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Market Opener – 27 Sep 2019
Local Markets Commentary
The Australian market commences Friday trade amid some disquiet relating to Middle East security plans, US-China trade deal progress and the status of UK-European Union proposals, ahead of material data anticipated out of China today and Monday.
Locally today, a swag of stocks, including KMD, trades ex-dividend. Please see pp3-4 for a detailed list.
Regionally, August industrial profits are expected out of China 11.30am AEST.
In overnight commodities trade, WTI crude settled slightly lower. Brent turned higher.
US gold futures (December) turned to record a small gain.
Iron ore (Nymex CFR China, 62% Fe) slipped US2c/t.
LME copper and nickel swung lower. Aluminium picked up the pace of its current decline.
The $A was pushed lower, to ~US67.50c, after trading at ~US67.60c early yesterday evening.
Locally today, a swag of stocks, including KMD, trades ex-dividend. Please see pp3-4 for a detailed list.
Regionally, August industrial profits are expected out of China 11.30am AEST.
In overnight commodities trade, WTI crude settled slightly lower. Brent turned higher.
US gold futures (December) turned to record a small gain.
Iron ore (Nymex CFR China, 62% Fe) slipped US2c/t.
LME copper and nickel swung lower. Aluminium picked up the pace of its current decline.
The $A was pushed lower, to ~US67.50c, after trading at ~US67.60c early yesterday evening.
Overseas Market Commentary
Choppy trade featured overnight across most major European and US equities markets.
The US gave details of its new contribution towards Middle East security operations, in particular in support of Saudi Arabia, these including an additional 200 military personnel, four radar systems and Patriot missiles.
China offered confirmation regarding increased US agricultural export purchases, amid other claims of US ‘bullying’ regarding new Iran-related sanctions announced by the US on Wednesday against five individuals from China and six Chinese enterprises.
US Department of Agriculture figures revealed overnight that 3375t of pork had been purchased by companies in China during 13 – 19 September.
In the UK, the House of Commons determined nothing new, but there appeared plenty of opposition to another parliamentary recess from tonight through Wednesday next week, to accommodate attendance at the Conservative party conference.
Among a swag of overnight US data releases, a final June quarter GDP growth reading remained at 2.0% for the quarter, the same as the second estimate, and against 3.1% for the March quarter.
Consumer prices surprised on the upside, increasing 2.4% during the June quarter, against 0.4% during the March quarter.
Preliminary August wholesale inventories were reported 0.4% higher for the month following a 0.1% July rise.
August pending home sales rose 1.6% for the month and were 2.5% higher year-on-year, against a 2.5% drop from the end of June to 31 July.
The Kansas City Fed manufacturing index encouraged, coming in at 11 following -2 for August.
Weekly new unemployment claims rose by 3000.
Earlier, GfK’s October consumer confidence reading for Germany was reported at 9.9, up 0.2 for the month.
Tonight in the US, August personal income and spending, a University of Michigan final September consumer sentiment reading, and August durable goods orders are due.
The US gave details of its new contribution towards Middle East security operations, in particular in support of Saudi Arabia, these including an additional 200 military personnel, four radar systems and Patriot missiles.
China offered confirmation regarding increased US agricultural export purchases, amid other claims of US ‘bullying’ regarding new Iran-related sanctions announced by the US on Wednesday against five individuals from China and six Chinese enterprises.
US Department of Agriculture figures revealed overnight that 3375t of pork had been purchased by companies in China during 13 – 19 September.
In the UK, the House of Commons determined nothing new, but there appeared plenty of opposition to another parliamentary recess from tonight through Wednesday next week, to accommodate attendance at the Conservative party conference.
Among a swag of overnight US data releases, a final June quarter GDP growth reading remained at 2.0% for the quarter, the same as the second estimate, and against 3.1% for the March quarter.
Consumer prices surprised on the upside, increasing 2.4% during the June quarter, against 0.4% during the March quarter.
Preliminary August wholesale inventories were reported 0.4% higher for the month following a 0.1% July rise.
August pending home sales rose 1.6% for the month and were 2.5% higher year-on-year, against a 2.5% drop from the end of June to 31 July.
The Kansas City Fed manufacturing index encouraged, coming in at 11 following -2 for August.
Weekly new unemployment claims rose by 3000.
Earlier, GfK’s October consumer confidence reading for Germany was reported at 9.9, up 0.2 for the month.
Tonight in the US, August personal income and spending, a University of Michigan final September consumer sentiment reading, and August durable goods orders are due.