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Market Opener – 14 Mar 2019
Local Markets Commentary
The Australian market commences today’s trade on largely positive overnight international equities leads, ahead of influential data out of China and with the UK House of Commons having voted to never leave the European Union (EU) without an agreed deal.
Regionally, China is expected to update this year’s industrial production, retail sales and fixed asset investment 1pm AEDT.
Locally, the Melbourne Institute publishes its monthly consumer inflation expectations report, 11am AEDT.
A swag of stocks also trades ex-dividend today. Please see pp3-4 for a comprehensive list.
In overnight commodities trade, oil rallied.
US gold futures (April) sharply extended Tuesday’s move higher.
LME copper settled essentially flat. Nickel and aluminium continued higher.
The $A was pushed higher, to ~US70.90c, after falling below US70.55c early yesterday evening.
Overseas Market Commentary
Major European and US equities markets mostly opened higher overnight and largely never looked like forfeiting broad gains.
The FTSE proved a notable exception, the UK government announcing 87% (by value) of imports would not attract tariffs, as opposed to the current 80%, should the UK leave the European Union (EU) without a deal in place.
Subsequently however, parliament’s House of Commons voted (321 – 278) for the UK never to withdraw from the EU unless governing arrangements had been agreed.
This propelled the British pound higher.
A vote is now anticipated on pushing back the proposed 29 March UK-EU separation date.
In the meantime, the UK chancellor presented the annual budget and delivered Spring forecasts that appeared largely overshadowed, due to the extent of UK-EU uncertainty.
In overnight data releases, euro zone industrial production improved 1.4% during January, after dropping 0.9% in December.
Year-on-year however, January output was 1.1% lower, although December’s represented a 4.2% slide.
In the US, February producer prices rose just 0.1% for the month, buoyed by higher petrol costs, following a 0.1% fall in January. Year-on-year, February prices came in 1.9% higher.
January durable goods orders were reported 0.4% higher, against a 1.3% December rise.
January construction spending surprised on the upside, increasing by 1.3%, after falling in November and December 2018.
Tonight in the US, weekly new unemployment claims are due, together with February import and export prices and January new home sales.
Elsewhere, a final February CPI reading is due for Germany.
Companies scheduled to report earnings or provide an update include: Adobe, Audi, Broadcom, Dell Technologies, Dollar General, Lufthansa, Oracle, PZ Cussons, Revlon and RWE.
In overnight corporate news, Brookfield Asset Management revealed a $US4.7B purchase of 62% of Oaktree Capital, pushing Oaktree more than 12% higher.
US and Canada decisions to also ground Boeing 737 Max 8 craft pushed Boeing yet lower, the DJIA consequently dropping suddenly.
The Australian market commences today’s trade on largely positive overnight international equities leads, ahead of influential data out of China and with the UK House of Commons having voted to never leave the European Union (EU) without an agreed deal.
Regionally, China is expected to update this year’s industrial production, retail sales and fixed asset investment 1pm AEDT.
Locally, the Melbourne Institute publishes its monthly consumer inflation expectations report, 11am AEDT.
A swag of stocks also trades ex-dividend today. Please see pp3-4 for a comprehensive list.
In overnight commodities trade, oil rallied.
US gold futures (April) sharply extended Tuesday’s move higher.
LME copper settled essentially flat. Nickel and aluminium continued higher.
The $A was pushed higher, to ~US70.90c, after falling below US70.55c early yesterday evening.
Overseas Market Commentary
Major European and US equities markets mostly opened higher overnight and largely never looked like forfeiting broad gains.
The FTSE proved a notable exception, the UK government announcing 87% (by value) of imports would not attract tariffs, as opposed to the current 80%, should the UK leave the European Union (EU) without a deal in place.
Subsequently however, parliament’s House of Commons voted (321 – 278) for the UK never to withdraw from the EU unless governing arrangements had been agreed.
This propelled the British pound higher.
A vote is now anticipated on pushing back the proposed 29 March UK-EU separation date.
In the meantime, the UK chancellor presented the annual budget and delivered Spring forecasts that appeared largely overshadowed, due to the extent of UK-EU uncertainty.
In overnight data releases, euro zone industrial production improved 1.4% during January, after dropping 0.9% in December.
Year-on-year however, January output was 1.1% lower, although December’s represented a 4.2% slide.
In the US, February producer prices rose just 0.1% for the month, buoyed by higher petrol costs, following a 0.1% fall in January. Year-on-year, February prices came in 1.9% higher.
January durable goods orders were reported 0.4% higher, against a 1.3% December rise.
January construction spending surprised on the upside, increasing by 1.3%, after falling in November and December 2018.
Tonight in the US, weekly new unemployment claims are due, together with February import and export prices and January new home sales.
Elsewhere, a final February CPI reading is due for Germany.
Companies scheduled to report earnings or provide an update include: Adobe, Audi, Broadcom, Dell Technologies, Dollar General, Lufthansa, Oracle, PZ Cussons, Revlon and RWE.
In overnight corporate news, Brookfield Asset Management revealed a $US4.7B purchase of 62% of Oaktree Capital, pushing Oaktree more than 12% higher.
US and Canada decisions to also ground Boeing 737 Max 8 craft pushed Boeing yet lower, the DJIA consequently dropping suddenly.