Disclaimer: All information on this section is of a general nature.
Before making any investment decision, you should consult your adviser.
Market Opener – 18 Apr 2018
Local Markets Commentary
The Australian market opens mid-week trade on positive overnight international equities leads.
In mixed overnight commodities trade, US gold futures settled slightly lower. Oil turned higher.
Iron ore (China port, 62% Fe) also swung to a gain.
LME copper and nickel turned lower. Aluminium settled higher again, but modestly so.
The $A fell to ~US77.75c after trading at ~US77.85c early yesterday evening.
Regionally today, Japan’s March trade statistics are scheduled for release 9.50am AEST.
China’s March property prices are expected anytime from today.
Locally, a monthly leading index report from the Melbourne Institute and Westpac is due 10.30am, and government-calculated skilled job vacancies 11am. An employment indicator is anticipated this afternoon.
Overseas Market Commentary
Major European and US equities markets mostly opened decisively higher, gains appearing to remain under no real threat, except again for the FTSE 100.
Earnings reports continued from large-cap stocks, US data encouraged and China’s March quarter GDP, reported earlier yesterday, had exceeded expectations.
In other pre-trade announcements, the International Monetary Fund raised its 2018 and 2019 global growth forecasts to 3.9%, but coupled this with a warning regarding trade barrier and debt level risks, and described the long-term global economic outlook as ‘more sobering’.
In new data releases, Germany’s ZEW economic expectations index tumbled to -8.2 from 5.1.
The UK’s 2.8% wages growth for the three months to 28 February undershot expectations and pushed the British pound lower.
Unemployment surprised on the upside however, falling to 4.2% and supporting expectations of a 0.25% rate rise to 0.75% in May.
In the US, industrial production rose 0.5% in March following a 1% improvement in February.
Housing starts came in 1.9% higher and building permits 2.5%.
Tonight in the US, the Federal Reserve’s district-by-district economic summary (beige book) is due, together with weekly mortgage applications.
Elsewhere, March CPI is keenly anticipated in the UK, and a final March CPI reading is due for the euro zone.
Companies scheduled to report earnings include Alcoa, American Express, Angang Steel, Morgan Stanley and Rio Tinto.
In overnight corporate news, Netflix was pushed ~9% higher, after reporting post-US trade Monday forecast-beating subscriber growth, quarterly profit and revenue.
Goldman Sachs initially benefited from a 27% higher quarterly profit and $10B revenue, but was ultimately pushed lower.
Tesla gave up more than 1% on a vehicle manufacturing ‘bottleneck’ announcement.
The Australian market opens mid-week trade on positive overnight international equities leads.
In mixed overnight commodities trade, US gold futures settled slightly lower. Oil turned higher.
Iron ore (China port, 62% Fe) also swung to a gain.
LME copper and nickel turned lower. Aluminium settled higher again, but modestly so.
The $A fell to ~US77.75c after trading at ~US77.85c early yesterday evening.
Regionally today, Japan’s March trade statistics are scheduled for release 9.50am AEST.
China’s March property prices are expected anytime from today.
Locally, a monthly leading index report from the Melbourne Institute and Westpac is due 10.30am, and government-calculated skilled job vacancies 11am. An employment indicator is anticipated this afternoon.
Overseas Market Commentary
Major European and US equities markets mostly opened decisively higher, gains appearing to remain under no real threat, except again for the FTSE 100.
Earnings reports continued from large-cap stocks, US data encouraged and China’s March quarter GDP, reported earlier yesterday, had exceeded expectations.
In other pre-trade announcements, the International Monetary Fund raised its 2018 and 2019 global growth forecasts to 3.9%, but coupled this with a warning regarding trade barrier and debt level risks, and described the long-term global economic outlook as ‘more sobering’.
In new data releases, Germany’s ZEW economic expectations index tumbled to -8.2 from 5.1.
The UK’s 2.8% wages growth for the three months to 28 February undershot expectations and pushed the British pound lower.
Unemployment surprised on the upside however, falling to 4.2% and supporting expectations of a 0.25% rate rise to 0.75% in May.
In the US, industrial production rose 0.5% in March following a 1% improvement in February.
Housing starts came in 1.9% higher and building permits 2.5%.
Tonight in the US, the Federal Reserve’s district-by-district economic summary (beige book) is due, together with weekly mortgage applications.
Elsewhere, March CPI is keenly anticipated in the UK, and a final March CPI reading is due for the euro zone.
Companies scheduled to report earnings include Alcoa, American Express, Angang Steel, Morgan Stanley and Rio Tinto.
In overnight corporate news, Netflix was pushed ~9% higher, after reporting post-US trade Monday forecast-beating subscriber growth, quarterly profit and revenue.
Goldman Sachs initially benefited from a 27% higher quarterly profit and $10B revenue, but was ultimately pushed lower.
Tesla gave up more than 1% on a vehicle manufacturing ‘bottleneck’ announcement.