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Market Opener – 08 Sep 2017
Local Markets Commentary
The Australian market opens Friday trade on mixed overnight international equities and commodities leads, ahead of influential regional data.
China is due to release August trade figures midday AEST.
A final June quarter GDP reading is due for Japan 9.50am.
In overnight commodities trade, US gold futures turned higher. Brent crude continued so, but WTI settled slightly lower. Iron ore (China port, 62% Fe) fell for a second consecutive session. LME copper again settled little changed.
The $A gained considerable further strength after trading above US80.15c early yesterday evening.
Locally today, July housing finance figures are due 11.30am AEST.
BSL, QAN and SHL are among large-cap stocks trading ex-dividend today.
Overseas Market Commentary
International equities trade diverged overnight, major European equities markets chopping but generally heading higher.
US trading sentiment appeared held back by: reports of Hurricane Irma’s approach to the US coast, and another storm behind that, as Harvey recovery continues; data associated with storm damage; and the US president’s view that perhaps the national debt ceiling concept ought be scrapped.
Away from the US, the European Central Bank’s post-policy meeting underscored ongoing discussions regarding the timing of any easing, but in the meantime, president Mario Draghi played up the adverse effects of a robust euro.
Euro zone June quarter GDP growth was revised 0.1% higher, to 2.3% year-on-year, in a final reading. For the quarter, GDP rose 0.6%.
Germany’s July industrial production came in flat following a 1.1% fall in June. Energy sector activity was reported as the main contributor to the weak result.
In US data releases, weekly new unemployment claims unexpectedly jumped by 62,000, to 298,000. The gain was attributed to Hurricane Harvey, but the magnitude appeared to surprise.
A final June quarter productivity growth reading came in at 1.5%, from an initial 0.9% estimate.
Tonight in the US, July wholesale inventories and consumer credit are due.
In overnight corporate news, a Walt Disney full-year profit warning, and Comcast (cable TV specialist) subscriber warning, damaged the stocks and broader trade stability.
A media report in the meantime speculated on production problems leading to shipping delays and hence stock shortages for Apple’s next iPhone launch, scheduled for next week.
The Australian market opens Friday trade on mixed overnight international equities and commodities leads, ahead of influential regional data.
China is due to release August trade figures midday AEST.
A final June quarter GDP reading is due for Japan 9.50am.
In overnight commodities trade, US gold futures turned higher. Brent crude continued so, but WTI settled slightly lower. Iron ore (China port, 62% Fe) fell for a second consecutive session. LME copper again settled little changed.
The $A gained considerable further strength after trading above US80.15c early yesterday evening.
Locally today, July housing finance figures are due 11.30am AEST.
BSL, QAN and SHL are among large-cap stocks trading ex-dividend today.
Overseas Market Commentary
International equities trade diverged overnight, major European equities markets chopping but generally heading higher.
US trading sentiment appeared held back by: reports of Hurricane Irma’s approach to the US coast, and another storm behind that, as Harvey recovery continues; data associated with storm damage; and the US president’s view that perhaps the national debt ceiling concept ought be scrapped.
Away from the US, the European Central Bank’s post-policy meeting underscored ongoing discussions regarding the timing of any easing, but in the meantime, president Mario Draghi played up the adverse effects of a robust euro.
Euro zone June quarter GDP growth was revised 0.1% higher, to 2.3% year-on-year, in a final reading. For the quarter, GDP rose 0.6%.
Germany’s July industrial production came in flat following a 1.1% fall in June. Energy sector activity was reported as the main contributor to the weak result.
In US data releases, weekly new unemployment claims unexpectedly jumped by 62,000, to 298,000. The gain was attributed to Hurricane Harvey, but the magnitude appeared to surprise.
A final June quarter productivity growth reading came in at 1.5%, from an initial 0.9% estimate.
Tonight in the US, July wholesale inventories and consumer credit are due.
In overnight corporate news, a Walt Disney full-year profit warning, and Comcast (cable TV specialist) subscriber warning, damaged the stocks and broader trade stability.
A media report in the meantime speculated on production problems leading to shipping delays and hence stock shortages for Apple’s next iPhone launch, scheduled for next week.