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Market Opener – 19 Mar 2019
Local Markets Commentary
The Australian market open’s today’s trade following further gains for key US equities indices overnight, ahead of the minutes of the Reserve Bank of Australia’s (RBA) March policy meeting, a domestic house price index and manufacturing sector survey results.
The RBA is due to release the minutes of the 5 March policy meeting 11.30am AEDT.
Pre-trade, RBA assistant governor financial markets Christopher Kent has been speaking on Bonds & Benchmarks at a Sydney forum.
Also at 11.30am, the Australian Bureau of Statistics (ABS) is due to publish a December quarter house price index.
Quarterly manufacturing survey results are also due from the ACCI this morning.
A weekly consumer sentiment reading was scheduled for release pre-trade.
Stocks trading ex-dividend today include ASB, CAR and REH. Please see p4 for a comprehensive list.
In overnight commodities trade, oil swung higher.
US gold futures (April) settled essentially flat.
Iron ore (China port, 62% Fe) rallied.
LME copper settled a little higher. Nickel picked up the pace of Friday’s small gain. Aluminium turned to record a sharp rise.
Meanwhile, figures from Refinitiv have indicated China’s ports unloaded just 2.5Mt of Australian coal between 1 – 17 March, suggesting traders are buying fewer tonnes due to clearance delays. 7.89Mt had been forecast to be offloaded during March.
The $A was pushed into retreat, to ~US71.00c, after being propelled to ~US71.20c early yesterday evening.
Overseas Market Commentary
Choppy trade featured across major European and US equities markets overnight, but most key indices settled at or near session highs.
In the UK the House of Commons speaker ruled a new vote on the PM’s proposed arrangements governing the planned withdrawal from the European Union (EU) could not take place unless they contained ‘substantial’ change.
This pushed the British pound lower against the euro and $US.
The planned separation date is 29 March, but if EU members approve any official request from the UK for a delay, it can legally be pushed back.
In the US, investors pondered a weekend online China media report that suggested no US-China trade deal meeting was likely take place between the presidents of the US and China before June.
In overnight releases, the euro zone’s January trade figures included a trade surplus slide, from €17B at the end of December to €1.5B.
In the US, a home builders’ sentiment index remained flat at a healthy 62.
Tonight in the US, the Federal Reserve commences a two-day policy meeting from which outcomes will be announced pre-ASX trade Thursday.
January factory orders are also due tonight.
Elsewhere, the UK House of Commons will further react to last night’s ruling that a new UK-EU separation deal vote cannot take place until the proposed arrangements demonstrate significant change.
Antofagasta (full year), ASOS, FedEx, Porsche and Tencent Music Entertainment are scheduled to report earnings and/or provide updates.
In overnight corporate news, US-headquartered financial services tech group FIS revealed a proposed deal to purchase payments firm Worldpay, whereby Worldpay shareholders would own 47% of a new merged entity and FIS investors 53%.
New Boeing crash investigation reports pushed the stock lower again, constraining some DJIA sentiment.
Deutsche Bank’s strength was questioned by some, following weekend confirmation of a possible merger with Commerzbank, this impacting some broader DAX trade.
Facebook fell a further 3.5% on regulation speculation and reports more executives may leave.
The Australian market open’s today’s trade following further gains for key US equities indices overnight, ahead of the minutes of the Reserve Bank of Australia’s (RBA) March policy meeting, a domestic house price index and manufacturing sector survey results.
The RBA is due to release the minutes of the 5 March policy meeting 11.30am AEDT.
Pre-trade, RBA assistant governor financial markets Christopher Kent has been speaking on Bonds & Benchmarks at a Sydney forum.
Also at 11.30am, the Australian Bureau of Statistics (ABS) is due to publish a December quarter house price index.
Quarterly manufacturing survey results are also due from the ACCI this morning.
A weekly consumer sentiment reading was scheduled for release pre-trade.
Stocks trading ex-dividend today include ASB, CAR and REH. Please see p4 for a comprehensive list.
In overnight commodities trade, oil swung higher.
US gold futures (April) settled essentially flat.
Iron ore (China port, 62% Fe) rallied.
LME copper settled a little higher. Nickel picked up the pace of Friday’s small gain. Aluminium turned to record a sharp rise.
Meanwhile, figures from Refinitiv have indicated China’s ports unloaded just 2.5Mt of Australian coal between 1 – 17 March, suggesting traders are buying fewer tonnes due to clearance delays. 7.89Mt had been forecast to be offloaded during March.
The $A was pushed into retreat, to ~US71.00c, after being propelled to ~US71.20c early yesterday evening.
Overseas Market Commentary
Choppy trade featured across major European and US equities markets overnight, but most key indices settled at or near session highs.
In the UK the House of Commons speaker ruled a new vote on the PM’s proposed arrangements governing the planned withdrawal from the European Union (EU) could not take place unless they contained ‘substantial’ change.
This pushed the British pound lower against the euro and $US.
The planned separation date is 29 March, but if EU members approve any official request from the UK for a delay, it can legally be pushed back.
In the US, investors pondered a weekend online China media report that suggested no US-China trade deal meeting was likely take place between the presidents of the US and China before June.
In overnight releases, the euro zone’s January trade figures included a trade surplus slide, from €17B at the end of December to €1.5B.
In the US, a home builders’ sentiment index remained flat at a healthy 62.
Tonight in the US, the Federal Reserve commences a two-day policy meeting from which outcomes will be announced pre-ASX trade Thursday.
January factory orders are also due tonight.
Elsewhere, the UK House of Commons will further react to last night’s ruling that a new UK-EU separation deal vote cannot take place until the proposed arrangements demonstrate significant change.
Antofagasta (full year), ASOS, FedEx, Porsche and Tencent Music Entertainment are scheduled to report earnings and/or provide updates.
In overnight corporate news, US-headquartered financial services tech group FIS revealed a proposed deal to purchase payments firm Worldpay, whereby Worldpay shareholders would own 47% of a new merged entity and FIS investors 53%.
New Boeing crash investigation reports pushed the stock lower again, constraining some DJIA sentiment.
Deutsche Bank’s strength was questioned by some, following weekend confirmation of a possible merger with Commerzbank, this impacting some broader DAX trade.
Facebook fell a further 3.5% on regulation speculation and reports more executives may leave.