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Market Opener – 24 Oct 2017
Local Markets Commentary
The Australian market opens today’s trade on negative US equities and mixed commodities leads, ahead of a batch of high-profile AGMs.
In overnight commodities trade, US gold futures and WTI crude settled essentially flat. Brent crude fell. Iron ore (China port 62% Fe) swung lower. LME copper and nickel swung higher.
The $A traded in a narrow range after slipping below US78.10c early yesterday evening.
Locally today, a weekly consumer sentiment report is due pre-trade.
Overseas Market Commentary
Major European equities markets swung and chopped overnight, while key US indices mostly trended lower from early trade.
Varying levels of disquiet surrounded political uncertainties in the UK, Spain, Germany and Iraq/Kurdistan. In the US, how tax changes might be funded resurfaced, and the tech and industrial sectors appeared out of favour, in part due to newly-released results.
Among data releases, a European Commission euro zone consumer confidence measure came in at -1.0, nonetheless encouraging after -1.2 last month and forecasts of -1.1.
Further, this was the highest reading in 16 years, and represented a third consecutive monthly improvement.
In the US, the Chicago Fed national activity index rose to 0.17 from -0.37.
Tonight in the US, Markit’s initial services and manufacturing PMI estimates are due, together with a regional manufacturing index.
Anglo American, AT & T, Canon, Caterpillar, General Motors, LG Household & Healthcare, Lockheed Martin, McDonald’s and United Technologies are among companies scheduled to report earnings later today or tonight.
In overnight corporate moves, General Electric was pushed 6% lower, damaged by analyst reports following results and company turnaround plans released Friday.
Toy and game manufacturer Hasbro dropped more than 8.5% on disappointing guidance.
Halliburton profits and sales exceeded forecasts, however.
The Australian market opens today’s trade on negative US equities and mixed commodities leads, ahead of a batch of high-profile AGMs.
In overnight commodities trade, US gold futures and WTI crude settled essentially flat. Brent crude fell. Iron ore (China port 62% Fe) swung lower. LME copper and nickel swung higher.
The $A traded in a narrow range after slipping below US78.10c early yesterday evening.
Locally today, a weekly consumer sentiment report is due pre-trade.
Overseas Market Commentary
Major European equities markets swung and chopped overnight, while key US indices mostly trended lower from early trade.
Varying levels of disquiet surrounded political uncertainties in the UK, Spain, Germany and Iraq/Kurdistan. In the US, how tax changes might be funded resurfaced, and the tech and industrial sectors appeared out of favour, in part due to newly-released results.
Among data releases, a European Commission euro zone consumer confidence measure came in at -1.0, nonetheless encouraging after -1.2 last month and forecasts of -1.1.
Further, this was the highest reading in 16 years, and represented a third consecutive monthly improvement.
In the US, the Chicago Fed national activity index rose to 0.17 from -0.37.
Tonight in the US, Markit’s initial services and manufacturing PMI estimates are due, together with a regional manufacturing index.
Anglo American, AT & T, Canon, Caterpillar, General Motors, LG Household & Healthcare, Lockheed Martin, McDonald’s and United Technologies are among companies scheduled to report earnings later today or tonight.
In overnight corporate moves, General Electric was pushed 6% lower, damaged by analyst reports following results and company turnaround plans released Friday.
Toy and game manufacturer Hasbro dropped more than 8.5% on disappointing guidance.
Halliburton profits and sales exceeded forecasts, however.