Local Markets Commentary
The Australian market opens today’s end-of-month trade ahead of influential domestic and regional data, and a Bank of Japan post-policy meeting statement, following negative overnight US equities trade.

Regionally, China’s National Bureau of Statistics is scheduled to release July PMIs 11am AEST.

The Bank of Japan announces outcomes from a policy meeting, 1pm AEST, following indications the bank’s board is open to tweaking policy in the near term.

In addition, Japan’s June industrial production and unemployment figures are due today from 9.30am AEST.

Locally today, the Reserve Bank of Australia (RBA) releases monthly financial aggregates, including private sector credit, 11.30am AEST.

This is one of a series of economic indicators due this week ahead of the RBA’s policy meeting Tuesday next week (7 August).

The Australian Bureau of Statistics (ABS) releases building approvals, also at 11.30am.

A weekly consumer sentiment reading is due pre-trade.

Being 31 July, a barrage of June quarter reports is expected.

In decidedly mixed overnight commodities trade, oil turned higher and rallied. 

US gold futures settled essentially flat.

Iron ore (China port, 62% Fe) was pushed slightly higher, recording three consecutive gains.

LME copper fell; aluminium rallied; nickel closed unchanged.

The $A appreciated a little after slipping below US74.0c early yesterday evening.

Overseas Market Commentary
Major European and US equities markets fell on opening or trended lower in early trade.

Energy stocks regained favour, but the tech sector notably pushed the NASDAQ to a third consecutive fall. 

Yesterday, China unveiled tighter regulation governing proposed investment in listed companies by foreign entities. 

Among data releases, US June pending home sales unexpectedly rose 0.9% for the month, following a 0.5% fall in May. Year-on-year however, pending home sales had fallen 2.5%.

A Texas region overall manufacturing and business conditions index slipped 4.2 points to 32.3. 

Germany’s initial July CPI growth was estimated at 2.0% year-on-year, following forecasts of 2.1%.

Tonight in the US, personal and income spending and employment cost updates are due, together with a Chicago region manufacturing index, a national house price index and a Conference Board consumer confidence reading. 

The figures will be keenly analysed, ahead of a Federal Reserve post-policy meeting statement early Thursday AEST.

Companies due to report earnings or provide an update later today and tonight include Apple (post-US trade), Amtek, Archer-Daniels-Midland, Baidu, BP, Credit Suisse, Glencore, Honda Motor, Nintendo, Pfizer, Procter & Gamble, Samsung Electronics, Sanofi, Shire, Sony, Standard Chartered, Takeda Pharmaceutical and Thomas Cook. 

In overnight corporate news, Caterpillar exceeded quarterly expectations and was pushed 2% higher early, only to ultimately fall by approximately the same amount, despite bolstering full year profit expectations. 

In the communications sector, AT&T gained ~3% following a positive research report.

American Express fell out of favour by ~2.5% on claims business sector currency conversion fees had been raised without informing customers.

Weak tech conviction following growth concerns and warnings brought to the surface by a batch of key reports last week, pushed Facebook and Netflix more than 4% lower and Alphabet and Amazon down more than 1%.

Tyson Foods dropped more than 7.5% as investors digested a full-year profit cutback, the company citing potential adverse trade tax impacts.