Disclaimer: All information on this section is of a general nature.
Before making any investment decision, you should consult your adviser.
Market Opener – 23 Jul 2019
Local Markets Commentary
The Australian market commences today’s trade with a funding agreement between US parliamentarians and administrators, ahead of an anticipated announcement of the UK’s next PM, and amid unresolved geopolitical trade and security stoushes.
Post-overnight US trade, the US administration, plus House of Representative and Senate leaders, have announced agreement regarding raising the nation’s debt ceiling.
Locally today, a weekly consumer sentiment reading is due pre-trade.
Also this morning, Reserve Bank of Australia (RBA) assistant governor (financial markets) Christopher Kent has been speaking on ‘The committed liquidity facility’.
In overnight commodities trade, oil picked up the pace of Friday’s move higher.
US gold futures (August) again settled barely changed.
Iron ore (China port, 62% Fe) fell, approaching $US120.00/t.
LME copper, nickel and aluminium fell.
The $A fell to ~US 70.35c after trading at US70.50c early yesterday evening.
Post-overnight US trade, the US administration, plus House of Representative and Senate leaders, have announced agreement regarding raising the nation’s debt ceiling.
Locally today, a weekly consumer sentiment reading is due pre-trade.
Also this morning, Reserve Bank of Australia (RBA) assistant governor (financial markets) Christopher Kent has been speaking on ‘The committed liquidity facility’.
In overnight commodities trade, oil picked up the pace of Friday’s move higher.
US gold futures (August) again settled barely changed.
Iron ore (China port, 62% Fe) fell, approaching $US120.00/t.
LME copper, nickel and aluminium fell.
The $A fell to ~US 70.35c after trading at US70.50c early yesterday evening.
Overseas Market Commentary
Vacillating trade featured across most major European and US equities markets overnight, the NASDAQ proving the exception with positive trade that never seemed seriously threatened.
Traders were left largely waiting for more definitive statements regarding a range of geopolitical issues, ahead of a barrage of high-profile corporate reports and key economic indicators this week and a series of central bank meetings from late-week through next week.
Meanwhile, in a speech at an International Monetary Fund seminar in Washington Bank of Japan (BoJ) governor Haruhiko Kuroda promoted careful central bank consideration of international markets and economic activity and a no-fear approach to a low-interest rate environment.
The BoJ will again consider domestic policy and rates 29 – 30 July, the US Federal Reserve holds a policy meeting 30 – 31 July, and Thursday this week, a policy meeting is scheduled for the European Central Bank.
The US president in the meantime, resumed his public criticism of the Federal Reserve.
The president also continued to repudiate Iran, denying Iran’s claims that it had detained 17 US CIA operatives over the past two years.
In scant overnight releases, the Chicago Fed June national activity index came in at -0.02, following -0.03 in May.
Tonight in the US, the Richmond Fed manufacturing index, a May house price index and June existing home sales are due.
Elsewhere, the International Monetary Fund (IMF) releases its six-monthly ‘World Economic Outlook’ update, 9am (local time), Santiago, Chile.
In the UK, the new leader of the conservative party, and hence the next PM (to take over from Theresa May), is expected to be officially announced.
Companies scheduled to report earnings later today and tonight include: Banco Santander, Biogen, Chubb, Coca-Cola, Kimberly-Clark, Lockheed Martin, Tokyo Steel Manufacturing, UBS, United Technologies and Visa.
In overnight corporate news, Halliburton reported quarterly revenue pressures (down 3.5%) and significant impairments, but also better-than-anticipated adjusted profit, supported by its oil well services division and oil prices.
Apple benefited by a positive price assessment by Morgan Stanley analysts.
Traders were left largely waiting for more definitive statements regarding a range of geopolitical issues, ahead of a barrage of high-profile corporate reports and key economic indicators this week and a series of central bank meetings from late-week through next week.
Meanwhile, in a speech at an International Monetary Fund seminar in Washington Bank of Japan (BoJ) governor Haruhiko Kuroda promoted careful central bank consideration of international markets and economic activity and a no-fear approach to a low-interest rate environment.
The BoJ will again consider domestic policy and rates 29 – 30 July, the US Federal Reserve holds a policy meeting 30 – 31 July, and Thursday this week, a policy meeting is scheduled for the European Central Bank.
The US president in the meantime, resumed his public criticism of the Federal Reserve.
The president also continued to repudiate Iran, denying Iran’s claims that it had detained 17 US CIA operatives over the past two years.
In scant overnight releases, the Chicago Fed June national activity index came in at -0.02, following -0.03 in May.
Tonight in the US, the Richmond Fed manufacturing index, a May house price index and June existing home sales are due.
Elsewhere, the International Monetary Fund (IMF) releases its six-monthly ‘World Economic Outlook’ update, 9am (local time), Santiago, Chile.
In the UK, the new leader of the conservative party, and hence the next PM (to take over from Theresa May), is expected to be officially announced.
Companies scheduled to report earnings later today and tonight include: Banco Santander, Biogen, Chubb, Coca-Cola, Kimberly-Clark, Lockheed Martin, Tokyo Steel Manufacturing, UBS, United Technologies and Visa.
In overnight corporate news, Halliburton reported quarterly revenue pressures (down 3.5%) and significant impairments, but also better-than-anticipated adjusted profit, supported by its oil well services division and oil prices.
Apple benefited by a positive price assessment by Morgan Stanley analysts.