State One Market Opener - 24 Aug 2016
Local Markets Commentary
Australian market investors face an avalanche of top-tier corporate financial reports today.
Locally today, leading indices, skilled vacancies and construction work reports are also due.
Companies trading ex-dividend include AGL, LLC and TLS.
Overnight international equities leads are positive.
In commodities trade, oil and gold each swung higher again. Copper continued lower and iron ore higher.
The $A dropped below US76.20c after trading above ~US76.45c early yesterday evening.
Since overnight international trade, reports have emerged that North Korea has test-fired a ballistic missile from a submarine.
Overseas Market Commentary
Major European and US equities markets settled higher overnight, supported by data, select corporate results and a turn higher again for oil.
US July new home sales were reported 12.4% higher for the month, 31.3% year-on-year, at a nine-month peak rate, and representing a fifth consecutive monthly rise.
The initial August composite PMI for the euro zone rose one point to 53.3, a seven-month peak.
In the UK, CBI reported international orders for manufactured goods had risen to their strongest in two years over the past month, nonetheless registering -6 following a -22 from the July survey.
Tonight in the US, July existing home sales, Markit’s initial August manufacturing PMI, a June house price index and weekly mortgage applications are due.
CNOOC, Glencore and WPP are among companies scheduled to report earnings today andtonight.
Overnight, US top-end homebuilder Toll and UK homebuilder Persimmon each gained, Persimmon on 29% higher interim profit and Toll on a 325% improvement in quarterly revenue.
US electronics retailer Best Buy appreciated almost 20% on a surprise quarterly profit.
24/08/2016 8:10:37 AM