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Market Opener – 30 Sep 2019
Local Markets Commentary
The Australian market opens the last trading session of the September quarter with some material domestic economic indicator reports and influential China data due today, ahead of a Reserve Bank of Australia (RBA) policy meeting tomorrow and with Middle East tensions simmering.
In addition, material figures are due out of the European region tonight, including UK GDP and Germany CPI readings.Over the weekend, despite earlier reports of another possible cease-fire, Houthi militia from Yemen claimed they had captured a Saudi military convoy, killed hundreds of troops and captured up to 2000 others.
Locally today, the RBA publishes its monthly financial aggregates report, which includes private sector credit, at 11.30am AEST.
The Melbourne Institute and TD Securities are due to release their monthly inflation gauge report at 11am.
Regionally, China’s National Bureau of Statistics (NBS) is expected to reveal September services and manufacturing PMI readings 11am AEST.
Caixin’s September manufacturing PMI estimate is due 11.45am AEST.
Japan’s August industrial production and retail sales figures are anticipated just prior to ASX open.
In overnight Friday commodities trade, oil and US gold futures (December) turned lower.
Iron ore (Nymex CFR China, 62% Fe) slipped slightly again, closing just below $US92.90/t.
LME copper swung higher, but not so nickel.
The $A remained within a relatively narrow range after trading at ~US67.60c early Friday evening.
In addition, material figures are due out of the European region tonight, including UK GDP and Germany CPI readings.Over the weekend, despite earlier reports of another possible cease-fire, Houthi militia from Yemen claimed they had captured a Saudi military convoy, killed hundreds of troops and captured up to 2000 others.
Locally today, the RBA publishes its monthly financial aggregates report, which includes private sector credit, at 11.30am AEST.
The Melbourne Institute and TD Securities are due to release their monthly inflation gauge report at 11am.
Regionally, China’s National Bureau of Statistics (NBS) is expected to reveal September services and manufacturing PMI readings 11am AEST.
Caixin’s September manufacturing PMI estimate is due 11.45am AEST.
Japan’s August industrial production and retail sales figures are anticipated just prior to ASX open.
In overnight Friday commodities trade, oil and US gold futures (December) turned lower.
Iron ore (Nymex CFR China, 62% Fe) slipped slightly again, closing just below $US92.90/t.
LME copper swung higher, but not so nickel.
The $A remained within a relatively narrow range after trading at ~US67.60c early Friday evening.
Overseas Market Commentary
Trade across major European and US equities markets diverged overnight Friday, sentiment waning during US trade, but key European indices opening positive and trending higher.
Economic data releases during the second last session of the September quarter and through to tonight’s end-of-quarter trade offered plenty to consider, in addition to broad, unresolved international political and trade issues.
Further, reports emerged that smaller Chinese companies were finding it more difficult to achieve a listing on the NASDAQ, and one report claimed the US administration was looking into perhaps delisting Chinese companies trading on US equities exchanges.
In overnight Friday data releases, Germany’s August import prices were reported 0.6% lower for the month and 2.7% lower than for August 2018.
A euro zone September economic sentiment index came in at 101.7, from 103.1 for August.
In the US, August personal income rose 0.4% but spending just 0.1%, following respective 0.1% and 0.5% July gains.
August durable goods orders rose just 0.2% for the month, against a 2% increase in July.
The University of Michigan September consumer sentiment index was finalised at 93.2, representing a 3.4-point improvement for the month.
Tonight in the US, the Chicago PMI and Dallas Fed manufacturing index are due.
Elsewhere other material economic indicators are keenly anticipated including, Germany’s September CPI and August retail sales, and the UK’s final June quarter GDP growth reading.
Economic data releases during the second last session of the September quarter and through to tonight’s end-of-quarter trade offered plenty to consider, in addition to broad, unresolved international political and trade issues.
Further, reports emerged that smaller Chinese companies were finding it more difficult to achieve a listing on the NASDAQ, and one report claimed the US administration was looking into perhaps delisting Chinese companies trading on US equities exchanges.
In overnight Friday data releases, Germany’s August import prices were reported 0.6% lower for the month and 2.7% lower than for August 2018.
A euro zone September economic sentiment index came in at 101.7, from 103.1 for August.
In the US, August personal income rose 0.4% but spending just 0.1%, following respective 0.1% and 0.5% July gains.
August durable goods orders rose just 0.2% for the month, against a 2% increase in July.
The University of Michigan September consumer sentiment index was finalised at 93.2, representing a 3.4-point improvement for the month.
Tonight in the US, the Chicago PMI and Dallas Fed manufacturing index are due.
Elsewhere other material economic indicators are keenly anticipated including, Germany’s September CPI and August retail sales, and the UK’s final June quarter GDP growth reading.