Disclaimer: All information on this section is of a general nature.
Before making any investment decision, you should consult your adviser.
Market Opener – 16 Jul 2019
Local Markets Commentary
The Australian market opens today’s trade with keen interest in a Reserve Bank of Australia (RBA) report, ahead of a swag of high-profile stocks reporting quarterly earnings in the US tonight, together with several key economic indicator reports and a conference speech by the Federal Reserve chair.
Locally today, the RBA publishes the minutes of its 2 July policy meeting, 11.30am AEST.
In addition, a weekly consumer sentiment report is due pre-trade.
In overnight commodities trade, oil turned lower.
US gold futures (August) settled slightly higher.
Iron ore (China port, 62% Fe) swung higher again.
Overnight, the US president was reportedly planning to order a lift (from 50% to 95%) in the domestic iron content for US-manufactured iron and steel products destined for national government contracts.
LME copper, nickel and aluminium rallied.
The $A appreciated a little after trading at US70.35c early yesterday evening.
Locally today, the RBA publishes the minutes of its 2 July policy meeting, 11.30am AEST.
In addition, a weekly consumer sentiment report is due pre-trade.
In overnight commodities trade, oil turned lower.
US gold futures (August) settled slightly higher.
Iron ore (China port, 62% Fe) swung higher again.
Overnight, the US president was reportedly planning to order a lift (from 50% to 95%) in the domestic iron content for US-manufactured iron and steel products destined for national government contracts.
LME copper, nickel and aluminium rallied.
The $A appreciated a little after trading at US70.35c early yesterday evening.
Overseas Market Commentary
Some pronounced swings and/or chop featured across most major European and US equities markets overnight, following material data out of China and with US earnings season in focus.
The US banking sector suffered some, following a mixed earnings report from Citigroup ahead of some major stocks reporting tonight.
Earlier yesterday, China reported 6.2% year-on-year June quarter GDP growth, and 6.3% for January – June, following 6.6% for 2018 and 6.4% for the March quarter.
China’s June industrial production, retail sales, fixed asset investment and a house price index mostly pleased however, delivering plenty for investors to digest.
Overnight in the US, the New York manufacturing index encouraged, estimated at 4.3 against June’s -8.6.
Meanwhile in Turkey, a new central bank governor indicated reduced rates would be considered if needed.
Tonight in the US, June retail sales, industrial production, import prices, May business inventories and a home builders’ sentiment index are due.
Elsewhere, US Federal Reserve chair Jerome Powell is scheduled to speak publicly at a conference hosted in Paris by France’s central bank.
May trade figures for the euro zone are keenly anticipated.
Companies scheduled to report earnings include: BlackRock, Burberry, CSX, Domino’s Pizza, Goldman Sachs, Johnson & Johnson, JPMorgan Chase, Morgan Chase, Rio Tinto, United Airlines, UnitedHealth and Wells Fargo.
In overnight corporate news, Amazon commenced 48 hours of Prime Day sales amid industrial action by workers in select order processing centres in Minnesota (US), Germany, Poland and Spain.
Chip manufacturer Broadcom was reported to have ended potential takeover talks with cybersecurity specialist Symantec.
For its part, American Airlines again extended a hold period on Boeing 737 MAX orders, this pushing Boeing ~1% lower and Airbus ~1.6% higher.
The US banking sector suffered some, following a mixed earnings report from Citigroup ahead of some major stocks reporting tonight.
Earlier yesterday, China reported 6.2% year-on-year June quarter GDP growth, and 6.3% for January – June, following 6.6% for 2018 and 6.4% for the March quarter.
China’s June industrial production, retail sales, fixed asset investment and a house price index mostly pleased however, delivering plenty for investors to digest.
Overnight in the US, the New York manufacturing index encouraged, estimated at 4.3 against June’s -8.6.
Meanwhile in Turkey, a new central bank governor indicated reduced rates would be considered if needed.
Tonight in the US, June retail sales, industrial production, import prices, May business inventories and a home builders’ sentiment index are due.
Elsewhere, US Federal Reserve chair Jerome Powell is scheduled to speak publicly at a conference hosted in Paris by France’s central bank.
May trade figures for the euro zone are keenly anticipated.
Companies scheduled to report earnings include: BlackRock, Burberry, CSX, Domino’s Pizza, Goldman Sachs, Johnson & Johnson, JPMorgan Chase, Morgan Chase, Rio Tinto, United Airlines, UnitedHealth and Wells Fargo.
In overnight corporate news, Amazon commenced 48 hours of Prime Day sales amid industrial action by workers in select order processing centres in Minnesota (US), Germany, Poland and Spain.
Chip manufacturer Broadcom was reported to have ended potential takeover talks with cybersecurity specialist Symantec.
For its part, American Airlines again extended a hold period on Boeing 737 MAX orders, this pushing Boeing ~1% lower and Airbus ~1.6% higher.