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Market Opener – 12 Sep 2018
Local Markets Commentary
The Australian market commences mid-week trade following overnight gains across US equities markets, but mixed international commodities sentiment, as domestic ex-dividend season continues.
Locally today, the Melbourne Institute and Westpac publish a monthly consumer confidence report 10.30am AEST.
A monthly leading indicator of employment is expected this afternoon, ahead of August employment statistics tomorrow.
Post-ASX trade, the Reserve Bank of Australia (RBA) reports July card transactions.
Stocks trading ex-dividend today include CIM, LOV, PPT, SEK and SHL. Please see p3 for additional stocks and details.
Regionally, China’s August foreign direct investment is anticipated anytime from today.
In overnight commodities trade, WTI crude swung higher, joining a Brent rally.
US (December) gold futures turned to settle a little higher.
Iron ore (China port, 62% Fe) slipped a little further, following Monday’s turn lower.
LME base metals fell.
The $A appreciated to ~US71.15c after falling to ~US71.0c early yesterday evening.
Overseas Market Commentary
US equities markets trended higher early overnight amid no new major geopolitical news. Major European indices swung and chopped markedly.
Among US data releases, a job openings report estimated opportunities had risen to 6.9M during July, but that the job openings growth rate remained at 4.4%.
The hiring growth rate also remained static, at 3.8%.
The resignation rate grew to 2.4% from 2.3%.
The NFIB’s business optimism index report also included an estimate of small business job openings which represented a 5-year peak.
July wholesale inventories were estimated to have risen 0.6%.
Earlier, ZEW reported its economic sentiment index for Germany had improved from -13.7 to -10.6. The current conditions index defied forecasts of a slight fall, rising 3.4 to 76.0.
In the UK, the government negotiated an ~six-month longer term for Bank of England governor Mark Carney, through to January 2020, to provide some ‘continuity’ through the period immediately following the UK’s expected official departure from the European Union.
In UK data releases, July average earnings were reported 2.6% higher, following a 2.4% increase in June.
August new unemployment claims totalled 8700, against 10,200 for July.
Tonight in the US, July producer prices and the Federal Reserves detailed economic report for each of its 12 districts (known as the beige book) keenly anticipated, together with weekly mortgage applications.
In overnight corporate news, Japan’s Renesas Electronics, a chip manufacturer, announced a $US6.7B purchase of California-headquartered Integrated Device Technology, which specialises in smart car devices.
The Australian market commences mid-week trade following overnight gains across US equities markets, but mixed international commodities sentiment, as domestic ex-dividend season continues.
Locally today, the Melbourne Institute and Westpac publish a monthly consumer confidence report 10.30am AEST.
A monthly leading indicator of employment is expected this afternoon, ahead of August employment statistics tomorrow.
Post-ASX trade, the Reserve Bank of Australia (RBA) reports July card transactions.
Stocks trading ex-dividend today include CIM, LOV, PPT, SEK and SHL. Please see p3 for additional stocks and details.
Regionally, China’s August foreign direct investment is anticipated anytime from today.
In overnight commodities trade, WTI crude swung higher, joining a Brent rally.
US (December) gold futures turned to settle a little higher.
Iron ore (China port, 62% Fe) slipped a little further, following Monday’s turn lower.
LME base metals fell.
The $A appreciated to ~US71.15c after falling to ~US71.0c early yesterday evening.
Overseas Market Commentary
US equities markets trended higher early overnight amid no new major geopolitical news. Major European indices swung and chopped markedly.
Among US data releases, a job openings report estimated opportunities had risen to 6.9M during July, but that the job openings growth rate remained at 4.4%.
The hiring growth rate also remained static, at 3.8%.
The resignation rate grew to 2.4% from 2.3%.
The NFIB’s business optimism index report also included an estimate of small business job openings which represented a 5-year peak.
July wholesale inventories were estimated to have risen 0.6%.
Earlier, ZEW reported its economic sentiment index for Germany had improved from -13.7 to -10.6. The current conditions index defied forecasts of a slight fall, rising 3.4 to 76.0.
In the UK, the government negotiated an ~six-month longer term for Bank of England governor Mark Carney, through to January 2020, to provide some ‘continuity’ through the period immediately following the UK’s expected official departure from the European Union.
In UK data releases, July average earnings were reported 2.6% higher, following a 2.4% increase in June.
August new unemployment claims totalled 8700, against 10,200 for July.
Tonight in the US, July producer prices and the Federal Reserves detailed economic report for each of its 12 districts (known as the beige book) keenly anticipated, together with weekly mortgage applications.
In overnight corporate news, Japan’s Renesas Electronics, a chip manufacturer, announced a $US6.7B purchase of California-headquartered Integrated Device Technology, which specialises in smart car devices.