Disclaimer: All information on this section is of a general nature.
Before making any investment decision, you should seek the relevant advice.
Market Opener – 07 Nov 2017
Local Markets Commentary
The Australian market opens today’s trade on strong overnight key commodity price gains, ahead of a RBA post-policy meeting statement followed by the running of the annual Melbourne Cup (3pm AEDST).
In overnight commodities trade, oil rallied further. Gold futures swung higher. Iron ore surged. LME copper swung higher and rallied. Nickel continued to do so.
The $A rose beyond US76.85c after trading at ~US76.55c yesterday evening.
Locally today, the Reserve Bank of Australia (RBA) holds a policy meeting after which it will release a statement 2.30pm AEDST.
Pre-trade, a weekly consumer sentiment reading is due. Post-trade, the RBA publishes October reserve assets.
Meanwhile, MQG trades ex-dividend ($2.05) today.
Regionally this evening, a foreign reserves update is expected out of China. October trade figures are keenly anticipated tomorrow.
This morning, the New Zealand government has released detailed plans for a two-phase review of the Reserve Bank of New Zealand and its operational structure.
Overseas Market Commentary
Major European equities markets vacillated throughout overnight, but US equities trade trended higher for at least half the session, amid plenty of corporate deal-making news, rallying oil prices and key data out of the euro zone.
Meanwhile, Bank of England governor Mark Carney had warned over the weekend, of the impact on UK growth, negotiations to leave the European Union lead to a less-than-optimal deal for the UK, or no definitive deal at all.
This appeared to push the FTSE 100 lower in early trade.
Euro zone final October PMIs were calculated slightly higher than forecast, in the mid-50s.
September producer prices rose 0.6% for the month and 2.9% year-on-year.
Germany’s September industrial orders rose 1% against ~4% for August, but a 1.5% drop had been anticipated by some forecasters.
Final October composite and services PMIs undershot expectations but remained strong.
Tonight in the US, a monthly job openings survey, economic optimism report and consumer credit update are due.
Elsewhere, European Central Bank president Mario Draghi is scheduled to speak publicly.
Associated British Foods, Autohome, Mitsubishi Motors, Singapore Airlines, Toyota, Valeant Pharma and Weibo are among companies scheduled to report earnings today or tonight.
In overnight corporate news, Broadcom offered $US130B for fellow chip manufacturer Qualcomm.
In the meantime, Twenty-first Century Fox was reported to be seeking a majority sale to Disney. This helped push Netflix lower.
easy Jet reported a 9.9% year-on-year rise in October passenger numbers.
Qatar Airways in the meantime, announced plans to outlay $US662M for 10% of Cathay Pacific Airways, making it Cathay’s third largest shareholder.
The Australian market opens today’s trade on strong overnight key commodity price gains, ahead of a RBA post-policy meeting statement followed by the running of the annual Melbourne Cup (3pm AEDST).
In overnight commodities trade, oil rallied further. Gold futures swung higher. Iron ore surged. LME copper swung higher and rallied. Nickel continued to do so.
The $A rose beyond US76.85c after trading at ~US76.55c yesterday evening.
Locally today, the Reserve Bank of Australia (RBA) holds a policy meeting after which it will release a statement 2.30pm AEDST.
Pre-trade, a weekly consumer sentiment reading is due. Post-trade, the RBA publishes October reserve assets.
Meanwhile, MQG trades ex-dividend ($2.05) today.
Regionally this evening, a foreign reserves update is expected out of China. October trade figures are keenly anticipated tomorrow.
This morning, the New Zealand government has released detailed plans for a two-phase review of the Reserve Bank of New Zealand and its operational structure.
Overseas Market Commentary
Major European equities markets vacillated throughout overnight, but US equities trade trended higher for at least half the session, amid plenty of corporate deal-making news, rallying oil prices and key data out of the euro zone.
Meanwhile, Bank of England governor Mark Carney had warned over the weekend, of the impact on UK growth, negotiations to leave the European Union lead to a less-than-optimal deal for the UK, or no definitive deal at all.
This appeared to push the FTSE 100 lower in early trade.
Euro zone final October PMIs were calculated slightly higher than forecast, in the mid-50s.
September producer prices rose 0.6% for the month and 2.9% year-on-year.
Germany’s September industrial orders rose 1% against ~4% for August, but a 1.5% drop had been anticipated by some forecasters.
Final October composite and services PMIs undershot expectations but remained strong.
Tonight in the US, a monthly job openings survey, economic optimism report and consumer credit update are due.
Elsewhere, European Central Bank president Mario Draghi is scheduled to speak publicly.
Associated British Foods, Autohome, Mitsubishi Motors, Singapore Airlines, Toyota, Valeant Pharma and Weibo are among companies scheduled to report earnings today or tonight.
In overnight corporate news, Broadcom offered $US130B for fellow chip manufacturer Qualcomm.
In the meantime, Twenty-first Century Fox was reported to be seeking a majority sale to Disney. This helped push Netflix lower.
easy Jet reported a 9.9% year-on-year rise in October passenger numbers.
Qatar Airways in the meantime, announced plans to outlay $US662M for 10% of Cathay Pacific Airways, making it Cathay’s third largest shareholder.