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Market Opener - 03 Jan 2019
Local Markets Commentary
The Australian market opens today’s trade following overnight vacillations across international equities and commodities markets, ahead of influential US data and an initial session of a new US parliament tonight.
In overnight commodities trade, oil settled higher.
US (February) gold futures rose.
Iron ore (China port 62% Fe) reportedly fell.
LME copper and aluminium dropped, but nickel rallied.
The $A fell below 70.00c after dropping below 70.15c early yesterday evening, and has traded beneath US69.70c this morning.
Locally today, a monthly inflation gauge report is scheduled for release at 11am AEDT.
Monday, China’s National Bureau of Statistics reported a contraction-mode 49.4 December manufacturing PMI.
Yesterday, Caixin also published a contractionary manufacturing PMI for China, 49.7.
Japan’s markets are closed today.
Overseas Market Commentary
Major European and US equities markets mostly opened lower overnight, but despite choppy trade, trended higher towards a concert of near-session high positive settlements.
Notably, the NASDAQ settled higher for a sixth consecutive session, and rallying oil prices supported select energy sector stocks.
Yesterday, a second batch of discouraging manufacturing data, in as many trading days, was released for China.
New overnight data also came in mixed.
In addition, US government funding remained in focus, ahead of tonight’s Congress restart for the new year, this time with a new makeup following the November 2018 mid-term elections.
Overnight, the US president was reported to have been meeting with eight parliamentarians to reiterate to his invitees his preferred government funding/national security mix.
As of overnight, legislation was awaiting parliamentary votes and then presidential approval, to fund a majority of government services through to 30 September.
A partial shutdown of government services has continued after funding negotiations failed to reach a satisfactory conclusion by midnight 21 December 2018. The major sticking point has been reported as the amount of funding ($US5B) the US president would like allocated to a US-Mexico border wall.
Among overnight data releases, a Markit 53.8 final December manufacturing PMI for the US represented a 0.1-point slip from December’s reading.
The final December manufacturing PMI for the euro zone came in at 51.4, down 0.4 from November’s final reading.
Germany’s was estimated at 51.5, down 0.3. France’s fell to 49.7, from 50.8.
In the UK, the December manufacturing PMI pleased at 54.2 against November’s revised 53.6.
Tonight in the US, private sector employment, weekly new unemployment claims and December job cuts reports are due, ahead of official national December employment statistics tomorrow night.
ISM’s influential manufacturing index is also expected, together with a New York business activity index and November construction spending.
UK online retail specialist Next is scheduled to provide a trading update.
The Australian market opens today’s trade following overnight vacillations across international equities and commodities markets, ahead of influential US data and an initial session of a new US parliament tonight.
In overnight commodities trade, oil settled higher.
US (February) gold futures rose.
Iron ore (China port 62% Fe) reportedly fell.
LME copper and aluminium dropped, but nickel rallied.
The $A fell below 70.00c after dropping below 70.15c early yesterday evening, and has traded beneath US69.70c this morning.
Locally today, a monthly inflation gauge report is scheduled for release at 11am AEDT.
Monday, China’s National Bureau of Statistics reported a contraction-mode 49.4 December manufacturing PMI.
Yesterday, Caixin also published a contractionary manufacturing PMI for China, 49.7.
Japan’s markets are closed today.
Overseas Market Commentary
Major European and US equities markets mostly opened lower overnight, but despite choppy trade, trended higher towards a concert of near-session high positive settlements.
Notably, the NASDAQ settled higher for a sixth consecutive session, and rallying oil prices supported select energy sector stocks.
Yesterday, a second batch of discouraging manufacturing data, in as many trading days, was released for China.
New overnight data also came in mixed.
In addition, US government funding remained in focus, ahead of tonight’s Congress restart for the new year, this time with a new makeup following the November 2018 mid-term elections.
Overnight, the US president was reported to have been meeting with eight parliamentarians to reiterate to his invitees his preferred government funding/national security mix.
As of overnight, legislation was awaiting parliamentary votes and then presidential approval, to fund a majority of government services through to 30 September.
A partial shutdown of government services has continued after funding negotiations failed to reach a satisfactory conclusion by midnight 21 December 2018. The major sticking point has been reported as the amount of funding ($US5B) the US president would like allocated to a US-Mexico border wall.
Among overnight data releases, a Markit 53.8 final December manufacturing PMI for the US represented a 0.1-point slip from December’s reading.
The final December manufacturing PMI for the euro zone came in at 51.4, down 0.4 from November’s final reading.
Germany’s was estimated at 51.5, down 0.3. France’s fell to 49.7, from 50.8.
In the UK, the December manufacturing PMI pleased at 54.2 against November’s revised 53.6.
Tonight in the US, private sector employment, weekly new unemployment claims and December job cuts reports are due, ahead of official national December employment statistics tomorrow night.
ISM’s influential manufacturing index is also expected, together with a New York business activity index and November construction spending.
UK online retail specialist Next is scheduled to provide a trading update.