Research

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State One Market Opener - 28 Sep 2016

 
Local Markets Commentary
The Australian market commences today’s trade on positive US equities, but mostly negative key commodities, leads

In overnight commodities trade, gold and oil fell. Copper picked up the pace of its latest decline. Iron ore traded lower for a second consecutive session.

The $A effectively marked time after approaching US76.70c early yesterday evening.

Locally today, no major economic indicators are due for release.

Companies trading ex-dividend include LNK, MYR and SGF.

Overseas Market Commentary
Major European and US equities markets trade diverged overnight, the consumer and technology sectors supporting US indices.

European trade was impacted by weaker yet Deutsche Bank sentiment and falling commodities prices. In addition, Germany’s import prices fell more than anticipated.

In US data releases, a Conference Board consumer confidence index was reported 2.2 points higher, at 104, a nine-year peak for that index.

Markit estimated its initial September services PMI at 51.9, 0.8 higher than forecasts.

The Case-Shiller July house price index came in 5.1% higher year-on-year.

A Richmond region manufacturing index rose to -8 from -11.

Tonight in the US, Federal Reserve chair Janet Yellen is scheduled to meet with a parliamentary financial services committee to discuss supervision and regulation.

In addition, at least four regional central bank presidents are expected to speak publicly.

US August durable goods orders are also due, together with weekly mortgage applications.

Meanwhile, European Central Bank (ECB) president Mario Draghi is expected to convene a press interview after speaking behind closed doors with a German government European affairs committee. Prior to this, he will open an ECB research conference in London.

Blackberry, J Sainsbury (UK supermarket chain) and PZ Cussons are among companies due to report results or provide trading updates.

 
Posted on 28/09/2016 7:46:35 AM

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