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Market Opener – 30 Jul 2018
Local Markets Commentary
The Australian market commences a new week’s trade ahead of a flurry of influential data and reports out of major economies this week, a new month’s domestic data deluge, and central bank meetings in Australia, Japan and the UK.
Overnight Friday US equities leads are negative.
In commodities trade, oil swung lower.
US gold futures slipped further.
Iron ore (China port, 62% Fe) traded higher for a second consecutive session.
LME copper and aluminium settled slightly higher. Nickel further extended last week’s gains.
The $A rose beyond US74.00c after trading at ~US73.75c early Friday evening.
Locally today, a weekly capital city residential property price report is due pre-trade.
CommSec has also published its State of the States economic comparison report this morning.
Regionally, Japan’s June retail sales are expected just prior to ASX open.
Overseas Market Commentary
Choppy trade featured across major European and US equities markets overnight Friday, corporate results again impacting whole-of-sector sentiment across more than one industry.
Among new data releases, the first of three readings of US June quarter year-on-year GDP growth came in at 4.1%, in line with forecasts and the US president’s pre-emptive comments, but following 2.2% for the March quarter, and the best pace in almost four year.
Warnings came quickly, however, including regarding export growth which was boosted by some exporters increasing activity and sales to lessen the impact of retaliatory new taxes imposed, or threatened, by Canada, China, Mexico and the European Union.
Statements from Federal Reserve officials will be keenly parsed, as a result of the figures, various interpretations and the US president’s recent publicly-stated yearning for lower rates.
In the meantime, the University of Michigan final July consumer sentiment reading slipped to 97.9 from 98.2 at the end of June, but represented a 0.8 rise from the initial July estimate.
Germany’s June import prices were reported 0.5% higher for the month and 4.8% year-on-year, following 1.6% and 3.2% figures for May.
Meanwhile in Pakistan, likely new PM Imran Khan commenced attempts to forge a coalition government after last week’s elections.
Tonight in the US, June pending home sales and a regional manufacturing index are due.
Companies due to report earnings or provide an update later today and tonight include Caterpillar, KBR, Loews, Sohu and TDK.
In overnight Friday corporate news, ExxonMobil and Chevron reported higher profits, but as with Royal Dutch Shell Thursday, headline figures proved sub-analyst expectations. The stocks traded variously, however, Exxon Mobil falling 3% despite better-than-anticipated $US73.5B revenue.
Mixed figures for Colgate-Palmolive also hurt this stock.
Twitter dropped early, pushed ~20% lower after reporting disappointing user growth numbers pre-trade.
Amazon, which had reported a greater than $US2B profit post-Thursday US trade, was pushed just 0.6% higher.
Intel Corp suffered an almost 9% fall after pushing back the release of a new chip and warning of a likely reduction in 2H 2018 profit margins.
The Australian market commences a new week’s trade ahead of a flurry of influential data and reports out of major economies this week, a new month’s domestic data deluge, and central bank meetings in Australia, Japan and the UK.
Overnight Friday US equities leads are negative.
In commodities trade, oil swung lower.
US gold futures slipped further.
Iron ore (China port, 62% Fe) traded higher for a second consecutive session.
LME copper and aluminium settled slightly higher. Nickel further extended last week’s gains.
The $A rose beyond US74.00c after trading at ~US73.75c early Friday evening.
Locally today, a weekly capital city residential property price report is due pre-trade.
CommSec has also published its State of the States economic comparison report this morning.
Regionally, Japan’s June retail sales are expected just prior to ASX open.
Overseas Market Commentary
Choppy trade featured across major European and US equities markets overnight Friday, corporate results again impacting whole-of-sector sentiment across more than one industry.
Among new data releases, the first of three readings of US June quarter year-on-year GDP growth came in at 4.1%, in line with forecasts and the US president’s pre-emptive comments, but following 2.2% for the March quarter, and the best pace in almost four year.
Warnings came quickly, however, including regarding export growth which was boosted by some exporters increasing activity and sales to lessen the impact of retaliatory new taxes imposed, or threatened, by Canada, China, Mexico and the European Union.
Statements from Federal Reserve officials will be keenly parsed, as a result of the figures, various interpretations and the US president’s recent publicly-stated yearning for lower rates.
In the meantime, the University of Michigan final July consumer sentiment reading slipped to 97.9 from 98.2 at the end of June, but represented a 0.8 rise from the initial July estimate.
Germany’s June import prices were reported 0.5% higher for the month and 4.8% year-on-year, following 1.6% and 3.2% figures for May.
Meanwhile in Pakistan, likely new PM Imran Khan commenced attempts to forge a coalition government after last week’s elections.
Tonight in the US, June pending home sales and a regional manufacturing index are due.
Companies due to report earnings or provide an update later today and tonight include Caterpillar, KBR, Loews, Sohu and TDK.
In overnight Friday corporate news, ExxonMobil and Chevron reported higher profits, but as with Royal Dutch Shell Thursday, headline figures proved sub-analyst expectations. The stocks traded variously, however, Exxon Mobil falling 3% despite better-than-anticipated $US73.5B revenue.
Mixed figures for Colgate-Palmolive also hurt this stock.
Twitter dropped early, pushed ~20% lower after reporting disappointing user growth numbers pre-trade.
Amazon, which had reported a greater than $US2B profit post-Thursday US trade, was pushed just 0.6% higher.
Intel Corp suffered an almost 9% fall after pushing back the release of a new chip and warning of a likely reduction in 2H 2018 profit margins.