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Market Opener – 09 Feb 2018
Local Markets Commentary
The Australian market commences Friday trade following overnight international equities turmoil.
Commodities leads are mixed however, and influential local and regional reports are due during the domestic trading session.
In overnight commodities trade, US gold futures swung higher. Oil fell further.
Iron ore (China port, 62% Fe) extended this week’s gains a little.
LME copper and nickel continued lower.
The $A dropped below US 77.90c after falling to US78.05c early yesterday evening.
Regionally today, China is expected to publish January CPI and PPI figures 12.30pm AEDST.
Locally, the Reserve Bank of Australia (RBA) releases its quarterly bulletin, including economic growth predictions and inflation outlooks, at 11.30am AEDST.
Overnight, RBA governor Philip Lowe told Australian Economic Forum dinner guests in Sydney that any rate rise was dependent in part on solid evidence of wages growth and that he did not anticipate any rate moves in the short term.
The Australian Bureau of Statistics (ABS) is due to reveal December housing finance, also 11.30am.
January lending figures are anticipated out of China anytime from the weekend, in the leadup to lunar new year late next week.
Overseas Market Commentary
Sentiment deteriorated further across major European and US equities markets overnight, the DJIA and S&P 500 propelled into correction mode.
US and European bond yields ultimately climbed and oil prices continued lower.
US funding to support full government services past midnight (local time) hung in the balance, with crucial voting yet to play out as US markets settled.
A US Federal Reserve regional president in the meantime proffered that a March rate rise could be appropriate should economic indicators remain strong.
Earlier, the Bank of England held a policy meeting and released an inflation outlook update, noting any continuation of international economic growth could force it to raise rates earlier and further than previously anticipated.
Among few influential data releases, Germany’s December trade balance declined to €21.4B from €22.3B.
Imports fell 1.4% for the month and exports slipped 0.3%, following respective 2.3% and 4.1% increases in November.
In the meantime, the European Central Bank (ECB) published an economic bulletin, highlighting expectations that regional economic growth would continue.
President Mario Draghi did note ‘headwinds’ in relation to currency volatility earlier in the week, however.
Tonight in the US, December wholesale inventories are due.
Key economic indicators, including trade balance, industrial production and construction output are due for the UK tonight.
Elsewhere, Russia’s central bank is due to convene a policy meeting.
In overnight corporate news, Twitter unveiled a maiden quarterly profit and was pushed more than 10% higher.
Tesla and Twenty-First Century Fox reported post-US Wednesday trade, and despite some better-than-anticipated figures, were pushed ~8% and 4% lower respectively.
Meanwhile, chip manufacturer Qualcomm knocked back this week’s improved bid from Singapore’s Broadcom.
The Australian market commences Friday trade following overnight international equities turmoil.
Commodities leads are mixed however, and influential local and regional reports are due during the domestic trading session.
In overnight commodities trade, US gold futures swung higher. Oil fell further.
Iron ore (China port, 62% Fe) extended this week’s gains a little.
LME copper and nickel continued lower.
The $A dropped below US 77.90c after falling to US78.05c early yesterday evening.
Regionally today, China is expected to publish January CPI and PPI figures 12.30pm AEDST.
Locally, the Reserve Bank of Australia (RBA) releases its quarterly bulletin, including economic growth predictions and inflation outlooks, at 11.30am AEDST.
Overnight, RBA governor Philip Lowe told Australian Economic Forum dinner guests in Sydney that any rate rise was dependent in part on solid evidence of wages growth and that he did not anticipate any rate moves in the short term.
The Australian Bureau of Statistics (ABS) is due to reveal December housing finance, also 11.30am.
January lending figures are anticipated out of China anytime from the weekend, in the leadup to lunar new year late next week.
Overseas Market Commentary
Sentiment deteriorated further across major European and US equities markets overnight, the DJIA and S&P 500 propelled into correction mode.
US and European bond yields ultimately climbed and oil prices continued lower.
US funding to support full government services past midnight (local time) hung in the balance, with crucial voting yet to play out as US markets settled.
A US Federal Reserve regional president in the meantime proffered that a March rate rise could be appropriate should economic indicators remain strong.
Earlier, the Bank of England held a policy meeting and released an inflation outlook update, noting any continuation of international economic growth could force it to raise rates earlier and further than previously anticipated.
Among few influential data releases, Germany’s December trade balance declined to €21.4B from €22.3B.
Imports fell 1.4% for the month and exports slipped 0.3%, following respective 2.3% and 4.1% increases in November.
In the meantime, the European Central Bank (ECB) published an economic bulletin, highlighting expectations that regional economic growth would continue.
President Mario Draghi did note ‘headwinds’ in relation to currency volatility earlier in the week, however.
Tonight in the US, December wholesale inventories are due.
Key economic indicators, including trade balance, industrial production and construction output are due for the UK tonight.
Elsewhere, Russia’s central bank is due to convene a policy meeting.
In overnight corporate news, Twitter unveiled a maiden quarterly profit and was pushed more than 10% higher.
Tesla and Twenty-First Century Fox reported post-US Wednesday trade, and despite some better-than-anticipated figures, were pushed ~8% and 4% lower respectively.
Meanwhile, chip manufacturer Qualcomm knocked back this week’s improved bid from Singapore’s Broadcom.