62% Fe) resumed gains following a China public holiday hiatus. Meanwhile, Baoshan Iron & Steel is scheduled to report full year earnings today.
LME copper and nickel trade turned positive as aluminium continued sharply higher.
The $A appreciated to ~US70.0c after dropping below ~US76.55c mid-yesterday evening.
Locally today, NAB’s monthly business survey is due.
A weekly consumer sentiment reading is due pre-trade.
Regionally, China’s March lending figures are expected anytime from later today.
March CPI and PPI readings are due tomorrow.
Overseas Market Commentary
Major European and US equities markets bounced on opening overnight, but mostly closed at or near session lows.
The tech sector proved notably in favour in the US.
Also in the US, the Congressional Budget Office raised its prediction for the 2018 national budget deficit by $US24B to $US804B, warning of $US1 trillion deficits from 2020, and predicting the new tax regime would deliver a short-term benefit only to the US economy.
Meanwhile, the FBI reportedly raided the office of key presidential lawyer Michael Cohen.
Earlier, Germany’s trade balance surprised on the downside, falling to €19.2B from €21.5B during February, against forecasts of a slip to €21.4B.
Exports fell 3.2% for the month and imports 1.3%.
An influential euro zone sentiment index tumbled to 19.6 from 24.0.
Tonight in the US, March producer prices, February wholesale inventories and a small business optimism index are due.
Later today, China’s president Xi Xinping is due to deliver a keynote address at the Boao Forum for Asia in Hanan, China.
This evening (7pm AEST), Bank of England chief economist Andrew (Andy) Haldane is scheduled to speak publicly at an event in Melbourne.
In overnight corporate news, Novartis announced an $US8.7B purchase of gene therapy and neuroscience specialist AveXis.
Bayer effectively secured US Justice Department approval to acquire Monsanto, pending further asset sales.
The Australian market opens today’s trade following positive overnight settlements across US equities markets, ahead of a speech by China’s president Xi Jinping at the Boao Forum for Asia later today.
Post-US trade, the US has told the UN it will respond to Syria’s alleged chemical attack in Ghouta.
In overnight commodities trade, US gold futures settled with another, but modest, gain. Oil swung decisively higher.
Iron ore (China port, 62% Fe) resumed gains following a China public holiday hiatus. Meanwhile, Baoshan Iron & Steel is scheduled to report full year earnings today.
LME copper and nickel trade turned positive as aluminium continued sharply higher.
The $A appreciated to ~US70.0c after dropping below ~US76.55c mid-yesterday evening.
Locally today, NAB’s monthly business survey is due.
A weekly consumer sentiment reading is due pre-trade.
Regionally, China’s March lending figures are expected anytime from later today.
March CPI and PPI readings are due tomorrow.
Overseas Market Commentary
Major European and US equities markets bounced on opening overnight, but mostly closed at or near session lows.
The tech sector proved notably in favour in the US.
Also in the US, the Congressional Budget Office raised its prediction for the 2018 national budget deficit by $US24B to $US804B, warning of $US1 trillion deficits from 2020, and predicting the new tax regime would deliver a short-term benefit only to the US economy.
Meanwhile, the FBI reportedly raided the office of key presidential lawyer Michael Cohen.
Earlier, Germany’s trade balance surprised on the downside, falling to €19.2B from €21.5B during February, against forecasts of a slip to €21.4B.
Exports fell 3.2% for the month and imports 1.3%.
An influential euro zone sentiment index tumbled to 19.6 from 24.0.
Tonight in the US, March producer prices, February wholesale inventories and a small business optimism index are due.
Later today, China’s president Xi Xinping is due to deliver a keynote address at the Boao Forum for Asia in Hanan, China.
This evening (7pm AEST), Bank of England chief economist Andrew (Andy) Haldane is scheduled to speak publicly at an event in Melbourne.
In overnight corporate news, Novartis announced an $US8.7B purchase of gene therapy and neuroscience specialist AveXis.
Bayer effectively secured US Justice Department approval to acquire Monsanto, pending further asset sales.