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Market Opener - 14 Feb 2017

Local Markets Commentary

The Australian market opens today’s trade amid strong iron ore sentiment and a plethora of domestic corporate reports, ahead of influential data out of China.

China is due to report January CPI and PPI 12.30pm AEDST.

In overnight commodities trade, iron ore (China port, 62% Fe fines) were propelled to a 2.5-year high beyond $US92/t.

Gold and oil fell. Copper and nickel continued higher.

The $A fell after trading at ~US76.70c yesterday evening.

Locally today, NAB’s monthly business survey and December lending finance, as calculated by the ABS, is due. Pre-trade, a weekly consumer sentiment reading will be published.

Overseas Market Commentary

Major European and US equities markets continued higher overnight.

Key US indices recorded new intra-day highs and the S&P500 attained a $US20 trillion market cap, amid a dearth of new data releases.

The European Commission published a new set of forecasts however, which included 1.6% and 1.8% economic growth for the euro zone this year and next respectively.

Euro zone inflation growth was expected to improve this year to 1.0%, from 0.2% in 2016.

The UK’s GDP forecasts came in at 1.5% (0.5% higher than the previous prediction) and 1.2%.

Tonight in the US, Federal Reserve chair Janet Yellen meets with a Senate banking committee as scheduled twice a year.

US January producer prices and a small business optimism index are also due for release.

Across the Atlantic, UK CPI and euro zone GDP and industrial production figures are also expected to influence some trade.

Credit Suisse (Nassau), Heineken, Jindal Steel & Power, Korea Gas, Rolls-Royce, Tata and Tui and are among companies scheduled to report earnings today and tonight.

In overnight corporate news, Glencore revealed it was paying $US960M to boost its holdings in copper and cobalt projects in the Democratic Republic of Congo.

Pharmaceutical sector deals remained among the headlines, Allergan outlaying $US2.26B for fat-reduction specialist Zeltiq Aesthetics.

14/02/2017 6:53:01 AM

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