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Market Opener – 06 Nov 2017
Local Markets Commentary
The Australian market commences a new week’s trade on mostly positive leads from overnight Friday international equities trade. Key commodities trade proved mixed.
Among other potential influences, news and commentary from US president Donald Trump’s Asian sojourn will feature during Australian trade today and extend through the week.
Also since overnight Friday trade, last year’s reports reports of top-level Saudi Arabia dissent were underscored with the setting up of an anti-corruption commission and the arrest, within hours, of scores of high-profile business identities and senior officials and 11 members of the regime’s extended royal family.
Lebanon’s PM Saad Hariri, a Saudi Arabian ally, stepped down Saturday, citing assassination fears.
Meanwhile, details from the ‘Bermuda tax files’, effectively documents relating to clients of tax-haven specialist Appleby, have been released and will be analysed for world-wide government and high-profile government personnel implications.
In overnight Friday commodities trade, oil rallied. US gold futures fell.
LME copper declined but nickel swung higher. Iron ore (China port, 62% Fe) appreciated slightly.
The $A fell to ~US76.50c after dropping to US76.75c early Friday evening.
Locally today, the Australian Bureau of Statistics (ABS) announces a CPI re-rating, one day ahead of this month’s Reserve Bank of Australia (RBA) policy meeting.
ANZ will release monthly job advertisements and TD Securities and the Melbourne Institute their inflation gauge report.
Pre-trade, a weekly capital city residential property price report is due from CoreLogic.
Meanwhile, Westpac (WBC) has released full-year results.
Regionally today, China is expected to report detailed September quarter current account figures. Monthly foreign reserves, anticipated for October by some tomorrow, are usually more influential.
Overseas Market Commentary
Comparatively steady climbs for the NASDAQ and S&P500 contrasted with choppy trade across other major European and US equities markets overnight Friday.
The US October jobs report estimated 261,000 jobs were created during the month, but forecasts had exceeded 310,000.
September’s 33,000 loss was revised to 18,000 new jobs and August’s 169,000 tally was lifted to 208,000.
Unemployment slipped 0.1% to 4.1%, but this was mostly attributed to a 0.4% participation fall to 62.7%.
Wages growth again disappointed, with an estimated 1c fall in average hourly earnings to $US26.53. On an annual basis, earnings rose 2.4%.
In other US economic data releases, ISM’s October services sector activity index was calculated 0.3 higher for the month, at a robust 60.1.
In the UK, the October services PMI pleased with a two-point rise to 55.6.
Tonight in the US, no major data releases are scheduled, but final October PMIs will be published across the euro zone.
Isuzu (interim), Mitsubishi (interim), Sumitomo (interim) and SoftBank (interim) are among companies scheduled to report earnings today or tonight. In the UK, easyJet is due to provide a trading update.
In overnight Friday corporate news, Softbank was reported to be interested in an investment in German online car dealer Auto1. This, on top of a proposed up-to-$US10B Uber equity purchase.
As anticipated, Apple’s results, reported post-Thursday US trade, a positive outlook and reports of robust iPhone X demand, boosted tech sector trade sentiment.
Over the weekend, (US) T-Mobile and Sprint were reported to have let go of potential merger negotiaions.
The Australian market commences a new week’s trade on mostly positive leads from overnight Friday international equities trade. Key commodities trade proved mixed.
Among other potential influences, news and commentary from US president Donald Trump’s Asian sojourn will feature during Australian trade today and extend through the week.
Also since overnight Friday trade, last year’s reports reports of top-level Saudi Arabia dissent were underscored with the setting up of an anti-corruption commission and the arrest, within hours, of scores of high-profile business identities and senior officials and 11 members of the regime’s extended royal family.
Lebanon’s PM Saad Hariri, a Saudi Arabian ally, stepped down Saturday, citing assassination fears.
Meanwhile, details from the ‘Bermuda tax files’, effectively documents relating to clients of tax-haven specialist Appleby, have been released and will be analysed for world-wide government and high-profile government personnel implications.
In overnight Friday commodities trade, oil rallied. US gold futures fell.
LME copper declined but nickel swung higher. Iron ore (China port, 62% Fe) appreciated slightly.
The $A fell to ~US76.50c after dropping to US76.75c early Friday evening.
Locally today, the Australian Bureau of Statistics (ABS) announces a CPI re-rating, one day ahead of this month’s Reserve Bank of Australia (RBA) policy meeting.
ANZ will release monthly job advertisements and TD Securities and the Melbourne Institute their inflation gauge report.
Pre-trade, a weekly capital city residential property price report is due from CoreLogic.
Meanwhile, Westpac (WBC) has released full-year results.
Regionally today, China is expected to report detailed September quarter current account figures. Monthly foreign reserves, anticipated for October by some tomorrow, are usually more influential.
Overseas Market Commentary
Comparatively steady climbs for the NASDAQ and S&P500 contrasted with choppy trade across other major European and US equities markets overnight Friday.
The US October jobs report estimated 261,000 jobs were created during the month, but forecasts had exceeded 310,000.
September’s 33,000 loss was revised to 18,000 new jobs and August’s 169,000 tally was lifted to 208,000.
Unemployment slipped 0.1% to 4.1%, but this was mostly attributed to a 0.4% participation fall to 62.7%.
Wages growth again disappointed, with an estimated 1c fall in average hourly earnings to $US26.53. On an annual basis, earnings rose 2.4%.
In other US economic data releases, ISM’s October services sector activity index was calculated 0.3 higher for the month, at a robust 60.1.
In the UK, the October services PMI pleased with a two-point rise to 55.6.
Tonight in the US, no major data releases are scheduled, but final October PMIs will be published across the euro zone.
Isuzu (interim), Mitsubishi (interim), Sumitomo (interim) and SoftBank (interim) are among companies scheduled to report earnings today or tonight. In the UK, easyJet is due to provide a trading update.
In overnight Friday corporate news, Softbank was reported to be interested in an investment in German online car dealer Auto1. This, on top of a proposed up-to-$US10B Uber equity purchase.
As anticipated, Apple’s results, reported post-Thursday US trade, a positive outlook and reports of robust iPhone X demand, boosted tech sector trade sentiment.
Over the weekend, (US) T-Mobile and Sprint were reported to have let go of potential merger negotiaions.