Local Markets Commentary

The Australian market commences today’s trade on mixed international equities and commodities leads, ahead of key data out of China.

China is due to report December CPI and producer prices 12.30pm AEDST. Lending figures are also expected.

In overnight commodities trade, US gold futures swung higher. Oil fell. LME copper settled virtually flat. Iron ore turned higher.

The $A was pushed beyond US73.55c after trading at ~US73.20c early yesterday evening.

Locally today, November retail sales are due 11.30am. A weekly consumer sentiment index is due pre-trade.

Overseas Market Commentary

Trade across major European and US equities markets varied overnight, as currencies swung, oil dropped and financial stocks fell out of favour.

In new data releases, Germany’s November industrial output was reported 0.4% higher against expectations of a 0.7% improvement.

The nation’s November trade surplus was estimated at €21.7B, following forecasts of €21.3B.

In the euro zone, the January Sentix investor sentiment index came in 8.2 points higher, at 18.2 and against an anticipated 12.5.

November unemployment remained steady at 9.8%.

Weekend UK prime ministerial comments on the proposed separation from the European Union pushed the British pound 1% lower.

US November consumer credit grew ~$US6B more than anticipated to $US24.5B, the rate of growth representing the highest since August.

One Federal Reserve regional president warned domestic economic growth was unlikely to reach some expectations surpassing 2%.

Tonight in the US, November wholesale inventories, November job openings, and small business sentiment and economic optimism indices are due.

WM Morrison (UK supermarkets) is due to provide a trading update.