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Market Opener – 27 Sep 2017
Local Markets Commentary
The Australian market opens mid-week trade on weak overnight international trade leads ahead of new data out of China.
In overnight commodities trade, US gold futures and oil turned lower. Iron ore (China port, 62% Fe) swung higher. LME copper and other key base metals fell.
The $A dropped below US78.90c after trading at US79.25c early evening.
Regionally today, China is expected to report August industrial profits 11.30am AEST.
Locally, the ABS is due to release a March quarter report on State-by-State demographics.
Overseas Market Commentary
Vacillating trade featured across major European and US equities markets overnight, key indices coming off session peaks to mostly settle little changed.
In the US, Federal Reserve chair Janet Yellen told attendees at a business and economics event that the domestic labour market and inflation progress may not be as marked as anticipated in the nearer term, underscoring caution when adjusting policy.
Nonetheless, Ms Yellen also described weak inflation as ‘likely temporary’, and warned that policy that was too slow to change represented a risk, bolstering the views of those who predict another interest rate rise this year as more likely than not.
In the meantime, August new home sales were reported 3.4% lower, following a July decline.
A July house price index estimated prices had appreciated 5.9% year-on-year across 20 key cities.
The Conference Board’s consumer confidence reading came in at 119.8, from 120.4 in August, largely influenced by responses from hurricane-impacted Texas and Florida.
Tonight in the US, more information on proposed new tax rules is keenly anticipated from the president and/or representatives. Associated promotion is also expected, as the latest attempt to change health care legislation appeared unsuccessful overnight.
Also tonight, further Federal Reserve commentary is promised from two officials scheduled to speak publicly.
Among economic indicator reports, durable goods orders, existing home sales and weekly mortgage applications are due.
In overnight corporate news, renowned small appliance specialist Dyson revealed plans to outlay £2B to have an electric car ready for market by 2020.
Toyota Motor Corp for its part said it was preparing to expand hybrid engine production to include a US facility.
France’s Alstom and Germany’s Siemens announced agreement on a rail operations merger.
Post-US trade, Nike dropped 4% after posting quarterly results which included disappointing sales.
The Australian market opens mid-week trade on weak overnight international trade leads ahead of new data out of China.
In overnight commodities trade, US gold futures and oil turned lower. Iron ore (China port, 62% Fe) swung higher. LME copper and other key base metals fell.
The $A dropped below US78.90c after trading at US79.25c early evening.
Regionally today, China is expected to report August industrial profits 11.30am AEST.
Locally, the ABS is due to release a March quarter report on State-by-State demographics.
Overseas Market Commentary
Vacillating trade featured across major European and US equities markets overnight, key indices coming off session peaks to mostly settle little changed.
In the US, Federal Reserve chair Janet Yellen told attendees at a business and economics event that the domestic labour market and inflation progress may not be as marked as anticipated in the nearer term, underscoring caution when adjusting policy.
Nonetheless, Ms Yellen also described weak inflation as ‘likely temporary’, and warned that policy that was too slow to change represented a risk, bolstering the views of those who predict another interest rate rise this year as more likely than not.
In the meantime, August new home sales were reported 3.4% lower, following a July decline.
A July house price index estimated prices had appreciated 5.9% year-on-year across 20 key cities.
The Conference Board’s consumer confidence reading came in at 119.8, from 120.4 in August, largely influenced by responses from hurricane-impacted Texas and Florida.
Tonight in the US, more information on proposed new tax rules is keenly anticipated from the president and/or representatives. Associated promotion is also expected, as the latest attempt to change health care legislation appeared unsuccessful overnight.
Also tonight, further Federal Reserve commentary is promised from two officials scheduled to speak publicly.
Among economic indicator reports, durable goods orders, existing home sales and weekly mortgage applications are due.
In overnight corporate news, renowned small appliance specialist Dyson revealed plans to outlay £2B to have an electric car ready for market by 2020.
Toyota Motor Corp for its part said it was preparing to expand hybrid engine production to include a US facility.
France’s Alstom and Germany’s Siemens announced agreement on a rail operations merger.
Post-US trade, Nike dropped 4% after posting quarterly results which included disappointing sales.