Disclaimer: All information on this section is of a general nature.
Before making any investment decision, you should consult your adviser.
Market Opener – 04 Apr 2018
Local Markets Commentary
The Australian market opens Wednesday trade on mixed overnight international equities and commodities trade leads, ahead of key domestic and regional data.
Locally today, the Australian Bureau of Statistics (ABS) reports February retail sales and building approvals 11.30 am AEST.
Regionally, Caixin publishes its March services and composite PMIs for China 11.45 am AEST.
A services PMI is expected for Japan 10.30am.
In overnight commodities trade, US gold futures swung lower. Oil turned higher.
Iron ore (China port, 62% Fe) reversed direction again and fell.
The LME traded for the first time this week, copper and nickel rallying.
The $A slipped to ~US76.85c after approaching US77.0c early yesterday evening.
Overseas Market Commentary
Swinging, choppy trade featured across major European and US equities markets overnight, European stocks trading for the first time this week, and key US indices ultimately bouncing from Monday’s falls.
Tech stocks in particular gained in late US trade.
Meanwhile, the US administration detailed ~1300 medical, transport and industrial technology imports from China that could attract a 25% tax, ahead of an ~two-month public comment period.
In other US Federal Reserve news, a Federal Reserve governor warned of vulnerability for equities markets and economist John Williams was appointed New York Fed president.
Among economic data releases, Germany’s February retail sales rose 1.3% year-on-year, following 2.3% in January. For the month, sales fell 0.7%, as for January.
The nation’s March manufacturing PMI pulled back to 58.2 from 58.4, but this is still considered robust.
The euro zone’s manufacturing PMI fell 1.7 to a nonetheless strong 57.1.
The manufacturing PMI for the UK came in at 55.1, against 55.2 for February.
In the US, the ISM New York business activity index slipped 0.5 to 54.0.
Tonight in the US, ISM’s services sector activity index is due, together with Markit’s final reading, a private sector employment report for March, February factory orders and weekly mortgage applications.
In overnight corporate news, Spotify completed a NYSE direct listing, opening at a $US29.55B valuation, ~26% higher than the reference price, and settled ~13% higher for the session.
Tesla gained almost 6% on a positive March quarter production report.
Ford Motor and General Motors also rose, on improved March sales.
Sky appreciated after 21st Century Fox revealed a legal separation of Sky News was possible. This was investigated in response to UK regulators’ independence concerns should 21st Century Fox be successful in gaining Sky. Walt Disney in the meantime offered to purchase Sky News.
The Australian market opens Wednesday trade on mixed overnight international equities and commodities trade leads, ahead of key domestic and regional data.
Locally today, the Australian Bureau of Statistics (ABS) reports February retail sales and building approvals 11.30 am AEST.
Regionally, Caixin publishes its March services and composite PMIs for China 11.45 am AEST.
A services PMI is expected for Japan 10.30am.
In overnight commodities trade, US gold futures swung lower. Oil turned higher.
Iron ore (China port, 62% Fe) reversed direction again and fell.
The LME traded for the first time this week, copper and nickel rallying.
The $A slipped to ~US76.85c after approaching US77.0c early yesterday evening.
Overseas Market Commentary
Swinging, choppy trade featured across major European and US equities markets overnight, European stocks trading for the first time this week, and key US indices ultimately bouncing from Monday’s falls.
Tech stocks in particular gained in late US trade.
Meanwhile, the US administration detailed ~1300 medical, transport and industrial technology imports from China that could attract a 25% tax, ahead of an ~two-month public comment period.
In other US Federal Reserve news, a Federal Reserve governor warned of vulnerability for equities markets and economist John Williams was appointed New York Fed president.
Among economic data releases, Germany’s February retail sales rose 1.3% year-on-year, following 2.3% in January. For the month, sales fell 0.7%, as for January.
The nation’s March manufacturing PMI pulled back to 58.2 from 58.4, but this is still considered robust.
The euro zone’s manufacturing PMI fell 1.7 to a nonetheless strong 57.1.
The manufacturing PMI for the UK came in at 55.1, against 55.2 for February.
In the US, the ISM New York business activity index slipped 0.5 to 54.0.
Tonight in the US, ISM’s services sector activity index is due, together with Markit’s final reading, a private sector employment report for March, February factory orders and weekly mortgage applications.
In overnight corporate news, Spotify completed a NYSE direct listing, opening at a $US29.55B valuation, ~26% higher than the reference price, and settled ~13% higher for the session.
Tesla gained almost 6% on a positive March quarter production report.
Ford Motor and General Motors also rose, on improved March sales.
Sky appreciated after 21st Century Fox revealed a legal separation of Sky News was possible. This was investigated in response to UK regulators’ independence concerns should 21st Century Fox be successful in gaining Sky. Walt Disney in the meantime offered to purchase Sky News.