Local Markets Commentary

The Australian market commences Friday trade on mixed international equities and commodities leads.

In overnight commodities trade, gold and oil fell. Copper picked up the pace of its rally. Iron ore (China port, 62% Fe) remained robust.

The $A slid towards US76.0c after surpassing ~US77.0c yesterday evening.

Locally today, no major economic statistics are due.

Overseas Market Commentary

Major European and US equities markets traded mixed overnight, financial and industrial stocks appearing the most in favour and the US tech sector shunned.

Oil fell, hurting the energy sector as BP and Royal Dutch Shell traded ex-dividend on the FTSE100.

In US data releases, weekly new unemployment pleased, falling 11,000 to 254,000.

The October budget deficit dropped 68% year-on-year to $US44B, against expectations of ~$US80B.

Tonight, a November University of Michigan preliminary US consumer sentiment reading is due.

Allianz, Brookfield Asset Management and JC Penney are scheduled to report.

Overnight, US department stores Macy’s and Kohl’s again reported falling sales.

In the UK, AstraZeneca dropped ~4% on a drop in sales for a drug facing increased competition.

Tonight is Veterans Day in the US. Bond markets will be closed but equities will trade as normal.