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Before making any investment decision, you should seek the relevant advice.
Market Opener – 28 Sep 2017
Local Markets Commentary
The Australian market commences today’s trade on positive overnight international equities sentiment but mixed commodities leads.
In commodities trade, US gold futures continued lower. WTI crude gained but Brent extended Tuesday’s fall. LME copper turned higher and iron ore (China port, 62% Fe) lower.
The $A has traded beyond US78.50c this morning after trading at ~US78.40c early yesterday evening.
Locally today, a plethora of companies, including CAB, JHC, MAQ, MMS and RSG, trades ex-dividend. Please see p3 for a detailed list.
The ABS also publishes a monthly job vacancies report, 11.30am AEST.
Regionally this morning, the Reserve Bank of New Zealand (RBNZ) has kept the overnight rate at 1.75% and again wished for some $NZ depreciation.
China is expected to release final June quarter current account figures today.
Overseas Market Commentary
Major European and US equities markets traded higher overnight on a mix of factors.
The financial and tech sectors were decidedly in favour in the US, the euro traded at five-week lows against the $US, and British pound comparative weakness supported exporters.
In US data releases, August durable goods orders were reported 1.7% higher, buoyed by the aircraft sector.
Pending home sales fell 2.6% to the least count for any month this year. This was attributed, however, to a mix of summer holiday season, hurricanes and stymied supply.
Also in the US, plans for a new taxation regime, including slashing company rates by 15% to 20% and simplifying individual tax thresholds, were outlined, but the lowest individual rate was raised 2% to 12% and the highest lowered by 4.6% to 35%. No detail was offered on funding the changes.
Associated estimates for improved national economic growth boosted US-listed finance stocks.
In the meantime, Saudi Arabia commenced a $US12.5B bond offer.
Tonight in the US, a third and final June quarter GDP reading is anticipated.
Weekly new unemployment claims and August wholesale inventories are also due, together with a regional manufacturing index.
In London, the Bank of England hosts a central bank independence conference, at which governor Mark Carney will speak, together with other central bankers, including from Australia.
The conference concludes tomorrow night.
In overnight corporate news, US chip manufacturer Micron Technology forecast $US6.1B - $US6.5B revenue for the coming quarter after reporting past quarter profit that exceeded expectations. The stock traded 8.5% higher, boosting overall tech sector sentiment.
Nike’s results, reported post-US trade, pushed the stock ~2% lower and appeared to impede overall DJIA progress.
The Australian market commences today’s trade on positive overnight international equities sentiment but mixed commodities leads.
In commodities trade, US gold futures continued lower. WTI crude gained but Brent extended Tuesday’s fall. LME copper turned higher and iron ore (China port, 62% Fe) lower.
The $A has traded beyond US78.50c this morning after trading at ~US78.40c early yesterday evening.
Locally today, a plethora of companies, including CAB, JHC, MAQ, MMS and RSG, trades ex-dividend. Please see p3 for a detailed list.
The ABS also publishes a monthly job vacancies report, 11.30am AEST.
Regionally this morning, the Reserve Bank of New Zealand (RBNZ) has kept the overnight rate at 1.75% and again wished for some $NZ depreciation.
China is expected to release final June quarter current account figures today.
Overseas Market Commentary
Major European and US equities markets traded higher overnight on a mix of factors.
The financial and tech sectors were decidedly in favour in the US, the euro traded at five-week lows against the $US, and British pound comparative weakness supported exporters.
In US data releases, August durable goods orders were reported 1.7% higher, buoyed by the aircraft sector.
Pending home sales fell 2.6% to the least count for any month this year. This was attributed, however, to a mix of summer holiday season, hurricanes and stymied supply.
Also in the US, plans for a new taxation regime, including slashing company rates by 15% to 20% and simplifying individual tax thresholds, were outlined, but the lowest individual rate was raised 2% to 12% and the highest lowered by 4.6% to 35%. No detail was offered on funding the changes.
Associated estimates for improved national economic growth boosted US-listed finance stocks.
In the meantime, Saudi Arabia commenced a $US12.5B bond offer.
Tonight in the US, a third and final June quarter GDP reading is anticipated.
Weekly new unemployment claims and August wholesale inventories are also due, together with a regional manufacturing index.
In London, the Bank of England hosts a central bank independence conference, at which governor Mark Carney will speak, together with other central bankers, including from Australia.
The conference concludes tomorrow night.
In overnight corporate news, US chip manufacturer Micron Technology forecast $US6.1B - $US6.5B revenue for the coming quarter after reporting past quarter profit that exceeded expectations. The stock traded 8.5% higher, boosting overall tech sector sentiment.
Nike’s results, reported post-US trade, pushed the stock ~2% lower and appeared to impede overall DJIA progress.