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Market Opener – 01 Mar 2019
Local Markets Commentary
The Australian market opens a new month’s trade, on a Friday, ahead of additional influential data out of China, with several large-cap stocks trading ex-dividend and on mixed overnight key commodities and equities trade leads.
Regionally today, Caixin is due to report its initial China February manufacturing PMI 12.45pm AEDT.
A manufacturing PMI for Japan is expected 11.30am AEDT.
Locally today, the AiG publishes its February PMI and CoreLogic February home prices pre-trade.
The Reserve Bank of Australia (RBA) releases commodity prices post-trade.
Large-cap stocks trading ex-dividend today include ALU, BEN, BSL, CTX, GMA, LLC and ORG. Please see pp3-4 for details.
In overnight commodities trade, oil prices diverged, Brent crude pulling back and WTI continuing to gain.
US gold futures (April) declined further.
Iron ore (China port, 62% Fe) swung higher and rallied.
LME copper and aluminium turned lower. Nickel settled flat.
The $A has fallen below US71.00c after trading at ~US71.30c early yesterday evening.
Overseas Market Commentary
Choppy trade featured across major European and US equities markets overnight amid mixed corporate reports and keenly anticipated economic indicator releases.
Moreover, last night’s trade followed disappointing data out of China yesterday, a truncated meeting between the leaders of the US and North Korea, the US citing a negotiations hiatus, and a suggestion from the US president that he could also ‘walk’ from US-China trade talks.
In overnight data releases, US year-on-year December quarter GDP growth was estimated, in an initial reading at 2.6%, against 3.4% for the September quarter 2018 and 4.2% for the June quarter.
However, some economists had been anticipating 1.9% - 2.2%. Two more readings will follow.
The February Chicago PMI also proved a relief, gaining eight points to a robust 64.7.
The Kansas Fed manufacturing index dropped to minus four from two however.
Weekly new jobless claims rose by 8000.
Germany’s initial 0.5% monthly and 1.6% year-on-year February CPI estimates pleased, against 0.8% deflation for January.
Tonight in the US, ISM’s manufacturing index, personal income and spending, construction spending and a University of Michigan final February consumer sentiment reading are due.
Elsewhere, an initial February CPI estimate is due for the euro zone.
Companies scheduled to report earnings or updates later today or tonight include: Barclays (full year), Foot Locker, Tribune Media and WPP.
In select overnight corporate news, Rolls-Royce reported a 71% jump in full year underlying profit, to £633M, but a swing to a £2.9B pre-tax loss.
US retailer JC Penney was propelled more than 20% higher on better-than-expected quarterly profit and a positive outlook.
The Australian market opens a new month’s trade, on a Friday, ahead of additional influential data out of China, with several large-cap stocks trading ex-dividend and on mixed overnight key commodities and equities trade leads.
Regionally today, Caixin is due to report its initial China February manufacturing PMI 12.45pm AEDT.
A manufacturing PMI for Japan is expected 11.30am AEDT.
Locally today, the AiG publishes its February PMI and CoreLogic February home prices pre-trade.
The Reserve Bank of Australia (RBA) releases commodity prices post-trade.
Large-cap stocks trading ex-dividend today include ALU, BEN, BSL, CTX, GMA, LLC and ORG. Please see pp3-4 for details.
In overnight commodities trade, oil prices diverged, Brent crude pulling back and WTI continuing to gain.
US gold futures (April) declined further.
Iron ore (China port, 62% Fe) swung higher and rallied.
LME copper and aluminium turned lower. Nickel settled flat.
The $A has fallen below US71.00c after trading at ~US71.30c early yesterday evening.
Overseas Market Commentary
Choppy trade featured across major European and US equities markets overnight amid mixed corporate reports and keenly anticipated economic indicator releases.
Moreover, last night’s trade followed disappointing data out of China yesterday, a truncated meeting between the leaders of the US and North Korea, the US citing a negotiations hiatus, and a suggestion from the US president that he could also ‘walk’ from US-China trade talks.
In overnight data releases, US year-on-year December quarter GDP growth was estimated, in an initial reading at 2.6%, against 3.4% for the September quarter 2018 and 4.2% for the June quarter.
However, some economists had been anticipating 1.9% - 2.2%. Two more readings will follow.
The February Chicago PMI also proved a relief, gaining eight points to a robust 64.7.
The Kansas Fed manufacturing index dropped to minus four from two however.
Weekly new jobless claims rose by 8000.
Germany’s initial 0.5% monthly and 1.6% year-on-year February CPI estimates pleased, against 0.8% deflation for January.
Tonight in the US, ISM’s manufacturing index, personal income and spending, construction spending and a University of Michigan final February consumer sentiment reading are due.
Elsewhere, an initial February CPI estimate is due for the euro zone.
Companies scheduled to report earnings or updates later today or tonight include: Barclays (full year), Foot Locker, Tribune Media and WPP.
In select overnight corporate news, Rolls-Royce reported a 71% jump in full year underlying profit, to £633M, but a swing to a £2.9B pre-tax loss.
US retailer JC Penney was propelled more than 20% higher on better-than-expected quarterly profit and a positive outlook.