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Market Opener – 01 Dec 2017
Local Markets Commentary
The Australian market opens a new month’s trade on positive US equities leads, mixed overnight commodities trade, on a Friday, and ahead of influential regional data.
Caixin’s November manufacturing PMI estimate for China is scheduled for release 12.45pm AEDST.
Japan is due to publish additional October figures, including CPI at 10.30am AEDST. A final November manufacturing PMI is also expected today.
In overnight commodities trade, gold fell further. Oil turned higher. Iron ore (China port, 62% Fe) rose for a second consecutive session, to breach $US68/t. LME copper settled essentially flat. Nickel swung decidedly lower.
The $A was pushed lower, to ~US75.65c, from ~US75.85c early yesterday evening.
Locally pre-trade, AIG publishes its November manufacturing activity index.
CoreLogic also releases a monthly capital city residential property price report today.
The Reserve Bank of Australia (RBA) also publishes a monthly commodity price report, but this will come post-trade.
Overseas Market Commentary
Major European and US equities trade diverged markedly overnight.
Optimism regarding sufficient support for likely new US tax legislation supported the DJIA to a new peak and the S&P 500 towards a record settlement, in turn spawning some record ‘contagion’ sentiment and keeping the financial sector in favour.
The $US fell, however, onlookers citing reports of a possible US Secretary of State change. The FTSE 100 fell further as the British pound traded at a new two-month peak against the $US.
New US data releases included personal-consumption expenditures (PCE), which rose 0.1% during October and 1.6% year-on-year.
October personal income and spending, were reported at 0.4% and 0.3% for the month respectively.
The Chicago PMI fell 2.3 points to a nonetheless strong 63.9.
In the euro zone, November year-on-year CPI growth was reported in an initial estimate at 1.5%, from 1.4% for October. Forecasters had expected 1.6%.
Tonight in the US, October’s CPI reading, ISM’s November manufacturing index and October construction spending are keenly anticipated. Monthly motor vehicle sales are also due and a revised Markit manufacturing PMI.
The Australian market opens a new month’s trade on positive US equities leads, mixed overnight commodities trade, on a Friday, and ahead of influential regional data.
Caixin’s November manufacturing PMI estimate for China is scheduled for release 12.45pm AEDST.
Japan is due to publish additional October figures, including CPI at 10.30am AEDST. A final November manufacturing PMI is also expected today.
In overnight commodities trade, gold fell further. Oil turned higher. Iron ore (China port, 62% Fe) rose for a second consecutive session, to breach $US68/t. LME copper settled essentially flat. Nickel swung decidedly lower.
The $A was pushed lower, to ~US75.65c, from ~US75.85c early yesterday evening.
Locally pre-trade, AIG publishes its November manufacturing activity index.
CoreLogic also releases a monthly capital city residential property price report today.
The Reserve Bank of Australia (RBA) also publishes a monthly commodity price report, but this will come post-trade.
Overseas Market Commentary
Major European and US equities trade diverged markedly overnight.
Optimism regarding sufficient support for likely new US tax legislation supported the DJIA to a new peak and the S&P 500 towards a record settlement, in turn spawning some record ‘contagion’ sentiment and keeping the financial sector in favour.
The $US fell, however, onlookers citing reports of a possible US Secretary of State change. The FTSE 100 fell further as the British pound traded at a new two-month peak against the $US.
New US data releases included personal-consumption expenditures (PCE), which rose 0.1% during October and 1.6% year-on-year.
October personal income and spending, were reported at 0.4% and 0.3% for the month respectively.
The Chicago PMI fell 2.3 points to a nonetheless strong 63.9.
In the euro zone, November year-on-year CPI growth was reported in an initial estimate at 1.5%, from 1.4% for October. Forecasters had expected 1.6%.
Tonight in the US, October’s CPI reading, ISM’s November manufacturing index and October construction spending are keenly anticipated. Monthly motor vehicle sales are also due and a revised Markit manufacturing PMI.