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Market Opener – 15 Jul 2019
Local Markets Commentary
The Australian market commences a new week’s trade with a raft of influential China data, some released post-trade Friday and more anticipated today.
Among the new figures, China’s June quarter GDP, plus June industrial production and retail sales, and January – June fixed asset investment are expected midday AEST.
A June home price index is expected 11.30am.
Post-ASX trade Friday, China reported a 1.3% year-on-year fall in June exports, after a 1.1% May increase, plus a 7.8% decline in imports, following an 8.5% May drop.
The trade surplus rose from $US41.66B to $US50.98B.
In addition, China’s reported 1660B yuan worth of June new lending, against 1180B yuan in May.
Locally today, a weekly capital city home price report is due pre-trade.
In overnight Friday commodities trade, WTI crude settled essentially flat and Brent slightly higher.
US gold futures (August) turned to post a moderate gain.
Iron ore (China port, 62% Fe) slipped US7c, remaining above $US120.0/t.
Meanwhile, China reported a 5.9% year-on-year fall in January – June iron ore imports, the total coming in at 499.09Mt.
LME copper and aluminium settled slightly higher. Nickel rallied.
The $A ultimately headed towards US70.20c after vacillating early Friday evening, approaching US70.10c before pulling back below US69.95c.
Japan’s markets are closed today due to a public holiday.
Among the new figures, China’s June quarter GDP, plus June industrial production and retail sales, and January – June fixed asset investment are expected midday AEST.
A June home price index is expected 11.30am.
Post-ASX trade Friday, China reported a 1.3% year-on-year fall in June exports, after a 1.1% May increase, plus a 7.8% decline in imports, following an 8.5% May drop.
The trade surplus rose from $US41.66B to $US50.98B.
In addition, China’s reported 1660B yuan worth of June new lending, against 1180B yuan in May.
Locally today, a weekly capital city home price report is due pre-trade.
In overnight Friday commodities trade, WTI crude settled essentially flat and Brent slightly higher.
US gold futures (August) turned to post a moderate gain.
Iron ore (China port, 62% Fe) slipped US7c, remaining above $US120.0/t.
Meanwhile, China reported a 5.9% year-on-year fall in January – June iron ore imports, the total coming in at 499.09Mt.
LME copper and aluminium settled slightly higher. Nickel rallied.
The $A ultimately headed towards US70.20c after vacillating early Friday evening, approaching US70.10c before pulling back below US69.95c.
Japan’s markets are closed today due to a public holiday.
Overseas Market Commentary
Major European and US equities markets diverged markedly overnight Friday, key US indices opening higher and achieving session-high settlements. European indices chopped and swung across mostly negative trade.
Early Friday evening (AEST), China reported June trade statistics which included a $US29.92B trade surplus with the US, against $US26.9B at the end of May.
Among other data releases, the euro zone’s May industrial production came in better than anticipated, improving 0.9% for the month after a 0.4% April decline.
Year-on-year, output was 0.5% lower.
In the US, June producer prices were reported 0.1% higher, as for May, and against 0.2% in April. Forecasters had expected a 0.1% June fall, and the ultimate figure appeared to support the $US.
Tonight in the US, the New York Fed manufacturing index is due.
Citigroup (pre-US trade), POSCO and Charles Schwab are listed to report earnings tonight.
Early Friday evening (AEST), China reported June trade statistics which included a $US29.92B trade surplus with the US, against $US26.9B at the end of May.
Among other data releases, the euro zone’s May industrial production came in better than anticipated, improving 0.9% for the month after a 0.4% April decline.
Year-on-year, output was 0.5% lower.
In the US, June producer prices were reported 0.1% higher, as for May, and against 0.2% in April. Forecasters had expected a 0.1% June fall, and the ultimate figure appeared to support the $US.
Tonight in the US, the New York Fed manufacturing index is due.
Citigroup (pre-US trade), POSCO and Charles Schwab are listed to report earnings tonight.