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Market Opener – 09 Apr 2018
Local Markets Commentary
The Australian market commences a new week’s trade following another US equities fall overnight Friday.
Since then, China has urged US industry and commerce, plus the broader ‘international business community’ to oppose the threatened additional $US 100B worth of US tariffs on Chinese imports, describing the late-Thursday (local time) US move as ‘extremely mistaken’.
Also over the weekend, the US president has suggested China is ready to offer concessions.
Meanwhile, Middle East tensions escalated, the US president also railing against Syria, Russia and Iran in response to an alleged chemical attack on anti-Syrian government groups and civilians in Ghouta, Syria.
Overnight, an agreement has enabled the commencement of a civilian evacuation.
In overnight Friday commodities trade, US gold futures turned higher. Oil fell.
LME copper and nickel swung lower but aluminium continued to rally.
The $A was pushed back to ~US 76.70c after appreciating to ~US 76.90c early Friday evening.
Locally today, a March construction sector activity index and a weekly capital city residential property price report are due pre-trade.
Over the weekend, China’s central bank reported March foreign reserves had risen $US 9B during the month, to $US 3.14 trillion, following a $UA27B drop in February. Gold reserves grew to $US 78.42B from $US 78.06B.
China’s markets are set to resume today following public holidays Thursday and Friday last week.
Overseas Market Commentary
Major European and US equities markets mostly opened lower overnight Friday, sentiment generally deteriorating further in second-half trade.
Friday, China had lodged a complaint with the World Trade Organisation against the US.
Later Friday, the US government announced significant sanctions against Russian business personnel and enterprises, following enabling legislation approved by Congress in 2017.
In addition, US Federal Reserve chair Jerome Powell offered it was too early to determine if the US economy would be damaged by trade tensions, but confirmed the bank would likely need to keep raising rates to control inflation.
Among US data releases, wages were reported 2.7% higher, year-on-year for March.
However, the number of jobs created in March came in at 103,000 against 326,000 in February and following forecasts of ~195,000.
February consumer credit rose by the least in five months, to $US 10.6B against expectations of $US 15.5B.
In the meantime, a European Central Bank (ECB) official Benôit Coeuré ventured trade argy-bargy between the US and China was already affecting money raising activity.
In regional data releases, Germany’s February industrial production was revealed 1.6% lower, following a 0.1% rise in January.
A euro zone retail PMI for March fell 2.2 to 50.1.
Tonight, a US consumer inflation expectations report and Germany’s February trade figures are due.
The Australian market commences a new week’s trade following another US equities fall overnight Friday.
Since then, China has urged US industry and commerce, plus the broader ‘international business community’ to oppose the threatened additional $US 100B worth of US tariffs on Chinese imports, describing the late-Thursday (local time) US move as ‘extremely mistaken’.
Also over the weekend, the US president has suggested China is ready to offer concessions.
Meanwhile, Middle East tensions escalated, the US president also railing against Syria, Russia and Iran in response to an alleged chemical attack on anti-Syrian government groups and civilians in Ghouta, Syria.
Overnight, an agreement has enabled the commencement of a civilian evacuation.
In overnight Friday commodities trade, US gold futures turned higher. Oil fell.
LME copper and nickel swung lower but aluminium continued to rally.
The $A was pushed back to ~US 76.70c after appreciating to ~US 76.90c early Friday evening.
Locally today, a March construction sector activity index and a weekly capital city residential property price report are due pre-trade.
Over the weekend, China’s central bank reported March foreign reserves had risen $US 9B during the month, to $US 3.14 trillion, following a $UA27B drop in February. Gold reserves grew to $US 78.42B from $US 78.06B.
China’s markets are set to resume today following public holidays Thursday and Friday last week.
Overseas Market Commentary
Major European and US equities markets mostly opened lower overnight Friday, sentiment generally deteriorating further in second-half trade.
Friday, China had lodged a complaint with the World Trade Organisation against the US.
Later Friday, the US government announced significant sanctions against Russian business personnel and enterprises, following enabling legislation approved by Congress in 2017.
In addition, US Federal Reserve chair Jerome Powell offered it was too early to determine if the US economy would be damaged by trade tensions, but confirmed the bank would likely need to keep raising rates to control inflation.
Among US data releases, wages were reported 2.7% higher, year-on-year for March.
However, the number of jobs created in March came in at 103,000 against 326,000 in February and following forecasts of ~195,000.
February consumer credit rose by the least in five months, to $US 10.6B against expectations of $US 15.5B.
In the meantime, a European Central Bank (ECB) official Benôit Coeuré ventured trade argy-bargy between the US and China was already affecting money raising activity.
In regional data releases, Germany’s February industrial production was revealed 1.6% lower, following a 0.1% rise in January.
A euro zone retail PMI for March fell 2.2 to 50.1.
Tonight, a US consumer inflation expectations report and Germany’s February trade figures are due.