Disclaimer: All information on this section is of a general nature.
Before making any investment decision, you should seek the relevant advice.
Market Opener – 07 May 2019
Local Markets Commentary
The Australian market commences today’s trade amid ambiguity regarding US-China relations, and US naval fleet intent in the Middle East following claims of ‘escalation’, ahead of a post-policy meeting statement from the Reserve Bank of Australia (RBA) today.
Prior to this, key domestic data releases are due, including March trade and retail sales figures 11.30am AEST.
The RBA statement is due 2.30pm AEST. $A swings are anticipated on expectations, statement content, and /or commentary from governor Philip Lowe.
Pre-trade, AiG’s construction sector activity index (42.6, from 45.6) and a weekly consumer sentiment reading have been released.
China’s April foreign reserves are expected anytime from this evening AEST.
In overnight commodities trade, oil settled with consecutive gains.
US gold futures (June) slightly extended Friday’s swing higher.
Iron ore (China port, 62% Fe) resumed trade also with an ultimate subdued rise.
The LME did not trade due to a UK public holiday. In the US, Comex copper traded at four-month lows before ending the session 0.4% higher.
The $A approached US70.00c after trading at US69.85c early yesterday evening.
Prior to this, key domestic data releases are due, including March trade and retail sales figures 11.30am AEST.
The RBA statement is due 2.30pm AEST. $A swings are anticipated on expectations, statement content, and /or commentary from governor Philip Lowe.
Pre-trade, AiG’s construction sector activity index (42.6, from 45.6) and a weekly consumer sentiment reading have been released.
China’s April foreign reserves are expected anytime from this evening AEST.
In overnight commodities trade, oil settled with consecutive gains.
US gold futures (June) slightly extended Friday’s swing higher.
Iron ore (China port, 62% Fe) resumed trade also with an ultimate subdued rise.
The LME did not trade due to a UK public holiday. In the US, Comex copper traded at four-month lows before ending the session 0.4% higher.
The $A approached US70.00c after trading at US69.85c early yesterday evening.
Overseas Market Commentary
Major mainland European and US equities markets fell on opening overnight, but had trended higher and mostly then flattened by their respective settlements.
The FTSE was closed due to a UK public holiday.
Increased import taxes on up to $US525B worth of goods from China, earmarked for a staged commencement Friday in a statement from the US president Sunday, had spawned the initial angst.
Onlookers were keen to point out China had not cancelled this week’s scheduled talks in Washington and that threats ahead of resolutions were not new in this setting.
China indicated the composition of this week’s Washington delegation would likely change, however, and a US official subsequently maintained 25% tariffs (from 10%) on $US200B of imports from China were set to commence Friday.
US naval vessel activity in the South China Sea yesterday also spawned a warning from China.
Among new data releases, the euro zone’s March retail sales came in flat for the month and 1.9% higher than a year earlier.
A 52.8 final April services PMI reading represented a 0.5-point slip for the month.
Germany’s final April services PMI was reported at a relatively strong 55.7, 0.1 higher than the initial estimate, and up 0.3 for the month.
Tonight in the US, an April jobs opening report, consumer credit update and economic optimism index are due.
Companies scheduled to report earnings later today or tonight include: Allergan, Anheuser-Busch Inbev, BMW, Ferrari, Lufthansa, Lyft, Mylan, Orix, Petrobras and Regeneron Pharmaceuticals.
Domino’s Pizza is due to provide a trading update.
In overnight corporate news, Kraft Heinz announced it would need to re lodged financial figures for 2016 and 2017 and three quarters of 2018, after an investigation revealed employee ‘misconduct’.
The FTSE was closed due to a UK public holiday.
Increased import taxes on up to $US525B worth of goods from China, earmarked for a staged commencement Friday in a statement from the US president Sunday, had spawned the initial angst.
Onlookers were keen to point out China had not cancelled this week’s scheduled talks in Washington and that threats ahead of resolutions were not new in this setting.
China indicated the composition of this week’s Washington delegation would likely change, however, and a US official subsequently maintained 25% tariffs (from 10%) on $US200B of imports from China were set to commence Friday.
US naval vessel activity in the South China Sea yesterday also spawned a warning from China.
Among new data releases, the euro zone’s March retail sales came in flat for the month and 1.9% higher than a year earlier.
A 52.8 final April services PMI reading represented a 0.5-point slip for the month.
Germany’s final April services PMI was reported at a relatively strong 55.7, 0.1 higher than the initial estimate, and up 0.3 for the month.
Tonight in the US, an April jobs opening report, consumer credit update and economic optimism index are due.
Companies scheduled to report earnings later today or tonight include: Allergan, Anheuser-Busch Inbev, BMW, Ferrari, Lufthansa, Lyft, Mylan, Orix, Petrobras and Regeneron Pharmaceuticals.
Domino’s Pizza is due to provide a trading update.
In overnight corporate news, Kraft Heinz announced it would need to re lodged financial figures for 2016 and 2017 and three quarters of 2018, after an investigation revealed employee ‘misconduct’.