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Market Opener – 24 Jul 2019
Local Markets Commentary
The Australian market opens mid-week trade with overnight reports of high-level face-to-face US-China trade talks resuming next week, but also otherUS news impacting select high-profile stocks.
A US Justice Department announcement post-overnight US trade of an investigation into ‘widespread concerns’ regarding ‘search, social media and some retail services online’ has pushed large stocks such as Alphabet (includes Google), Amazon, Apple and Facebook lower in post-settlement trade.
Locally today, a June internet jobs vacancy index is due.
In overnight commodities trade, oil rose for a third consecutive session.
US gold futures (August) settled modestly lower.
Iron ore (China port, 62% Fe) turned to record a modest gain.
LME copper fell further. Nickel and aluminium closed essentially flat.
The $A slipped towards US70.00c after trading at ~US70.25c early yesterday evening.
A US Justice Department announcement post-overnight US trade of an investigation into ‘widespread concerns’ regarding ‘search, social media and some retail services online’ has pushed large stocks such as Alphabet (includes Google), Amazon, Apple and Facebook lower in post-settlement trade.
Locally today, a June internet jobs vacancy index is due.
In overnight commodities trade, oil rose for a third consecutive session.
US gold futures (August) settled modestly lower.
Iron ore (China port, 62% Fe) turned to record a modest gain.
LME copper fell further. Nickel and aluminium closed essentially flat.
The $A slipped towards US70.00c after trading at ~US70.25c early yesterday evening.
Overseas Market Commentary
Major European and US equities markets mostly headed towards settlements at or near session highs overnight, amid shifting geopolitical influence, another swag of large-cap company earnings, late-Monday news of a two-year US budget and debt funding agreement between the US administration and parliament’s leaders, plus some key new media reports, including of the planned resumption of in-person talks between high-level US and China officials in Shanghai anytime from the end of this week.
Earlier, China had denounced the US sanctions placed on a Chinese energy company for allegedly trading oil from Iran.
In the UK, the new leader of the conservative party, and hence the next PM (to take over from Theresa May) was confirmed as Boris Johnson.
This pushed the British pound lower, in association with expectations the UK could leave the European Union (EU) without an approved deal in place, should any further negotiations extend to the current 31 October deadline.
Meanwhile, South Korea had accused Russia of violating its airspace and claimed to have fired warning s hots at two Russian fighter craft.
Overnight, the International Monetary Fund (IMF) released its six-monthly ‘World Economic Outlook’, again reducing the fund’s 2019 international economic growth prediction, this time by 0.1% to 3.2%.
Among additional nation-specific data releases, an initial July consumer confidence reading for the euro zone improved, albeit from -7.2 to -6.6.
UK quarterly business confidence index tumbled to -32 from -13.
In the US, the Richmond Fed manufacturing index plunged to -12 from 2.
June existing home sales dropped 1.7% following a 2.9% May increase.
A May house price index estimated 0.1% growth, against 0.4% for April.
Tonight in the US, June new home sales, Markit’s initial July PMI estimates and weekly mortgage applications are due.
Elsewhere, European manufacturing PMIs will also attract interest.
Companies scheduled to report earnings later today and tonight include: Advanced Micro Devices, Akzo Nobel, AT&T, Boeing, Canon, Caterpillar, Christian Dior, Daimler, Deutsche Bank, Equifax, Facebook, Ford Motor, Freeport McMoRan, GlaxoSmithKline, LVMH, Northrop Grumman, Paypal Holdings, Peugeot, Samsung C&T and Tesla.
In overnight corporate news, Hasbro warned additional import taxes could push prices higher, in particular for popular products such as those based on the Avengers, but nonetheless pleased with quarterly figures, its stock price putting on ~10%.
Coca-Cola bubbled ~6% higher on both earnings and sales that exceeded predictions.
United Technologies also proved popular, after boosting full-year profit and sales expectations.
Post-US trade, Snap has revealed better-than-anticipated results and has appreciated ~10%.
Earlier, China had denounced the US sanctions placed on a Chinese energy company for allegedly trading oil from Iran.
In the UK, the new leader of the conservative party, and hence the next PM (to take over from Theresa May) was confirmed as Boris Johnson.
This pushed the British pound lower, in association with expectations the UK could leave the European Union (EU) without an approved deal in place, should any further negotiations extend to the current 31 October deadline.
Meanwhile, South Korea had accused Russia of violating its airspace and claimed to have fired warning s hots at two Russian fighter craft.
Overnight, the International Monetary Fund (IMF) released its six-monthly ‘World Economic Outlook’, again reducing the fund’s 2019 international economic growth prediction, this time by 0.1% to 3.2%.
Among additional nation-specific data releases, an initial July consumer confidence reading for the euro zone improved, albeit from -7.2 to -6.6.
UK quarterly business confidence index tumbled to -32 from -13.
In the US, the Richmond Fed manufacturing index plunged to -12 from 2.
June existing home sales dropped 1.7% following a 2.9% May increase.
A May house price index estimated 0.1% growth, against 0.4% for April.
Tonight in the US, June new home sales, Markit’s initial July PMI estimates and weekly mortgage applications are due.
Elsewhere, European manufacturing PMIs will also attract interest.
Companies scheduled to report earnings later today and tonight include: Advanced Micro Devices, Akzo Nobel, AT&T, Boeing, Canon, Caterpillar, Christian Dior, Daimler, Deutsche Bank, Equifax, Facebook, Ford Motor, Freeport McMoRan, GlaxoSmithKline, LVMH, Northrop Grumman, Paypal Holdings, Peugeot, Samsung C&T and Tesla.
In overnight corporate news, Hasbro warned additional import taxes could push prices higher, in particular for popular products such as those based on the Avengers, but nonetheless pleased with quarterly figures, its stock price putting on ~10%.
Coca-Cola bubbled ~6% higher on both earnings and sales that exceeded predictions.
United Technologies also proved popular, after boosting full-year profit and sales expectations.
Post-US trade, Snap has revealed better-than-anticipated results and has appreciated ~10%.