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Market Opener – 27 Nov 2017
Local Markets Commentary
The Australian market commences a new week’s trade ahead of the last of China’s October data and on mostly positive major commodity price leads.
China’s October industrial profits are expected 12.30pm AEDST.
On Friday, China’s finance ministry announced it was cutting import taxes on select goods ranging across pharmaceuticals, other health products, food, clothing, and alcohol.
In overnight Friday commodities trade, US gold futures settled lower. Oil continued higher. Iron ore (China port, 62% Fe) added moderately to its latest rally. LME copper, nickel and aluminium gained.
The $A traded in a relatively narrow range after falling to ~US76.10c early Fridayevening.
Locally today, a weekly capital city residential property price report is expected pre-trade.
Meanwhile in Queensland, the weekend State election has as yet delivered no clear outcome.
Overseas Market Commentary
US markets traded yet a little higher in Thanksgiving weekend-shortened and reduced volume Friday trade.
This appeared to bolster gains for Germany’s equities trade and help stem the extent of a FTSE decline.
IFO’s business climate survey for Germany also supported domestic sentiment, the overall index reaching a 117.5 record peak, helping the euro trade above $US1.19, and supporting possible 2.3% GDP growth for the year.
Among US data releases, Markit’s initial services PMI for November was calculated 0.6 lower, at 54.7, and the manufacturing index 0.8 lower, at 53.8.
Overall US sales for Friday’s ‘Black Friday’ retail event appeared significantly buoyed by online purchases, boosting optimism for tonight’s ‘Cyber Monday’.
Tonight in the US, October new home sales are due, together with a Texas region manufacturing index.
The Australian market commences a new week’s trade ahead of the last of China’s October data and on mostly positive major commodity price leads.
China’s October industrial profits are expected 12.30pm AEDST.
On Friday, China’s finance ministry announced it was cutting import taxes on select goods ranging across pharmaceuticals, other health products, food, clothing, and alcohol.
In overnight Friday commodities trade, US gold futures settled lower. Oil continued higher. Iron ore (China port, 62% Fe) added moderately to its latest rally. LME copper, nickel and aluminium gained.
The $A traded in a relatively narrow range after falling to ~US76.10c early Fridayevening.
Locally today, a weekly capital city residential property price report is expected pre-trade.
Meanwhile in Queensland, the weekend State election has as yet delivered no clear outcome.
Overseas Market Commentary
US markets traded yet a little higher in Thanksgiving weekend-shortened and reduced volume Friday trade.
This appeared to bolster gains for Germany’s equities trade and help stem the extent of a FTSE decline.
IFO’s business climate survey for Germany also supported domestic sentiment, the overall index reaching a 117.5 record peak, helping the euro trade above $US1.19, and supporting possible 2.3% GDP growth for the year.
Among US data releases, Markit’s initial services PMI for November was calculated 0.6 lower, at 54.7, and the manufacturing index 0.8 lower, at 53.8.
Overall US sales for Friday’s ‘Black Friday’ retail event appeared significantly buoyed by online purchases, boosting optimism for tonight’s ‘Cyber Monday’.
Tonight in the US, October new home sales are due, together with a Texas region manufacturing index.