Disclaimer: All information on this section is of a general nature.
Before making any investment decision, you should consult your adviser.
Market Opener – 17 Apr 2019
Local Markets Commentary
The Australian market opens trade for the second last trading day of this week ahead of a swag of influential data out of China.
In addition, select trade is expected to swing on a plethora of high-profile domestic corporate reports.
China publishes March quarter GDP, plus March industrial production, fixed asset investment and retail sales midday AEST.
Japan releases March trade figures 9.50am.
This morning, New Zealand has reported 0.1% March quarter CPI growth for the three months, the same rate as for December quarter 2018 growth and against expectations of a 0.3% rise.
Year-on-year, CPI came in 1.5% higher, against 1.7%. The figures have pushed the $NZ lower against the $US.
Also regionally, today is the official date for Indonesia’s general election.
Locally, Westpac and the Melbourne Institute publish their monthly leading index report 11.30am AEST.
In mixed overnight commodities trade, oil seesawed higher.
US gold futures (June) fell, adding significantly to Monday’s climb.
Iron ore (China port, 62% Fe) extended Monday’s tumbling, ending below $US95.0/t.
LME copper settled essentially flat. Other base metals fell.
The $A appreciated to ~US71.75c after trading at US71.45c early yesterday evening, but has declined this morning.
NB The ASX and markets in Hong Kong and New Zealand will be closed Friday, due to Easter.
In addition, select trade is expected to swing on a plethora of high-profile domestic corporate reports.
China publishes March quarter GDP, plus March industrial production, fixed asset investment and retail sales midday AEST.
Japan releases March trade figures 9.50am.
This morning, New Zealand has reported 0.1% March quarter CPI growth for the three months, the same rate as for December quarter 2018 growth and against expectations of a 0.3% rise.
Year-on-year, CPI came in 1.5% higher, against 1.7%. The figures have pushed the $NZ lower against the $US.
Also regionally, today is the official date for Indonesia’s general election.
Locally, Westpac and the Melbourne Institute publish their monthly leading index report 11.30am AEST.
In mixed overnight commodities trade, oil seesawed higher.
US gold futures (June) fell, adding significantly to Monday’s climb.
Iron ore (China port, 62% Fe) extended Monday’s tumbling, ending below $US95.0/t.
LME copper settled essentially flat. Other base metals fell.
The $A appreciated to ~US71.75c after trading at US71.45c early yesterday evening, but has declined this morning.
NB The ASX and markets in Hong Kong and New Zealand will be closed Friday, due to Easter.
Overseas Market Commentary
Early gains featured across major European and US equities markets overnight, trade buoyed by some pleasing European data and select US high-profile corporate earnings and news.
Among new data releases, a euro zone economic sentiment reading jumped to 4.5 from -2.5 in March, in part supported by Germany’s rise to 3.1 from -3.6.
March UK average earnings rose 3.4% for the month, following a 3.5% February gain.
In the US, March industrial production slipped 0.1% for the month, following 0.1% positive February change.
Year-on-year, output came in 2.8% higher.
A home builders’ sentiment index remained robust, rising to 63 from 62.
Tonight in the US, March trade balance, the Federal Reserve’s district-by-district economic round-up (beige book) and weekly mortgage applications are due.
Elsewhere, a final March CPI reading is due for the euro zone, and first and only UK March CPI estimate are anticipated.
Stocks scheduled to report earnings include: Abbott Laboratories, Alcoa, ASML, Atlassian, Bank of New York Mellon, E*Trade, Ericsson, Morgan Stanley and PepsiCo.
In overnight corporate news, Apple and Qualcomm announced an end to all legal disputes, Qualcomm benefiting with an overnight 20+% stock price appreciation.
Netflix was recommended as a ‘buy’ and has subsequently reported post-US trade, hence ensuring the stock will also influence tonight’s trade.
Johnson & Johnson and UnitedHealth each exceeded quarterly profit expectations and upgraded some guidance.
Bank of America net interest income guidance and quarterly revenue disappointed.
NB Major European and US markets will be closed Friday for Easter.
Among new data releases, a euro zone economic sentiment reading jumped to 4.5 from -2.5 in March, in part supported by Germany’s rise to 3.1 from -3.6.
March UK average earnings rose 3.4% for the month, following a 3.5% February gain.
In the US, March industrial production slipped 0.1% for the month, following 0.1% positive February change.
Year-on-year, output came in 2.8% higher.
A home builders’ sentiment index remained robust, rising to 63 from 62.
Tonight in the US, March trade balance, the Federal Reserve’s district-by-district economic round-up (beige book) and weekly mortgage applications are due.
Elsewhere, a final March CPI reading is due for the euro zone, and first and only UK March CPI estimate are anticipated.
Stocks scheduled to report earnings include: Abbott Laboratories, Alcoa, ASML, Atlassian, Bank of New York Mellon, E*Trade, Ericsson, Morgan Stanley and PepsiCo.
In overnight corporate news, Apple and Qualcomm announced an end to all legal disputes, Qualcomm benefiting with an overnight 20+% stock price appreciation.
Netflix was recommended as a ‘buy’ and has subsequently reported post-US trade, hence ensuring the stock will also influence tonight’s trade.
Johnson & Johnson and UnitedHealth each exceeded quarterly profit expectations and upgraded some guidance.
Bank of America net interest income guidance and quarterly revenue disappointed.
NB Major European and US markets will be closed Friday for Easter.