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Market Opener – 09 May 2019
Local Markets Commentary
The Australian market commences today’s trade ahead of further key data out of China today, following US-China tit-for-tat talk overnight.
China’s April CPI and producer prices are scheduled for release 11.30am AEST.
Locally today, GNC and ORI have reported interim results pre-trade.
Industry updates are anticipated as high-profile stocks, including CTX, GMA, QBE and RIO, host AGMs.
In overnight commodities trade, oil bounced higher.
US gold futures (June) turned modestly lower.
Iron ore (China port, 62% Fe) pulled back.
LME copper, nickel and aluminium settled lower, copper only slightly so.
The $A fell beneath US69.90c after approaching US70.15c early yesterday evening.
China’s April CPI and producer prices are scheduled for release 11.30am AEST.
Locally today, GNC and ORI have reported interim results pre-trade.
Industry updates are anticipated as high-profile stocks, including CTX, GMA, QBE and RIO, host AGMs.
In overnight commodities trade, oil bounced higher.
US gold futures (June) turned modestly lower.
Iron ore (China port, 62% Fe) pulled back.
LME copper, nickel and aluminium settled lower, copper only slightly so.
The $A fell beneath US69.90c after approaching US70.15c early yesterday evening.
Overseas Market Commentary
Choppy trade featured across major European and US equities markets overnight, but while European indices settled at or near session highs, key US indices trended lower in the last 20 minutes of trade.
Geopolitical issues remained in focus, Iran announcing it would effectively no fully longer comply with a 2015 international nuclear agreement, the same agreement from which the US withdrew.
Earlier this week, the US dispatched an aircraft carrier, support vessels and strike aircraft to the Middle East, citing warnings out of Iran.
Overnight, the US also revealed it was introducing sanctions against Iran’s industrial metals trade.
Choppy trade featured across major European and US equities markets overnight, but while European indices settled at or near session highs, key US indices trended lower in the last 20 minutes of trade.
Geopolitical issues remained in focus, Iran announcing it would effectively no fully longer comply with a 2015 international nuclear agreement, the same agreement from which the US withdrew.
Earlier this week, the US dispatched an aircraft carrier, support vessels and strike aircraft to the Middle East, citing warnings out of Iran.
Overnight, the US also revealed it was introducing sanctions against Iran’s industrial metals trade.
This, a week after ending sanction waivers for eight customers of Iranian oil, and with the US issuing another warning regarding these sanctions overnight.
Meanwhile, China expressed ‘regret’ it would need to respond in kind again, should the US raise, as reconfirmed overnight, import taxes on $US200B worth of goods from China as from tomorrow.
However, the US administration claimed it had received positive indications from China that the delegation commencing new negotiations in Washington tonight remained focused on securing an ultimate trade agreement.
Among overnight data releases, Germany reported a 0.5% rise in March industrial production, following a 0.4% February gain.
In the US, weekly mortgage applications rose 2.7%.
Tonight in the US, March trade figures are keenly anticipated. Weekly new unemployment claims, April producer prices and March wholesale inventories are also due.
Companies expected to report earnings later today or tonight include: AngloGold Ashanti, Arcelor Mittal, AXA, BT Group, Duke Energy, Keurig DrPepper, Kirin Holdings, Lotte Shopping, Marubeni, Mazda Motor, Mitsubishi Corp, News Corp, Nippon Steel, Panasonic, Reva Medical, Revlon, Softbank Group, Sumitomo Metal, Symantec, UniCredit, Yahama Corp and Yelp.
UK supermarket chain Morrison’s is scheduled to provide a trading update.
BP will trade ex-dividend on the FTSE 100.
Geopolitical issues remained in focus, Iran announcing it would effectively no fully longer comply with a 2015 international nuclear agreement, the same agreement from which the US withdrew.
Earlier this week, the US dispatched an aircraft carrier, support vessels and strike aircraft to the Middle East, citing warnings out of Iran.
Overnight, the US also revealed it was introducing sanctions against Iran’s industrial metals trade.
Choppy trade featured across major European and US equities markets overnight, but while European indices settled at or near session highs, key US indices trended lower in the last 20 minutes of trade.
Geopolitical issues remained in focus, Iran announcing it would effectively no fully longer comply with a 2015 international nuclear agreement, the same agreement from which the US withdrew.
Earlier this week, the US dispatched an aircraft carrier, support vessels and strike aircraft to the Middle East, citing warnings out of Iran.
Overnight, the US also revealed it was introducing sanctions against Iran’s industrial metals trade.
This, a week after ending sanction waivers for eight customers of Iranian oil, and with the US issuing another warning regarding these sanctions overnight.
Meanwhile, China expressed ‘regret’ it would need to respond in kind again, should the US raise, as reconfirmed overnight, import taxes on $US200B worth of goods from China as from tomorrow.
However, the US administration claimed it had received positive indications from China that the delegation commencing new negotiations in Washington tonight remained focused on securing an ultimate trade agreement.
Among overnight data releases, Germany reported a 0.5% rise in March industrial production, following a 0.4% February gain.
In the US, weekly mortgage applications rose 2.7%.
Tonight in the US, March trade figures are keenly anticipated. Weekly new unemployment claims, April producer prices and March wholesale inventories are also due.
Companies expected to report earnings later today or tonight include: AngloGold Ashanti, Arcelor Mittal, AXA, BT Group, Duke Energy, Keurig DrPepper, Kirin Holdings, Lotte Shopping, Marubeni, Mazda Motor, Mitsubishi Corp, News Corp, Nippon Steel, Panasonic, Reva Medical, Revlon, Softbank Group, Sumitomo Metal, Symantec, UniCredit, Yahama Corp and Yelp.
UK supermarket chain Morrison’s is scheduled to provide a trading update.
BP will trade ex-dividend on the FTSE 100.