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Market Opener – 27 Aug 2019
Local Markets Commentary
The Australian market opens today’s trade with new data due out of China late morning, public commentary from the deputy governor of the Reserve Bank of Australia (RBA) early afternoon, a batch of high-profile domestic stocks reporting earnings, and several others trading ex-dividend.
China is expected to release July industrial profits figures 11.30am AEST.
Locally, RBA deputy governor Guy Debelle is scheduled to deliver an address entitled A Balance of Payments at an Economic Society of Australia lunch, 12.50pm AEST.
Pre-trade, a weekly consumer sentiment reading is due.
Companies trading ex-dividend today include BKL, CCL, DMP, NHF, STO and WOR. Please see p4 for a detailed list.
In overnight commodities trade, oil ultimately fell further.
US gold futures (December) swung to settle almost flat.
Iron ore (Nymex CFR China, 62% Fe) turned and declined.
The LME did not trade, due to a UK public holiday. US copper futures headed ~0.5% higher.
The $A appreciated to ~US67.75c after trading at US67.60c early yesterday evening.
China is expected to release July industrial profits figures 11.30am AEST.
Locally, RBA deputy governor Guy Debelle is scheduled to deliver an address entitled A Balance of Payments at an Economic Society of Australia lunch, 12.50pm AEST.
Pre-trade, a weekly consumer sentiment reading is due.
Companies trading ex-dividend today include BKL, CCL, DMP, NHF, STO and WOR. Please see p4 for a detailed list.
In overnight commodities trade, oil ultimately fell further.
US gold futures (December) swung to settle almost flat.
Iron ore (Nymex CFR China, 62% Fe) turned and declined.
The LME did not trade, due to a UK public holiday. US copper futures headed ~0.5% higher.
The $A appreciated to ~US67.75c after trading at US67.60c early yesterday evening.
Overseas Market Commentary
Major European equities markets chopped in early overnight trade, but US equities indices rallied on opening and generally maintained gains.
UK markets were closed, due to a public holiday.
The US administration talked up its stance in US-China trade relations and cited China’s willingness to negotiate as the basis for its optimism for an ultimate beneficial agreement.
For his part, China’s vice premier and highest-level trade negotiator Liu He was reported to have asserted China did not favour pressuring relations, and expressed hope for ‘calm negotiations’.
In the meantime, a foreign ministry spokesperson claimed he was unaware of any calls from China’s negotiators to the US late-weekend, in response to the US president’s claim that US negotiators had received such calls.
A media report from China emphasised the regular ‘keeping contact’ had continued, but also indicated nothing had progressed since the weekend.
Among overnight data releases, US July durable goods orders rose 2.1% for the month, following a 1.8% June increase. Excluding defence sector orders, the new gain came in at 1.4%. Excluding the transport sector, orders declined 0.4%, following an ex-transport 0.8% June rise.
Meanwhile, the Chicago Fed national activity index dropped to -0.36 from 0.03 in July.
A regional manufacturing index from the Dallas division of the US Federal Reserve jumped to 2.7 from -6.3 however. This against forecasts of a smaller improvement to -3.0.
In Germany, the IFO business climate index slipped to 94.3 from 95.8.
Tonight in the US, two different regional manufacturing and services sector activity indices, two house price reports and a consumer confidence reading are due.
Elsewhere, Germany is due to report a second and final estimate for June quarter GDP growth.
In Italy, more information regarding a possible snap election may become available following four additional days of negotiations between parliamentary party leaders.
Companies scheduled to report earnings later today and tonight include Aluminium Corp of China, China Citic Bank and Hewlett Packard Enterprise.
In overnight corporate news, Tesla announced it would increase vehicle prices in China from Friday.
Target revealed plans to open 25 Disney outlets within Target stores early October.
Amgen appreciated more than 3% after revealing it was prepared to outlay $US13.4B cash for the international rights to Celgene’s oral psoriasis treatment.
UK markets, including the London Metals Exchange (LME), will not trade tonight due to a public holiday.
UK markets were closed, due to a public holiday.
The US administration talked up its stance in US-China trade relations and cited China’s willingness to negotiate as the basis for its optimism for an ultimate beneficial agreement.
For his part, China’s vice premier and highest-level trade negotiator Liu He was reported to have asserted China did not favour pressuring relations, and expressed hope for ‘calm negotiations’.
In the meantime, a foreign ministry spokesperson claimed he was unaware of any calls from China’s negotiators to the US late-weekend, in response to the US president’s claim that US negotiators had received such calls.
A media report from China emphasised the regular ‘keeping contact’ had continued, but also indicated nothing had progressed since the weekend.
Among overnight data releases, US July durable goods orders rose 2.1% for the month, following a 1.8% June increase. Excluding defence sector orders, the new gain came in at 1.4%. Excluding the transport sector, orders declined 0.4%, following an ex-transport 0.8% June rise.
Meanwhile, the Chicago Fed national activity index dropped to -0.36 from 0.03 in July.
A regional manufacturing index from the Dallas division of the US Federal Reserve jumped to 2.7 from -6.3 however. This against forecasts of a smaller improvement to -3.0.
In Germany, the IFO business climate index slipped to 94.3 from 95.8.
Tonight in the US, two different regional manufacturing and services sector activity indices, two house price reports and a consumer confidence reading are due.
Elsewhere, Germany is due to report a second and final estimate for June quarter GDP growth.
In Italy, more information regarding a possible snap election may become available following four additional days of negotiations between parliamentary party leaders.
Companies scheduled to report earnings later today and tonight include Aluminium Corp of China, China Citic Bank and Hewlett Packard Enterprise.
In overnight corporate news, Tesla announced it would increase vehicle prices in China from Friday.
Target revealed plans to open 25 Disney outlets within Target stores early October.
Amgen appreciated more than 3% after revealing it was prepared to outlay $US13.4B cash for the international rights to Celgene’s oral psoriasis treatment.
UK markets, including the London Metals Exchange (LME), will not trade tonight due to a public holiday.