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State One Market Opener - 12 Aug 2016
Local Markets Commentary
The Australian market opens Friday’s trade on positive international equities leads and an oil price rally.
Regional and local considerations could swing select trade intra-session.
China is expected to report July industrial production, retail sales and fixed assets investment midday AEST.
Locally today, SUN trades ex-dividend amid more corporate financial results. The ABS releases June lending finance 11.30am AEST.
In overnight commodities trade, US gold futures settled slightly lower. Oil turned decisively higher. Copper continued to advance. Iron ore pulled back further.
The $A fell towards US77.0c after trading at ~US77.10c early yesterday evening.
Overseas Market Commentary
Major European and US equities markets gained overnight, supported by an oil price rally, and particularly in the US, by retailers.
Record highs achieved by the DJIA, S&P 500 and NASDAQ also sustained session optimism.
US weekly new unemployment claims fell by 1000, and the four-week moving average rose 3000, both tallies remaining well below the psychologically influential 300,000 mark.
July import prices were reported 0.1% higher, after a 0.6% rise in June, and against $US-based forecasts of a 0.3% fall.
Tonight in the US, July retail sales, producer prices, June business inventories and an influential consumer sentiment index reading are due.
The International Monetary Fund (IMF) is due to release a report on China’s economy 11pm AEST.
Meanwhile, Tata Steel convenes its AGM in India.
Companies scheduled to report earnings today and tonight include AP Moeller-Maersk, US retailer JC Penney and Toshiba.
Overnight, US retailer Macy’s rose almost 20% after reporting better-than-feared sales and outlined plans to close 100 outlets. Fellow retailer Kohl’s was pushed similarly higher on quarterly profit, despite lowering full-year expectations.
Alibaba also gained, on a 59% improvement in June quarter revenue.
The Australian market opens Friday’s trade on positive international equities leads and an oil price rally.
Regional and local considerations could swing select trade intra-session.
China is expected to report July industrial production, retail sales and fixed assets investment midday AEST.
Locally today, SUN trades ex-dividend amid more corporate financial results. The ABS releases June lending finance 11.30am AEST.
In overnight commodities trade, US gold futures settled slightly lower. Oil turned decisively higher. Copper continued to advance. Iron ore pulled back further.
The $A fell towards US77.0c after trading at ~US77.10c early yesterday evening.
Overseas Market Commentary
Major European and US equities markets gained overnight, supported by an oil price rally, and particularly in the US, by retailers.
Record highs achieved by the DJIA, S&P 500 and NASDAQ also sustained session optimism.
US weekly new unemployment claims fell by 1000, and the four-week moving average rose 3000, both tallies remaining well below the psychologically influential 300,000 mark.
July import prices were reported 0.1% higher, after a 0.6% rise in June, and against $US-based forecasts of a 0.3% fall.
Tonight in the US, July retail sales, producer prices, June business inventories and an influential consumer sentiment index reading are due.
The International Monetary Fund (IMF) is due to release a report on China’s economy 11pm AEST.
Meanwhile, Tata Steel convenes its AGM in India.
Companies scheduled to report earnings today and tonight include AP Moeller-Maersk, US retailer JC Penney and Toshiba.
Overnight, US retailer Macy’s rose almost 20% after reporting better-than-feared sales and outlined plans to close 100 outlets. Fellow retailer Kohl’s was pushed similarly higher on quarterly profit, despite lowering full-year expectations.
Alibaba also gained, on a 59% improvement in June quarter revenue.