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Market Opener – 29 Mar 2018
Local Markets Commentary
The Australian market opens the last ASX trading day for the March quarter and this week following largely vacillating overnight international equities sentiment, and on mostly negative key commodities leads, as another batch of high-profile domestic stocks pays out dividends.
Trade volumes could well dwindle this afternoon.
In overnight commodities trade oil continued this week’s pull back. Gold futures were pushed lower for a second consecutive session.
LME copper added a little to Tuesday’s gain. Nickel rallied.
Iron ore (China port, 62% Fe) swung into a decisive tumble, to almost $US63/t.
The $A effectively trod water after falling below US76.60c early yesterday evening.
Locally today, the Reserve Bank of Australia (RBA) reports February financial aggregates, including private sector credit, at 11.30am AEDST.
The Australian Bureau of Statistics (ABS) releases February quarter job vacancies.
ABC is among companies trading ex-dividend today. Please see pp3-4 for detailed information.
Large-cap stocks paying dividends today include ASL, BPT, IAG, MND, RHC, RWC and TLS.
Regionally today, China publishes final December quarter current account details.
Japan reports February retail sales 10.50am AEDST.
Hong Kong’s markets are scheduled to be closed tomorrow.
Overseas Market Commentary
Most major European and US equities markets chopped and swung throughout overnight trade, indicating heightened lack of conviction heading into the end of March the quarter and Easter holiday season.
The FTSE 100 proved a notable exception, however.
Among new data releases, a third and final reading of US December quarter GDP surprised, coming in at 2.9% growth following the previous 2.5% estimate and expectations of 2.7%.
US GDP growth was calculated at 3.1% for the June quarter 2017 and 3.2% during the September quarter.
February pending home sales were reported 3.1% higher for the month following a 5% fall in January. Pending sales were 4.1% lower year-on-year, however.
Tonight in the US, weekly new unemployment claims are due, together with February personal income and spending, a Chicago PMI update and University of Michigan March consumer sentiment reading.
Elsewhere, a final December quarter GDP reading is due for the UK and an initial March CPI estimate for Germany.
Companies scheduled to report earnings or updates later today and tonight include CNOOC and Constellation Brands.
In overnight corporate news, Ireland’s major pharmaceuticals manufacturer Shire gained more than 10% from revelations Japan’s Takeda Pharmaceutical was considering putting together an offer.
S&P 500 favourite Amazon dropped but recovered some (to a 4.6% fall), amid reports the US president would consider containing the group’s broadening influence.
Facebook recouped 0.7% after again assuring it would better facilitate user control of settings and personal information.
Major European and US markets will be closed tomorrow, due to Easter public holidays.
Major European markets will remain closed Monday.Major US equities and commodities markets will trade Monday.
The Australian market opens the last ASX trading day for the March quarter and this week following largely vacillating overnight international equities sentiment, and on mostly negative key commodities leads, as another batch of high-profile domestic stocks pays out dividends.
Trade volumes could well dwindle this afternoon.
In overnight commodities trade oil continued this week’s pull back. Gold futures were pushed lower for a second consecutive session.
LME copper added a little to Tuesday’s gain. Nickel rallied.
Iron ore (China port, 62% Fe) swung into a decisive tumble, to almost $US63/t.
The $A effectively trod water after falling below US76.60c early yesterday evening.
Locally today, the Reserve Bank of Australia (RBA) reports February financial aggregates, including private sector credit, at 11.30am AEDST.
The Australian Bureau of Statistics (ABS) releases February quarter job vacancies.
ABC is among companies trading ex-dividend today. Please see pp3-4 for detailed information.
Large-cap stocks paying dividends today include ASL, BPT, IAG, MND, RHC, RWC and TLS.
Regionally today, China publishes final December quarter current account details.
Japan reports February retail sales 10.50am AEDST.
Hong Kong’s markets are scheduled to be closed tomorrow.
Overseas Market Commentary
Most major European and US equities markets chopped and swung throughout overnight trade, indicating heightened lack of conviction heading into the end of March the quarter and Easter holiday season.
The FTSE 100 proved a notable exception, however.
Among new data releases, a third and final reading of US December quarter GDP surprised, coming in at 2.9% growth following the previous 2.5% estimate and expectations of 2.7%.
US GDP growth was calculated at 3.1% for the June quarter 2017 and 3.2% during the September quarter.
February pending home sales were reported 3.1% higher for the month following a 5% fall in January. Pending sales were 4.1% lower year-on-year, however.
Tonight in the US, weekly new unemployment claims are due, together with February personal income and spending, a Chicago PMI update and University of Michigan March consumer sentiment reading.
Elsewhere, a final December quarter GDP reading is due for the UK and an initial March CPI estimate for Germany.
Companies scheduled to report earnings or updates later today and tonight include CNOOC and Constellation Brands.
In overnight corporate news, Ireland’s major pharmaceuticals manufacturer Shire gained more than 10% from revelations Japan’s Takeda Pharmaceutical was considering putting together an offer.
S&P 500 favourite Amazon dropped but recovered some (to a 4.6% fall), amid reports the US president would consider containing the group’s broadening influence.
Facebook recouped 0.7% after again assuring it would better facilitate user control of settings and personal information.
Major European and US markets will be closed tomorrow, due to Easter public holidays.
Major European markets will remain closed Monday.Major US equities and commodities markets will trade Monday.