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Market Opener – 06 Mar 2019
Local Markets Commentary
The Australian market commences mid-week trade ahead of influential domestic data, with new housing market comments from the Reserve Bank of Australia (RBA) governor and growth support pledges from China’s administration.
Late yesterday, China premier Li Keqiang told the annual National People’s Congress that the nation’s growth target had been revised downwards to 6.0% - 6.5%, but that plans to cut two trillion yuan ($US293.3B) worth of company taxes and fees, plus increased infrastructure spending would mitigate the ‘complicated and more severe’ environment faced by administrators.
In decidedly mixed overnight commodities trade, oil turned lower.
US gold futures (April) declined further, but ultimately slightly so.LME copper swung higher and nickel continued to rally.
Iron ore (China port, 62% Fe) picked up the pace of Monday’s turn lower.
The $A appreciated a little after trading at US70.80c early yesterday evening.
Locally this morning, RBA governor Philip Lowe has delivered housing market and economic impact views to business summit attendees in Sydney this morning.
The Australian Bureau of Statistics (ABS) publishes December quarter GDP growth 11.30am AEDT.
Influential stocks trading ex-dividend today include BXB, EVT, FXL, HSN, QUB, RHC, and PPT. Please see pp4-5 for details.
The Australian market commences mid-week trade ahead of influential domestic data, with new housing market comments from the Reserve Bank of Australia (RBA) governor and growth support pledges from China’s administration.
Late yesterday, China premier Li Keqiang told the annual National People’s Congress that the nation’s growth target had been revised downwards to 6.0% - 6.5%, but that plans to cut two trillion yuan ($US293.3B) worth of company taxes and fees, plus increased infrastructure spending would mitigate the ‘complicated and more severe’ environment faced by administrators.
In decidedly mixed overnight commodities trade, oil turned lower.
US gold futures (April) declined further, but ultimately slightly so.LME copper swung higher and nickel continued to rally.
Iron ore (China port, 62% Fe) picked up the pace of Monday’s turn lower.
The $A appreciated a little after trading at US70.80c early yesterday evening.
Locally this morning, RBA governor Philip Lowe has delivered housing market and economic impact views to business summit attendees in Sydney this morning.
The Australian Bureau of Statistics (ABS) publishes December quarter GDP growth 11.30am AEDT.
Influential stocks trading ex-dividend today include BXB, EVT, FXL, HSN, QUB, RHC, and PPT. Please see pp4-5 for details.
Overseas Market Commentary
Major European and US equities markets headed higher at varying times, in vacillating trade overnight, sentiment in part buoyed by pleasing data and corporate results plus some assurances out of China, but tempered by China growth concerns.
Earlier, China had pledged corporate tax relief and increased infrastructure spending as it lowered its growth target from ~6.5% to 6.0% - 6.5%.
Among new data releases, the US January deficit was reported as a $US9B surplus, against forecasts of a $US25B surplus, and following a $US14B December deficit.
ISM’s influential February services sector activity index rose three points to a yet stronger 59.7.
Further, an economic optimism index rose 5.4 points to 55.7.
December new home sales came in 3.7% higher, following a 9.1% November jump.
A final February services PMI for the euro zone represented a 1.6-point rise to 52.8.
January retail sales rose 1.3% for the month (not the 16% drop quoted in yesterday’s Market Opener. Apologies.) following a 1.4% December decline. Year-on-year, sales were 2.2% higher.
Germany’s February services PMI rose 2.3 points to 55.3
In the UK, new data provided some domestic relief.
The February services activity index gained 1.2 points to reach 51.3.
February new motor vehicle sales rose 1.4% after a 1.6% January drop.
Bank of England governor Mark Carney was due to meet with House of Lords economic affairs committee members post-trade, to talk on the bank’s view of economic matters, domestic inflation (2.1% growth forecast) and UK-European Union separation scenarios. This could impact some of tonight’s British pound and FTSE trade.
In the meantime, Greece attracted €11.8B worth of bids for a €2.5B 10-year bond sale.
Tonight in the US, December trade figures, the Federal Reserve’s district-by-district economic summary (beige book), January factory orders, a February private employment report and weekly mortgage applications are due.
Companies scheduled to report earnings include: Abercrombie & Fitch, American Eagle Outfitters, Dollar Tree, ERG, Legal & General, Luxottica,
In overnight corporate news, Toyota and BMW warned they would likely eventually cease UK vehicle manufacturing should the UK separate from the European Union without firm arrangements in place.
In reporting news, US retailers Target and Kohl’s surprised on the upside.
General Electric’s industrial division outlook disappointed, however.
An heuser-Busch In Bev was in the meantime reported to be deciding on a replacement for the chairman who is viewed as juggling conflicted interests.
Sales force reported post-Monday US trade, and was pushed lower overnight on a weaker-than-desired outlook.
The Australian market commences mid-week trade ahead of influential domestic data, with new housing market comments from the Reserve Bank of Australia (RBA) governor and growth support pledges from China’s administration.
Late yesterday, China premier Li Keqiang told the annual National People’s Congress that the nation’s growth target had been revised downwards to 6.0% - 6.5%, but that plans to cut two trillion yuan ($US293.3B) worth of company taxes and fees, plus increased infrastructure spending would mitigate the ‘complicated and more severe’ environment faced by administrators.
In decidedly mixed overnight commodities trade, oil turned lower.
US gold futures (April) declined further, but ultimately slightly so.LME copper swung higher and nickel continued to rally.
Iron ore (China port, 62% Fe) picked up the pace of Monday’s turn lower.
The $A appreciated a little after trading at US70.80c early yesterday evening.
Locally this morning, RBA governor Philip Lowe has delivered housing market and economic impact views to business summit attendees in Sydney this morning.
The Australian Bureau of Statistics (ABS) publishes December quarter GDP growth 11.30am AEDT.
Influential stocks trading ex-dividend today include BXB, EVT, FXL, HSN, QUB, RHC, and PPT. Please see pp4-5 for details.
The Australian market commences mid-week trade ahead of influential domestic data, with new housing market comments from the Reserve Bank of Australia (RBA) governor and growth support pledges from China’s administration.
Late yesterday, China premier Li Keqiang told the annual National People’s Congress that the nation’s growth target had been revised downwards to 6.0% - 6.5%, but that plans to cut two trillion yuan ($US293.3B) worth of company taxes and fees, plus increased infrastructure spending would mitigate the ‘complicated and more severe’ environment faced by administrators.
In decidedly mixed overnight commodities trade, oil turned lower.
US gold futures (April) declined further, but ultimately slightly so.LME copper swung higher and nickel continued to rally.
Iron ore (China port, 62% Fe) picked up the pace of Monday’s turn lower.
The $A appreciated a little after trading at US70.80c early yesterday evening.
Locally this morning, RBA governor Philip Lowe has delivered housing market and economic impact views to business summit attendees in Sydney this morning.
The Australian Bureau of Statistics (ABS) publishes December quarter GDP growth 11.30am AEDT.
Influential stocks trading ex-dividend today include BXB, EVT, FXL, HSN, QUB, RHC, and PPT. Please see pp4-5 for details.
Overseas Market Commentary
Major European and US equities markets headed higher at varying times, in vacillating trade overnight, sentiment in part buoyed by pleasing data and corporate results plus some assurances out of China, but tempered by China growth concerns.
Earlier, China had pledged corporate tax relief and increased infrastructure spending as it lowered its growth target from ~6.5% to 6.0% - 6.5%.
Among new data releases, the US January deficit was reported as a $US9B surplus, against forecasts of a $US25B surplus, and following a $US14B December deficit.
ISM’s influential February services sector activity index rose three points to a yet stronger 59.7.
Further, an economic optimism index rose 5.4 points to 55.7.
December new home sales came in 3.7% higher, following a 9.1% November jump.
A final February services PMI for the euro zone represented a 1.6-point rise to 52.8.
January retail sales rose 1.3% for the month (not the 16% drop quoted in yesterday’s Market Opener. Apologies.) following a 1.4% December decline. Year-on-year, sales were 2.2% higher.
Germany’s February services PMI rose 2.3 points to 55.3
In the UK, new data provided some domestic relief.
The February services activity index gained 1.2 points to reach 51.3.
February new motor vehicle sales rose 1.4% after a 1.6% January drop.
Bank of England governor Mark Carney was due to meet with House of Lords economic affairs committee members post-trade, to talk on the bank’s view of economic matters, domestic inflation (2.1% growth forecast) and UK-European Union separation scenarios. This could impact some of tonight’s British pound and FTSE trade.
In the meantime, Greece attracted €11.8B worth of bids for a €2.5B 10-year bond sale.
Tonight in the US, December trade figures, the Federal Reserve’s district-by-district economic summary (beige book), January factory orders, a February private employment report and weekly mortgage applications are due.
Companies scheduled to report earnings include: Abercrombie & Fitch, American Eagle Outfitters, Dollar Tree, ERG, Legal & General, Luxottica,
In overnight corporate news, Toyota and BMW warned they would likely eventually cease UK vehicle manufacturing should the UK separate from the European Union without firm arrangements in place.
In reporting news, US retailers Target and Kohl’s surprised on the upside.
General Electric’s industrial division outlook disappointed, however.
An heuser-Busch In Bev was in the meantime reported to be deciding on a replacement for the chairman who is viewed as juggling conflicted interests.
Sales force reported post-Monday US trade, and was pushed lower overnight on a weaker-than-desired outlook.