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Market Opener – 03 Sep 2019
Local Markets Commentary
The Australian market commences today’s trade with a Reserve Bank of Australia (RBA) monetary policy meeting culminating in a policy statement this afternoon, ahead of an expected volatile resumption of parliamentary sessions in the UK, and with no US equities trade leads, due to an overnight public holiday.
The RBA releases the outcomes of its monetary policy meeting 2.30pm AEST.
Pre-trade, a weekly consumer confidence reading is due.
Also today, the Australian Bureau of Statistics (ABS) publishes July retail sales, 11.30am AEST and the RBA a monthly commodity prices report, 4.30pm.
June quarter balance of payments and international investment figures will also be released by the ABS, ahead of June quarter GDP tomorrow.
Stocks trading ex-dividend today include: ALU, APX, DOW, OSH, RMS, SBM, SKI and WOW. Please see p4 for a detailed list.
In overnight commodities trade, Brent crude continued to fall.
Iron ore (Nymex CFR China, 62% Fe) tumbled below $US84.05/t.
LME copper fell further. Nickel continued higher, but at less than 10% the pace of Friday’s surge.
The $A fell below US67.20c after trading sub-US67.25c early yesterday evening.
The RBA releases the outcomes of its monetary policy meeting 2.30pm AEST.
Pre-trade, a weekly consumer confidence reading is due.
Also today, the Australian Bureau of Statistics (ABS) publishes July retail sales, 11.30am AEST and the RBA a monthly commodity prices report, 4.30pm.
June quarter balance of payments and international investment figures will also be released by the ABS, ahead of June quarter GDP tomorrow.
Stocks trading ex-dividend today include: ALU, APX, DOW, OSH, RMS, SBM, SKI and WOW. Please see p4 for a detailed list.
In overnight commodities trade, Brent crude continued to fall.
Iron ore (Nymex CFR China, 62% Fe) tumbled below $US84.05/t.
LME copper fell further. Nickel continued higher, but at less than 10% the pace of Friday’s surge.
The $A fell below US67.20c after trading sub-US67.25c early yesterday evening.
Overseas Market Commentary
Trade across major European equities markets diverged overnight, mainland trade chopping notably, but the FTSE 100 trending higher throughout the session.
US equities markets were closed due to a public holiday.
Yesterday, China revealed it had lodged a complaint with the World Trade Organisation (WTO) against US import taxes on $US 300B worth of goods from China.
The US stance remains that the tariffs issue should not be one to be considered by the WTO, citing alleged China behaviour in implementing ‘aggressive industrial policy measures to steal or otherwise unfairly acquire the technology of its trading partners’.
In the UK, parliamentarians were reported to be planning a vote tonight on taking control of the UK’s plans to leave the European Union (EU) out of the hands of the government.
Should such a vote be successful, a spokesperson offered that the UK PM would call an election for 14 October. This pushed the British pound lower, supporting major FTSSE 100-listed exporters.
For his part, the PM maintained overnight that he could not counter requesting any delay from the 31 October UK-EU separation date, suggesting he would rather call a national election.
Among overnight data releases, the euro zone’s final August manufacturing PMI rose to 47.0 from 46.5.
Germany’s manufacturing PMI improved to 43.5 from 43.2.
In the UK, the August manufacturing PMI slipped 0.6, to 47.4.
Tonight in the US, the ISM’s August manufacturing index, July construction spending, an economic optimism index and Markit’s final July manufacturing PMI are expected.
Elsewhere, developments during the resumption of parliament in the UK, following the summer recess, will be keenly watched, in light of US-EU separation angst.
US equities markets were closed due to a public holiday.
Yesterday, China revealed it had lodged a complaint with the World Trade Organisation (WTO) against US import taxes on $US 300B worth of goods from China.
The US stance remains that the tariffs issue should not be one to be considered by the WTO, citing alleged China behaviour in implementing ‘aggressive industrial policy measures to steal or otherwise unfairly acquire the technology of its trading partners’.
In the UK, parliamentarians were reported to be planning a vote tonight on taking control of the UK’s plans to leave the European Union (EU) out of the hands of the government.
Should such a vote be successful, a spokesperson offered that the UK PM would call an election for 14 October. This pushed the British pound lower, supporting major FTSSE 100-listed exporters.
For his part, the PM maintained overnight that he could not counter requesting any delay from the 31 October UK-EU separation date, suggesting he would rather call a national election.
Among overnight data releases, the euro zone’s final August manufacturing PMI rose to 47.0 from 46.5.
Germany’s manufacturing PMI improved to 43.5 from 43.2.
In the UK, the August manufacturing PMI slipped 0.6, to 47.4.
Tonight in the US, the ISM’s August manufacturing index, July construction spending, an economic optimism index and Markit’s final July manufacturing PMI are expected.
Elsewhere, developments during the resumption of parliament in the UK, following the summer recess, will be keenly watched, in light of US-EU separation angst.