Research

Disclaimer: All information on this section is of a general nature.
Before making any investment decision, you should consult your adviser.

State One Market Opener - 23 Sep 2016

 
Local Markets Commentary
The Australian market commences Friday trade on the heels of international equities and commodities rallies.

In commodities trade, gold and oil have continued higher. Base metals recorded strong gains. Iron ore picked up the pace of its latest turn higher.

The $A fell to ~US76.4c after trading beyond ~US76.65c early yesterday evening.

No local major economic indicators are expected today.

Overseas Market Commentary
Major European and US equities markets rallied from open overnight, sentiment buoyed by lower-for-longer rates views. 

Commodity prices were pushed higher, supporting energy and resource sector stocks in particular.

In mixed overnight data releases, US weekly new unemployment claims fell again, this time by 8000, following forecasts of a 1000 rise.

A Conference Board leading indicators report concluded a 0.2% pullback for the overall leading economic index.

August existing home sales fell 0.9%, after also declining in July. 

The Chicago Fed national activity index dropped to -0.55, following 0.24 for August and against expectations of a fall to 0.15.

Across the way, Bank of England governor Mark Carney spoke of challenges maintaining financial stability.

Tonight in the US, Markit’s preliminary September manufacturing PMI is due. 

Sovereign rating updates are due for Germany, the UK and the European Stability Mechanism.

In overnight corporate news, Moeller-Maersk detailed a planned split into discrete energy and transport divisions.

Yahoo confirmed a substantial customer account data breach in 2014.

 
23/09/2016 7:46:52 AM

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