Disclaimer: All information on this section is of a general nature.
Before making any investment decision, you should consult your adviser.
Market Opener – 06 Sep 2018
Local Markets Commentary
The Australian market commences today’s trade ahead of yet more key domestic data, as a plethora of high-profile stocks trades ex-dividend, amid speculation of the possible US implementation of new import taxes against China from as early as today.
Overnight international equities trade again offers scant positive support.
In mixed overnight commodities trade, oil turned and fell.
US gold futures swung modestly higher.
Iron ore (China port, 62% Fe) rose for a recently rare second consecutive session.
LME copper rallied, but nickel extended this week’s fall a little. Aluminium was supported to a higher close.
The $A appreciated beyond US71.90c after falling to ~ US71.55c early yesterday evening.
Locally today, the Australian Bureau of Statistics (ABS) reports trade balance 11.30am AEST.
ASX, BHP, CTD, NHF and TME are among companies trading ex-dividend today. Please see pp2-3 for additional stocks and details.
Overseas Market Commentary
Choppy trade and opening falls featured across most major European and US equities markets overnight.
The tech sector proved particularly out of favour, amid international trade and US regulatory speculation.
Energy stocks also suffered as oil prices fell.
The $US remained relatively strong in early European trade, but fell against the euro and British pound following a reported concessionary UK-EU separation statement from the leaders of Germany and the UK.
Germany subsequently seemed to indicate no definitive view on any likely ultimate deals.
In the US, parliamentary business featured, with national funding vote speculation and commentary from the president, an ongoing contentious Senate confirmation hearing for a Supreme Court nominee, and the questioning of social media officials by a Senate committee investigating alleged US election influence.
US data releases included the July trade deficit, which was reported 9.5% higher, at $US50.1B, against forecasts of $US50.3B.
Among component figures, the goods trade deficits with China, the European Union and Canada and respectively jumped 10% (to $US36.8B), 50% ($US17.6B) and 57.6% $US3.1B).
The US goods trade deficit with Mexico fell 25.3% to $US5.5B.
Higher oil prices impacted the overall US deficit, helping push the total imports bill to $US261.1B.
An ISM New York business conditions index rose by 1.5 to 76.5.
Euro zone July retail sales pulled back 0.1% for the month, following a 0.3% increase in June. Year-on-year, sales were 1.1% higher.
The August services PMI remained static, at 54.4.
Germany’s services PMI slipped by 0.2 to 55.0.
In the UK, the August services PMI encouraged, calculated 0.8 higher, at 54.3.
Tonight in the US, an August private sector jobs report, a job cuts report, weekly initial jobless claims are due ahead of tomorrow night’s release of the August national employment report.
The ISM’s August services sector activity index is also expected tonight, together with Markit’s final August services PMI, and July factory orders.
A Federal Reserve official is scheduled to speak publicly.
Companies due to report earnings or provide updates include Broadcom, Dell Technologies and Dixons Carphone.
Stocks trading ex-dividend on the FTSE 100 include Antofagasta, BHP Billiton, CRH, RSA Insurance and Shire.
In overnight corporate news, specialist retailer Vera Bradley was carried 15% higher following the release of quarterly figures.
General Electric suffered an ~1% fall, likely from a negative analyst finding.
Revelations of a fire risk, prompting a substantial vehicle recall, drove Toyota Motor ~1.3% lower.
Sector regulation and international trade fretting pushed Twitter ~6% lower. Facebook and Google parent Alphabet fell ~1%.
Poor sentiment also hit Netflix and Amazon, Netflix shedding ~6%.
The Australian market commences today’s trade ahead of yet more key domestic data, as a plethora of high-profile stocks trades ex-dividend, amid speculation of the possible US implementation of new import taxes against China from as early as today.
Overnight international equities trade again offers scant positive support.
In mixed overnight commodities trade, oil turned and fell.
US gold futures swung modestly higher.
Iron ore (China port, 62% Fe) rose for a recently rare second consecutive session.
LME copper rallied, but nickel extended this week’s fall a little. Aluminium was supported to a higher close.
The $A appreciated beyond US71.90c after falling to ~ US71.55c early yesterday evening.
Locally today, the Australian Bureau of Statistics (ABS) reports trade balance 11.30am AEST.
ASX, BHP, CTD, NHF and TME are among companies trading ex-dividend today. Please see pp2-3 for additional stocks and details.
Overseas Market Commentary
Choppy trade and opening falls featured across most major European and US equities markets overnight.
The tech sector proved particularly out of favour, amid international trade and US regulatory speculation.
Energy stocks also suffered as oil prices fell.
The $US remained relatively strong in early European trade, but fell against the euro and British pound following a reported concessionary UK-EU separation statement from the leaders of Germany and the UK.
Germany subsequently seemed to indicate no definitive view on any likely ultimate deals.
In the US, parliamentary business featured, with national funding vote speculation and commentary from the president, an ongoing contentious Senate confirmation hearing for a Supreme Court nominee, and the questioning of social media officials by a Senate committee investigating alleged US election influence.
US data releases included the July trade deficit, which was reported 9.5% higher, at $US50.1B, against forecasts of $US50.3B.
Among component figures, the goods trade deficits with China, the European Union and Canada and respectively jumped 10% (to $US36.8B), 50% ($US17.6B) and 57.6% $US3.1B).
The US goods trade deficit with Mexico fell 25.3% to $US5.5B.
Higher oil prices impacted the overall US deficit, helping push the total imports bill to $US261.1B.
An ISM New York business conditions index rose by 1.5 to 76.5.
Euro zone July retail sales pulled back 0.1% for the month, following a 0.3% increase in June. Year-on-year, sales were 1.1% higher.
The August services PMI remained static, at 54.4.
Germany’s services PMI slipped by 0.2 to 55.0.
In the UK, the August services PMI encouraged, calculated 0.8 higher, at 54.3.
Tonight in the US, an August private sector jobs report, a job cuts report, weekly initial jobless claims are due ahead of tomorrow night’s release of the August national employment report.
The ISM’s August services sector activity index is also expected tonight, together with Markit’s final August services PMI, and July factory orders.
A Federal Reserve official is scheduled to speak publicly.
Companies due to report earnings or provide updates include Broadcom, Dell Technologies and Dixons Carphone.
Stocks trading ex-dividend on the FTSE 100 include Antofagasta, BHP Billiton, CRH, RSA Insurance and Shire.
In overnight corporate news, specialist retailer Vera Bradley was carried 15% higher following the release of quarterly figures.
General Electric suffered an ~1% fall, likely from a negative analyst finding.
Revelations of a fire risk, prompting a substantial vehicle recall, drove Toyota Motor ~1.3% lower.
Sector regulation and international trade fretting pushed Twitter ~6% lower. Facebook and Google parent Alphabet fell ~1%.
Poor sentiment also hit Netflix and Amazon, Netflix shedding ~6%.