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Before making any investment decision, you should seek the relevant advice.
Market Opener – 07 Aug 2018
Local Markets Commentary
The Australian market opens today’s trade on mostly lacklustre overnight international equities and mixed commodities trade leads, ahead of a Reserve Bank of Australia (RBA) policy meeting and subsequent statement.
The RBA will release its post-meeting outcomes statement 2.30pm AEST.
Pre-trade, AiG’s July construction sector activity index is due, together with a weekly consumer sentiment reading.
Regionally, China’s July foreign reserves are anticipated today, but as late as 6pm AEST.
In overnight commodities trade, oil turned higher.
US gold futures swung lower.
LME copper was pushed lower but nickel continued to rally and aluminium appreciated.
The $A fell beneath US73.90c after trading below ~US73.95c early yesterday evening.
Overseas Market Commentary
Choppy trade featured across major European equities markets overnight. Key US indices largely trended higher from open, however.
The $US traded at one-year highs and the British pound at 11-month lows (-0.5%) against the $US.
US 10-year government bond yields fell despite a series of offerings coming up this week. Earlier yesterday, China used state media to belittle the US approach to international trade.
In overnight data releases, Germany’s June factory orders had been anticipated to pull back 0.7% following a 2.6% gain in May, but instead dropped 4% for the month.
The July construction PMI fell to 50, the cut-off between expansion and contraction mode, from 53 in June.
An overall euro zone Sentix investor confidence reading pleased however, gaining 2.6 points to 14.7.
UK July new vehicle sales also encouraged, improving 1.2% after falling 3.5% in June.
Tonight in the US, a June job openings report, consumer credit update and economic optimism index are due.
Companies due to report earnings or provide an update later today and tonight include: Commerzbank, Daikin, Domino’s Pizza, Intercontinental Hotels, Kirin Holdings, Snap, Takada and Walt Disney.
In overnight corporate news, Tyson Foods supported the S&P 500 with an ~3% gain, due to a quarterly profit gain and despite last week’s softer outlook warning.
PepsiCo confirmed its long-term CEO would step down in October, in favour of the company president, but keep chairing the PepsiCo board until early-2019.
Berkshire Hathaway appreciated ~3.5% on its quarterly earnings, released over the weekend.
The Australian market opens today’s trade on mostly lacklustre overnight international equities and mixed commodities trade leads, ahead of a Reserve Bank of Australia (RBA) policy meeting and subsequent statement.
The RBA will release its post-meeting outcomes statement 2.30pm AEST.
Pre-trade, AiG’s July construction sector activity index is due, together with a weekly consumer sentiment reading.
Regionally, China’s July foreign reserves are anticipated today, but as late as 6pm AEST.
In overnight commodities trade, oil turned higher.
US gold futures swung lower.
LME copper was pushed lower but nickel continued to rally and aluminium appreciated.
The $A fell beneath US73.90c after trading below ~US73.95c early yesterday evening.
Overseas Market Commentary
Choppy trade featured across major European equities markets overnight. Key US indices largely trended higher from open, however.
The $US traded at one-year highs and the British pound at 11-month lows (-0.5%) against the $US.
US 10-year government bond yields fell despite a series of offerings coming up this week. Earlier yesterday, China used state media to belittle the US approach to international trade.
In overnight data releases, Germany’s June factory orders had been anticipated to pull back 0.7% following a 2.6% gain in May, but instead dropped 4% for the month.
The July construction PMI fell to 50, the cut-off between expansion and contraction mode, from 53 in June.
An overall euro zone Sentix investor confidence reading pleased however, gaining 2.6 points to 14.7.
UK July new vehicle sales also encouraged, improving 1.2% after falling 3.5% in June.
Tonight in the US, a June job openings report, consumer credit update and economic optimism index are due.
Companies due to report earnings or provide an update later today and tonight include: Commerzbank, Daikin, Domino’s Pizza, Intercontinental Hotels, Kirin Holdings, Snap, Takada and Walt Disney.
In overnight corporate news, Tyson Foods supported the S&P 500 with an ~3% gain, due to a quarterly profit gain and despite last week’s softer outlook warning.
PepsiCo confirmed its long-term CEO would step down in October, in favour of the company president, but keep chairing the PepsiCo board until early-2019.
Berkshire Hathaway appreciated ~3.5% on its quarterly earnings, released over the weekend.