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Market Opener – 22 May 2018
Local Markets Commentary
The Australian market commences today’s trade following positive overnight US and UK equities trade.
In mixed overnight commodities trade, oil swung higher.
US gold futures settled essentially flat.
Iron ore (China port, 62% Fe) fell for a third consecutive session.
LME copper turned modestly higher.
The $A appreciated to ~US75.85c after trading at ~US75.20c early yesterday evening.
Locally today, a weekly consumer sentiment reading is due pre-trade.
In addition, AST and IPL trade ex-dividend.
Overseas Market Commentary
UK and US equities markets opened higher overnight, DJIA and FTSE 100 sentiment never looking seriously threatened.
The FTSE 100 and FTSE 250 reached new record peaks with the British pound trading at its lowest for 2018. The euro also continued lower against the $US, helping push the $US to new five-month highs.
Germany’s markets remained closed due to a public holiday.
Meanwhile, the US revealed a significant ratcheting of demands from Iran in exchange for a new international agreement. One of these included withdrawing from the Syrian conflict.
In scant new data releases, the Chicago Fed national activity index was reported 0.24 higher, at 0.34.
Tonight in the US, a regional manufacturing index is due.
Elsewhere, Bank of England governor Mark Carney is scheduled to meet with MPs.
Hewlett Packard Enterprise, Kohl’s and Shaftesbury are among companies scheduled to report earnings later today or tonight. Sony is hosting an investor day in Japan and will webcast events.
In overnight corporate news, General Electric confirmed agreement with Wabtec (Westinghouse Air Brake Technologies Corp) for General Electric to sell its transport manufacturing division into rail stock produce Wabtec.
General Electric appreciated ~2.5%, and Wabtec ~3.5%, with other large industrials including Boeing and Caterpillar also gaining.
Model 3 electric vehicle upgrade plans appeared to support Tesla to a more than 2% rise.
Ryanair’s CEO ventured some airlines could suffer significantly from higher fuel prices. The stock swung between a 3% fall and 5% gain on a pleasing report, coupled with fears of rising staffing and fuel costs.
The agreed hiatus on China-US tariffs argy-bargy boosted chip manufacturers.
The Australian market commences today’s trade following positive overnight US and UK equities trade.
In mixed overnight commodities trade, oil swung higher.
US gold futures settled essentially flat.
Iron ore (China port, 62% Fe) fell for a third consecutive session.
LME copper turned modestly higher.
The $A appreciated to ~US75.85c after trading at ~US75.20c early yesterday evening.
Locally today, a weekly consumer sentiment reading is due pre-trade.
In addition, AST and IPL trade ex-dividend.
Overseas Market Commentary
UK and US equities markets opened higher overnight, DJIA and FTSE 100 sentiment never looking seriously threatened.
The FTSE 100 and FTSE 250 reached new record peaks with the British pound trading at its lowest for 2018. The euro also continued lower against the $US, helping push the $US to new five-month highs.
Germany’s markets remained closed due to a public holiday.
Meanwhile, the US revealed a significant ratcheting of demands from Iran in exchange for a new international agreement. One of these included withdrawing from the Syrian conflict.
In scant new data releases, the Chicago Fed national activity index was reported 0.24 higher, at 0.34.
Tonight in the US, a regional manufacturing index is due.
Elsewhere, Bank of England governor Mark Carney is scheduled to meet with MPs.
Hewlett Packard Enterprise, Kohl’s and Shaftesbury are among companies scheduled to report earnings later today or tonight. Sony is hosting an investor day in Japan and will webcast events.
In overnight corporate news, General Electric confirmed agreement with Wabtec (Westinghouse Air Brake Technologies Corp) for General Electric to sell its transport manufacturing division into rail stock produce Wabtec.
General Electric appreciated ~2.5%, and Wabtec ~3.5%, with other large industrials including Boeing and Caterpillar also gaining.
Model 3 electric vehicle upgrade plans appeared to support Tesla to a more than 2% rise.
Ryanair’s CEO ventured some airlines could suffer significantly from higher fuel prices. The stock swung between a 3% fall and 5% gain on a pleasing report, coupled with fears of rising staffing and fuel costs.
The agreed hiatus on China-US tariffs argy-bargy boosted chip manufacturers.