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Market Opener - 31 Mar 2017

Local Markets Commentary

The Australian market commences the last trading session of the March quarter on mixed commodities leads, ahead of the release of significant regional economic indicators.

China is due to publish official March PMIs midday AEDST.

Japan trades for the last session of the financial year amid a plethora of February data including CPI and industrial production.

In overnight commodities trade, US gold futures pulled back further. Oil continued to rise and iron ore to fall. LME copper extended a run of gains.

Locally today, February financial aggregates, including private sector credit, are due. Post-trade, international reserves and liquidity figures are also due from the RBA.

Ex-dividend season continues. A detailed list is available pp3-4.

China’s markets will be closed Monday, due to a public holiday.

Overseas Market Commentary

Choppy trade featured across major European and US equities markets overnight, but most again achieved modest gains.

In the US, financial stocks remained in favour, as did the energy sector as oil prices continued higher.

A final, third reading of US December quarter GDP revised the growth rate 0.2% higher to 2.1%, but overall 2016 growth remained at 1.6%.

Weekly new jobless claims fell 3000, but the four-week average rose 7750.

Meanwhile in Germany, March CPI growth was reported at 1.6% year-on year, and just 0.2% for the month. This followed an initial 2.0% estimate, and 2.2% for February.

Tonight in the US, February personal income and spending, the March Chicago PMI, and a final February University of Michigan consumer confidence reading are due.

Meanwhile, in the UK a final December quarter GDP reading is published as markets trade for the last session of the UK financial year.

Companies due to report results later today and tonight include Bank of China, Blackberry, CVS and Yanzhou Coal Mining.

31/03/2017 6:48:18 AM

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