Disclaimer: All information on this section is of a general nature.
Before making any investment decision, you should seek the relevant advice.
Market Opener – 29 Aug 2019
Local Markets Commentary
The Australian market opens today’s trade with a return to positive overnight US equities leads, ahead of material domestic data today and influential US data tonight, and as 30 June domestic earnings season produces yet more high-profile results on the second last trading day for August.
Locally today, the Australian Bureau of Statistics (ABS) publishes June private capital spending, 11.30am AEST.
Several high-profile and/or large-cap stocks trade ex-dividend today. Please see p3 for a detailed list.
In overnight commodities trade, oil rallied.
US gold futures (December) swung to a slight fall.
Iron ore (Nymex CFR China, 62% Fe) continued this week’s decline, settling below $US91.65/t.
LME copper traded higher. Nickel jumped.
The $A traded sub-US76.35c after falling below US67.45c early yesterday evening.
Locally today, the Australian Bureau of Statistics (ABS) publishes June private capital spending, 11.30am AEST.
Several high-profile and/or large-cap stocks trade ex-dividend today. Please see p3 for a detailed list.
In overnight commodities trade, oil rallied.
US gold futures (December) swung to a slight fall.
Iron ore (Nymex CFR China, 62% Fe) continued this week’s decline, settling below $US91.65/t.
LME copper traded higher. Nickel jumped.
The $A traded sub-US76.35c after falling below US67.45c early yesterday evening.
Overseas Market Commentary
Major European equities markets struggled for traction overnight, but after a generally jittery start, key US indices rallied.
Yesterday, the UK PM revealed plans to suspend parliament for some weeks, leaving what is considered insufficient time for MPs to enact any legislation that might prevent the UK leaving the European Union (EU) without agreement by the end of 31 October.
This prompted calls for a ‘no-confidence’ vote when parliament resumes and speculation of a potential national election.
The British pound dropped against the $US.
US and European bond yields continued to fall for a time, as sufficient ongoing safe-haven demand for bonds pushed prices higher.
Ten-year US yields fell 0.28% to 1.4567%, again below two-year yields; 30-year US yields slipped to 1.9072%, a record low; and 10-year Italy yields fell beneath 1.0%, the least ever.
As US equities risk sentiment grew however, and as a resolution to a political crisis in Italy appeared possible, yields appreciated some again.
In Italy, negotiations between parliamentary party leaders achieved a new government agreement between the centre-left Democrats and anti-establishment Five Star Movement (M5S), denying the far-right any effectual influence.
Meanwhile in overnight data releases, a GfK consumer confidence reading for Germany was calculated flat, at 9.7.
July import prices fell 0.2% for the month and were 2.1% lower than a year ago. Prices dropped 1.4% during June.
US weekly mortgage applications dropped 6.2% following a 0.9% fall the previous week. 30-year mortgage rates averaged 3.94% from 3.90%.
Tonight in the US, the second reading (of three) of June quarter GDP growth is keenly anticipated.
July pending home sales and weekly new jobless claims are also due.
Elsewhere, Germany publishes an initial August CPI estimate.
Companies scheduled to report earnings later today and tonight include Abercrombie & Fitch, Anyang Iron & Steel, Best Buy, China Construction Bank, Dell Technologies, Dollar General, Dollar Tree, Ganfeng Lithium, Hays, Pernod Ricard, PetroChina and Yunnan Aluminium Co.
Meanwhile, US markets are heading towards a Monday public holiday weekend.
Yesterday, the UK PM revealed plans to suspend parliament for some weeks, leaving what is considered insufficient time for MPs to enact any legislation that might prevent the UK leaving the European Union (EU) without agreement by the end of 31 October.
This prompted calls for a ‘no-confidence’ vote when parliament resumes and speculation of a potential national election.
The British pound dropped against the $US.
US and European bond yields continued to fall for a time, as sufficient ongoing safe-haven demand for bonds pushed prices higher.
Ten-year US yields fell 0.28% to 1.4567%, again below two-year yields; 30-year US yields slipped to 1.9072%, a record low; and 10-year Italy yields fell beneath 1.0%, the least ever.
As US equities risk sentiment grew however, and as a resolution to a political crisis in Italy appeared possible, yields appreciated some again.
In Italy, negotiations between parliamentary party leaders achieved a new government agreement between the centre-left Democrats and anti-establishment Five Star Movement (M5S), denying the far-right any effectual influence.
Meanwhile in overnight data releases, a GfK consumer confidence reading for Germany was calculated flat, at 9.7.
July import prices fell 0.2% for the month and were 2.1% lower than a year ago. Prices dropped 1.4% during June.
US weekly mortgage applications dropped 6.2% following a 0.9% fall the previous week. 30-year mortgage rates averaged 3.94% from 3.90%.
Tonight in the US, the second reading (of three) of June quarter GDP growth is keenly anticipated.
July pending home sales and weekly new jobless claims are also due.
Elsewhere, Germany publishes an initial August CPI estimate.
Companies scheduled to report earnings later today and tonight include Abercrombie & Fitch, Anyang Iron & Steel, Best Buy, China Construction Bank, Dell Technologies, Dollar General, Dollar Tree, Ganfeng Lithium, Hays, Pernod Ricard, PetroChina and Yunnan Aluminium Co.
Meanwhile, US markets are heading towards a Monday public holiday weekend.