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Market Opener – 28 Mar 2018
Local Markets Commentary
The Australian market commences the second last trading day for the March quarter and this week on negative US equities leads, as several high-cap domestic stocks trade ex-dividend and a swag of others pays dividends.
In mixed overnight commodities trade WTI crude continued moderately lower. Gold futures fell.
LME copper swung higher.
Iron ore (China port, 62% Fe) turned and rallied.
The $A dropped below US76.80c after being pushed lower, to ~US77.20c, early yesterday evening.
Regionally today, the deputy governor of the People’s Bank of China is scheduled to speak publicly on regulation following recent announcements of regulatory and executive change.
Locally, companies trading ex-dividend today include CMW, HT1, RFF, VRT, VTG and WPP. Please see p3 for detailed information.
In addition, several major stocks, including AMC, AMP and CBA, pay their dividends today.
Overseas Market Commentary
Major European and US equities markets diverged overnight, as the $US rose against key currencies and US-listed tech companies again fell out of favour. Financial stocks also suffered.
US indices pulled back further in second-half trade, significantly so in the last two hours, on reports the US president was considering introducing curbs on Chinese investment in US ventures, in particular select technology companies, on ‘economic threat to national security’ grounds.
Earlier, reports had strengthened from respected sources that North Korea’s leader Kim Jong Un had arrived in China on Monday for official talks.
This visit comes ahead of touted plans for the US and North Korean leaders to meet, possibly in May.
In US data releases, a Conference Board consumer confidence index undershot expectations, albeit having recently risen to 17-year peaks, falling to 127.7 from 130.0.
The Case-Shiller January quarter house price index estimated prices had risen in major capital cities by a further 5% over the quarter and were 6.2% higher than a year earlier.
The Richmond Fed manufacturing index tumbled 13 points to 15, impacted mostly by significant negative change in the new orders, shipments and employee components.
In the euro zone, the European Commission was reportedly considering diverting up to €50B from regional central banks via the European Central Bank. Revenue matters are due for discussion tonight.
Meanwhile, a euro zone business confidence index pulled back, pushing the euro lower.
Tonight in the US, a third and final reading of December quarter GDP is keenly anticipated.February wholesale inventories and pending home sales are also due.
Companies scheduled to report earnings or updates later today and tonight include Blackberry, CITIC, DFS and Walgreens Boots Alliance.
In overnight corporate news, Novartis announced it was selling its 36.5% holding in a consumer health JV with Glaxo Smith Kline (GSK) to GSK for $US13B. This helped push the UK-headquartered and listed GSK ~5% higher.
The Australian market commences the second last trading day for the March quarter and this week on negative US equities leads, as several high-cap domestic stocks trade ex-dividend and a swag of others pays dividends.
In mixed overnight commodities trade WTI crude continued moderately lower. Gold futures fell.
LME copper swung higher.
Iron ore (China port, 62% Fe) turned and rallied.
The $A dropped below US76.80c after being pushed lower, to ~US77.20c, early yesterday evening.
Regionally today, the deputy governor of the People’s Bank of China is scheduled to speak publicly on regulation following recent announcements of regulatory and executive change.
Locally, companies trading ex-dividend today include CMW, HT1, RFF, VRT, VTG and WPP. Please see p3 for detailed information.
In addition, several major stocks, including AMC, AMP and CBA, pay their dividends today.
Overseas Market Commentary
Major European and US equities markets diverged overnight, as the $US rose against key currencies and US-listed tech companies again fell out of favour. Financial stocks also suffered.
US indices pulled back further in second-half trade, significantly so in the last two hours, on reports the US president was considering introducing curbs on Chinese investment in US ventures, in particular select technology companies, on ‘economic threat to national security’ grounds.
Earlier, reports had strengthened from respected sources that North Korea’s leader Kim Jong Un had arrived in China on Monday for official talks.
This visit comes ahead of touted plans for the US and North Korean leaders to meet, possibly in May.
In US data releases, a Conference Board consumer confidence index undershot expectations, albeit having recently risen to 17-year peaks, falling to 127.7 from 130.0.
The Case-Shiller January quarter house price index estimated prices had risen in major capital cities by a further 5% over the quarter and were 6.2% higher than a year earlier.
The Richmond Fed manufacturing index tumbled 13 points to 15, impacted mostly by significant negative change in the new orders, shipments and employee components.
In the euro zone, the European Commission was reportedly considering diverting up to €50B from regional central banks via the European Central Bank. Revenue matters are due for discussion tonight.
Meanwhile, a euro zone business confidence index pulled back, pushing the euro lower.
Tonight in the US, a third and final reading of December quarter GDP is keenly anticipated.February wholesale inventories and pending home sales are also due.
Companies scheduled to report earnings or updates later today and tonight include Blackberry, CITIC, DFS and Walgreens Boots Alliance.
In overnight corporate news, Novartis announced it was selling its 36.5% holding in a consumer health JV with Glaxo Smith Kline (GSK) to GSK for $US13B. This helped push the UK-headquartered and listed GSK ~5% higher.