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Market Opener – 26 Feb 2018
Local Markets Commentary
The Australian market commences a new week’s trade amid a late-month flurry of domestic corporate earnings reports and following strong gains on US equities markets overnight Friday.
In overnight Friday commodities trade, US gold futures slipped. Oil extended Thursday’srally.
Iron ore (China port, 62% Fe) gained.
LME copper, nickel and aluminium were each pushed lower.
The $A ultimately trade in a relatively narrow range after falling to ~US78.20c early Friday evening.
Locally today, a weekly capital city residential property price report is due pre-trade.
High-profile companies trading ex-dividend today include AZJ, CCL and WES.
Regionally, China published January property prices over the weekend. In major cities, prices rose an average 0.3% for the month, coming in 5% higher, year-on-year. Respective December figures were 0.4% and 5.3%.
Overseas Market Commentary
Major European and Risk off sentiment appeared to prevail across major US equities markets overnight, but not in Europe.
Factors at play included key European economic indicator updates, protracted negotiations for the potential formation of a new coalition government in Germany, the release of a six-monthly US Federal Reserve report prepared for national parliamentarians, and the US bond market, 10-year sovereign yields falling for a second consecutive session.
Among the data releases, a final January CPI reading for the euro zone revealed 1.3% year-on-year growth, against 1.4% reported in December.
The core figures were reported as a 1.3% drop for the month (-0.9% including energy and food) and 1.2% growth year-on-year.
Germany’s final December quarter GDP growth reading came in at 2.3% year-on-year and 2.9% seasonally adjusted.
For the three months, adjusted growth was confirmed at 0.6%, against 0.7% for the September quarter
The US Federal Reserve report contained no surprises with its expectations of even economic progress and no near-term major risk to policy.
Tonight, in the US, January new home sales, the Chicago Fed national activity index and a Texas region manufacturing activity index are due.
In Germany, the Angela Merkel-led Christian Democrats begin to vote on proposed coalition government arrangements. Results are anticipated early next week.
In overnight Friday corporate news, Royal Bank of Scotland announced its first annual profit in nine years, an attributable £752M.
Also in the UK, William Hill revealed a £238M impairment on its Australian business.
The Australian market commences a new week’s trade amid a late-month flurry of domestic corporate earnings reports and following strong gains on US equities markets overnight Friday.
In overnight Friday commodities trade, US gold futures slipped. Oil extended Thursday’srally.
Iron ore (China port, 62% Fe) gained.
LME copper, nickel and aluminium were each pushed lower.
The $A ultimately trade in a relatively narrow range after falling to ~US78.20c early Friday evening.
Locally today, a weekly capital city residential property price report is due pre-trade.
High-profile companies trading ex-dividend today include AZJ, CCL and WES.
Regionally, China published January property prices over the weekend. In major cities, prices rose an average 0.3% for the month, coming in 5% higher, year-on-year. Respective December figures were 0.4% and 5.3%.
Overseas Market Commentary
Major European and Risk off sentiment appeared to prevail across major US equities markets overnight, but not in Europe.
Factors at play included key European economic indicator updates, protracted negotiations for the potential formation of a new coalition government in Germany, the release of a six-monthly US Federal Reserve report prepared for national parliamentarians, and the US bond market, 10-year sovereign yields falling for a second consecutive session.
Among the data releases, a final January CPI reading for the euro zone revealed 1.3% year-on-year growth, against 1.4% reported in December.
The core figures were reported as a 1.3% drop for the month (-0.9% including energy and food) and 1.2% growth year-on-year.
Germany’s final December quarter GDP growth reading came in at 2.3% year-on-year and 2.9% seasonally adjusted.
For the three months, adjusted growth was confirmed at 0.6%, against 0.7% for the September quarter
The US Federal Reserve report contained no surprises with its expectations of even economic progress and no near-term major risk to policy.
Tonight, in the US, January new home sales, the Chicago Fed national activity index and a Texas region manufacturing activity index are due.
In Germany, the Angela Merkel-led Christian Democrats begin to vote on proposed coalition government arrangements. Results are anticipated early next week.
In overnight Friday corporate news, Royal Bank of Scotland announced its first annual profit in nine years, an attributable £752M.
Also in the UK, William Hill revealed a £238M impairment on its Australian business.