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Before making any investment decision, you should seek the relevant advice.
Market Opener – 26 Oct 2017
Local Markets Commentary
International equities leads are negative and commodities largely lacklustre as the Australian market opens today’s trade.
Again, however, many large-cap stocks are providing updates and holding AGMs and a key economic indicator is due.
In addition, North Korea issued a Pacific Ocean hydrogen bomb test threat early morning (AEDST).
Locally today, September quarter trade prices are due 11.30am AEDST.
In overnight commodities trade, WTI crude swung lower. Brent crude and US gold futures settled slightly higher. Iron ore (China port, 62% Fe) turned a little lower. LME copper pulled back moderately and nickel fell.
The $A traded in a narrow range after tumbling below US77.05c early yesterday evening.
This morning, New Zealand has reported a greater-than-expected $NZ1.14B September trade deficit, pushing the 12-month deficit to $NZ2.9B.
Overseas Market Commentary
Major European and US equities markets turned lower overnight, amid a myriad of earnings reports, commentary regarding US tax changes, speculation of European Central Bank moves tonight and of the likely appointee to chair the Federal Reserve.
There was much more to consider, however,
Pre-trade, Toyota had issued a warning to UK negotiators, concerned at the profitability of the company’s UK operations and investment plans, should a less-than-optimal trade and tax deal be effected with the European Union.
Pacific trade and security issues were also in mind, China’s president and Communist Party general secretary Xi Jinping yesterday signalling he was preparing to remain in power for 10 years. Further, a five-member change within the seven-strong politburo standing committee indicated a bolstering of support for his views.
In late-US trade, North Korea had vowed to test an even ‘stronger’ hydrogen bomb in the Pacific Ocean, while issuing another threat to the US.
Earlier in the Middle East, Iraqi Kurdistan had offered to suspend its independence push, but Iraq’s leaders vowed to continue to fight for Kurdish territory.
Among significant data releases, UK September quarter GDP growth was estimated at 0.4% for the three months and 1.5% on an annual basis, slightly above expectations.
US September home sales were reported 18.9% higher, at a 10-year peak.
Durable goods orders also surprised on the upside, rising 2.2%.
A business survey in Germany gauged climate, conditions and expectations higher than forecast.
Tonight in the US, weekly new unemployment claims, September pending home sales, wholesale inventories and goods trade balance, plus a regional manufacturing index are due.
The US House of Representatives is also scheduled to vote on a budget plan approved Thursday last week by the US Senate.
The European Central Bank (ECB) holds a policy meeting, and will announce keenly anticipated outcomes via an initial statement, followed by a press conference with president Mario Draghi.
On the corporate front, another set of high-profile results is due.
Alphabet, Amazon, Baidu, China Construction Bank, China Eastern Airlines, Ford Motor Co, Hyundai Motor, Intel, LG Electronics, Microsoft, POSCO, Twitter and ZTE are among companies scheduled to report earnings later today or tonight.
In overnight corporate news, mixed results came in for large-cap industrials, consumer, pharmaceutical, finance and mining stocks.
Private equity group Carlyle named two CEOs and a second chief investment officer, signalling succession plans were on the move.
International equities leads are negative and commodities largely lacklustre as the Australian market opens today’s trade.
Again, however, many large-cap stocks are providing updates and holding AGMs and a key economic indicator is due.
In addition, North Korea issued a Pacific Ocean hydrogen bomb test threat early morning (AEDST).
Locally today, September quarter trade prices are due 11.30am AEDST.
In overnight commodities trade, WTI crude swung lower. Brent crude and US gold futures settled slightly higher. Iron ore (China port, 62% Fe) turned a little lower. LME copper pulled back moderately and nickel fell.
The $A traded in a narrow range after tumbling below US77.05c early yesterday evening.
This morning, New Zealand has reported a greater-than-expected $NZ1.14B September trade deficit, pushing the 12-month deficit to $NZ2.9B.
Overseas Market Commentary
Major European and US equities markets turned lower overnight, amid a myriad of earnings reports, commentary regarding US tax changes, speculation of European Central Bank moves tonight and of the likely appointee to chair the Federal Reserve.
There was much more to consider, however,
Pre-trade, Toyota had issued a warning to UK negotiators, concerned at the profitability of the company’s UK operations and investment plans, should a less-than-optimal trade and tax deal be effected with the European Union.
Pacific trade and security issues were also in mind, China’s president and Communist Party general secretary Xi Jinping yesterday signalling he was preparing to remain in power for 10 years. Further, a five-member change within the seven-strong politburo standing committee indicated a bolstering of support for his views.
In late-US trade, North Korea had vowed to test an even ‘stronger’ hydrogen bomb in the Pacific Ocean, while issuing another threat to the US.
Earlier in the Middle East, Iraqi Kurdistan had offered to suspend its independence push, but Iraq’s leaders vowed to continue to fight for Kurdish territory.
Among significant data releases, UK September quarter GDP growth was estimated at 0.4% for the three months and 1.5% on an annual basis, slightly above expectations.
US September home sales were reported 18.9% higher, at a 10-year peak.
Durable goods orders also surprised on the upside, rising 2.2%.
A business survey in Germany gauged climate, conditions and expectations higher than forecast.
Tonight in the US, weekly new unemployment claims, September pending home sales, wholesale inventories and goods trade balance, plus a regional manufacturing index are due.
The US House of Representatives is also scheduled to vote on a budget plan approved Thursday last week by the US Senate.
The European Central Bank (ECB) holds a policy meeting, and will announce keenly anticipated outcomes via an initial statement, followed by a press conference with president Mario Draghi.
On the corporate front, another set of high-profile results is due.
Alphabet, Amazon, Baidu, China Construction Bank, China Eastern Airlines, Ford Motor Co, Hyundai Motor, Intel, LG Electronics, Microsoft, POSCO, Twitter and ZTE are among companies scheduled to report earnings later today or tonight.
In overnight corporate news, mixed results came in for large-cap industrials, consumer, pharmaceutical, finance and mining stocks.
Private equity group Carlyle named two CEOs and a second chief investment officer, signalling succession plans were on the move.