Local Markets Commentary

Early positive trade is indicated for the Australian market after international equities markets and energy stocks recorded overnight gains.

In overnight commodities trade, oil swung higher and rallied. Copper and other key base metals turned higher. Gold and iron ore continued lower.

The $A approached US76.90c after trading at ~US76.75c early yesterday evening.

Regionally today, Japan releases August trade and retail statistics 9.50am AEST. Bank of Japan governor Haruhiko Kuroda is also due to speak publicly.

Locally, a detailed quarterly job vacancies report is due from the ABS.

A large number of stocks trades ex-dividend including CAB, IFL, MMS and TRS.

Overseas Market Commentary

Major European equities markets bounced early overnight, US indices also opening higher and mostly maintaining gains on supportive announcements out of the US and an OPEC meeting in Algiers.

US Federal Reserve chair Janet Yellen confirmed to a parliamentary financial services committee that the central bank had determined no fixed time line for interest rate moves.

In addition, OPEC members said they had agreed overall lower crude production was needed, and that specifics would be negotiated and likely ultimately determined at the groups scheduled 30 November meeting.

In addition, a US weekly petroleum inventories report revealed crude stocks had decreased for a fourth consecutive week.

Further, US August durable goods orders had been expected to drop 1.9% but were reported effectively steady overall.

IMF MD Christine Lagarde bemoaned restrictive trade practices for constraining global economic growth.

Ms Lagarde also stated the fund’s latest World Economic Outlook report, to be released next week, would include a further reduction in forecast US 2016 GDP growth.

In the meantime at least four Federal Reserve regional presidents offered varying views on US interest rates.

Tonight in the US, a final June quarter GDP reading is due, together with weekly new unemployment claims, August pending home sales and wholesale inventories.

In addition, Federal Reserve chair Janet Yellen is again scheduled to speak publicly. Another four regional presidents are also listed for public appearances.

PepsiCo, Costco Wholesale and Merlin Entertainments are among companies due to report results or provide trading updates.