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Market Opener – 16 Nov 2017
Local Markets Commentary
The Australian market commences today’s trade on mostly negative leads from overnight international equities and commodities trade.
Among the key commodities, US gold futures settled lower. Oil continued to retreat. Iron ore (62% Fe, China port) turned and fell. LME copper and aluminium swung to record gains.
The $A traded in a relatively narrow range after falling below US75.90c early yesterday evening.
Locally today, October employment figures, as calculated by the ABS, are due 11.30am AEDST.
The Melbourne Institute publishes its monthly inflation expectations report.
Post-trade, the Reserve Bank of Australia (RBA) reports monthly transactions and assets.
A bevy of outlook commentary is also anticipated from large-cap stocks holding AGMs.
Overseas Market Commentary
Major European and US equities markets indicated a risk-off trade approach overnight. Investors faced more than just political and economic angst in the UK, tax reform uncertainty in the US, currency swings and falling key commodity prices.
Russia moved to restructure ~$US3B of Venezeulan debt and Zimbabwe reportedly came under the control of the military.
In data releases, the euro zone’s September trade surplus was reported €4B higher for the month, at €25B, helping push the euro to a three-week high against the $US.
Exports rose 1.1% while imports fell 1.2%.
On an annual basis, the surplus had grown by €2.1B (seasonally unadjusted), exports by 5.6% and imports 5.1%.
US October CPI was calculated 0.1% higher for the month and 2.0% year-on-year. Core CPI (excluding food and energy) rose 0.2% and 1.8% respectively.
October retail sales rose 0.2%, double forecasts.
The general business conditions of a New York region business activity index came in at 19.4, against 30.2 for October.
In the UK, September quarter average weekly earnings growth slipped 0.1% on an annual basis to 2.2% growth.
The September unemployment rate remained at 4.3%. October unemployment claims fell, undershooting forecasts.
Tonight in the US, president Donald Trump is expected to speak on tax proposals, and House of Representative Republicans to vote on their planned legislation. The bill also seeks to delete the former administration’s tax penalty for most individuals should they not hold some health insurance.
Among US data releases, weekly new unemployment claims are due, together with October industrial production, export and import prices, a regional manufacturing index and home builders’ sentiment index.
Companies scheduled to report earnings include: Best Buy, Gap, Investec, Viacom and Walmart.
Marks & Spencer, Sainsbury’s and Shell trade ex-dividend on the FTSE 100.
In overnight corporate news, US retailer Target Corp exceeded quarterly expectations all-round but delivered a holiday season sales warning, pushing the stock almost 10% lower.
Cisco Systems reported post-US trade and appeared to please with both the past quarter’s earnings and expectations.
Earlier, BP also encouraged, announcing the energy giant would resume share buy-backs.
The Australian market commences today’s trade on mostly negative leads from overnight international equities and commodities trade.
Among the key commodities, US gold futures settled lower. Oil continued to retreat. Iron ore (62% Fe, China port) turned and fell. LME copper and aluminium swung to record gains.
The $A traded in a relatively narrow range after falling below US75.90c early yesterday evening.
Locally today, October employment figures, as calculated by the ABS, are due 11.30am AEDST.
The Melbourne Institute publishes its monthly inflation expectations report.
Post-trade, the Reserve Bank of Australia (RBA) reports monthly transactions and assets.
A bevy of outlook commentary is also anticipated from large-cap stocks holding AGMs.
Overseas Market Commentary
Major European and US equities markets indicated a risk-off trade approach overnight. Investors faced more than just political and economic angst in the UK, tax reform uncertainty in the US, currency swings and falling key commodity prices.
Russia moved to restructure ~$US3B of Venezeulan debt and Zimbabwe reportedly came under the control of the military.
In data releases, the euro zone’s September trade surplus was reported €4B higher for the month, at €25B, helping push the euro to a three-week high against the $US.
Exports rose 1.1% while imports fell 1.2%.
On an annual basis, the surplus had grown by €2.1B (seasonally unadjusted), exports by 5.6% and imports 5.1%.
US October CPI was calculated 0.1% higher for the month and 2.0% year-on-year. Core CPI (excluding food and energy) rose 0.2% and 1.8% respectively.
October retail sales rose 0.2%, double forecasts.
The general business conditions of a New York region business activity index came in at 19.4, against 30.2 for October.
In the UK, September quarter average weekly earnings growth slipped 0.1% on an annual basis to 2.2% growth.
The September unemployment rate remained at 4.3%. October unemployment claims fell, undershooting forecasts.
Tonight in the US, president Donald Trump is expected to speak on tax proposals, and House of Representative Republicans to vote on their planned legislation. The bill also seeks to delete the former administration’s tax penalty for most individuals should they not hold some health insurance.
Among US data releases, weekly new unemployment claims are due, together with October industrial production, export and import prices, a regional manufacturing index and home builders’ sentiment index.
Companies scheduled to report earnings include: Best Buy, Gap, Investec, Viacom and Walmart.
Marks & Spencer, Sainsbury’s and Shell trade ex-dividend on the FTSE 100.
In overnight corporate news, US retailer Target Corp exceeded quarterly expectations all-round but delivered a holiday season sales warning, pushing the stock almost 10% lower.
Cisco Systems reported post-US trade and appeared to please with both the past quarter’s earnings and expectations.
Earlier, BP also encouraged, announcing the energy giant would resume share buy-backs.