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Market Opener – 30 Oct 2017
Local Markets Commentary
International influences on Australian market trade this week will include:
• central bank policy decisions in Japan, the UK and US;
• a potential US Federal Reserve chair nominee announcement;
• key economic indicators from China, the euro zone and the US; and
• a major five sessions of northern hemisphere corporate reporting.
In addition, among international political developments, since overnight Friday trade, Iraq’s Kurdish regional president has stood down.
In the US, grand jury investigators have recommended initial charges in an investigation into Russian links to last year’s US election, drawing a negative response from US president Donald Trump.
Elsewhere, Spain’s national government officially dissolved Catalonia’s government after the regional government declared independence, seized interim direct rule and called an election for 21 December.
Today’s domestic markets trade commences following results and data-led gains for select international equities markets overnight Friday.
Commodities trade proved mixed.
US gold futures settled slightly higher. Oil rallied further. Iron ore (China port, 62% Fe) extended its latest decline. LME copper, nickel and aluminium fell.
The $A appreciated beyond US77.75c after trading below US76.40c early Friday evening.
Locally today, a weekly capital city residential property price report is due pre-trade.
Regionally, Japan is expected to release September retail sales.
The Bank of Japan also commences a policy meeting, from which outcomes will be announced tomorrow.
Overseas Market Commentary
Major European and US equities markets were mostly buoyed by corporate results and US economic growth optimism overnight Friday.
US September quarter GDP growth surprised on the upside, an initial estimate coming in at 3.0% after 3.1% for the June quarter.
The final October University of Michigan consumer sentiment reading was estimated at 100.7, from 101.1.
Germany’s September import prices were calculated 0.9% higher for the month and 3% higher year-on-year.
Tonight in the US, September personal income and spending and a Texas manufacturing index are due.
Companies scheduled to report earnings today and tonight include: Baoshan Iron & Steel, HSBC, Loews, Mondelez International and PetroChina. Glencore is expected to provide a trading update.
In overnight Friday corporate moves, Alphabet (owns Google), Amazon, Intel and Microsoft stocks were propelled higher by results reported post-US Thursday trade, supporting NASDAQ and S&P500 trade in particular.
US department store JC Penney traded up to 29% lower on dour third quarter and full-year forecasts.
International influences on Australian market trade this week will include:
• central bank policy decisions in Japan, the UK and US;
• a potential US Federal Reserve chair nominee announcement;
• key economic indicators from China, the euro zone and the US; and
• a major five sessions of northern hemisphere corporate reporting.
In addition, among international political developments, since overnight Friday trade, Iraq’s Kurdish regional president has stood down.
In the US, grand jury investigators have recommended initial charges in an investigation into Russian links to last year’s US election, drawing a negative response from US president Donald Trump.
Elsewhere, Spain’s national government officially dissolved Catalonia’s government after the regional government declared independence, seized interim direct rule and called an election for 21 December.
Today’s domestic markets trade commences following results and data-led gains for select international equities markets overnight Friday.
Commodities trade proved mixed.
US gold futures settled slightly higher. Oil rallied further. Iron ore (China port, 62% Fe) extended its latest decline. LME copper, nickel and aluminium fell.
The $A appreciated beyond US77.75c after trading below US76.40c early Friday evening.
Locally today, a weekly capital city residential property price report is due pre-trade.
Regionally, Japan is expected to release September retail sales.
The Bank of Japan also commences a policy meeting, from which outcomes will be announced tomorrow.
Overseas Market Commentary
Major European and US equities markets were mostly buoyed by corporate results and US economic growth optimism overnight Friday.
US September quarter GDP growth surprised on the upside, an initial estimate coming in at 3.0% after 3.1% for the June quarter.
The final October University of Michigan consumer sentiment reading was estimated at 100.7, from 101.1.
Germany’s September import prices were calculated 0.9% higher for the month and 3% higher year-on-year.
Tonight in the US, September personal income and spending and a Texas manufacturing index are due.
Companies scheduled to report earnings today and tonight include: Baoshan Iron & Steel, HSBC, Loews, Mondelez International and PetroChina. Glencore is expected to provide a trading update.
In overnight Friday corporate moves, Alphabet (owns Google), Amazon, Intel and Microsoft stocks were propelled higher by results reported post-US Thursday trade, supporting NASDAQ and S&P500 trade in particular.
US department store JC Penney traded up to 29% lower on dour third quarter and full-year forecasts.