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State One Market Opener - 15 Sep 2016

Local Markets Commentary

The Australian market opens today’s trade on mixed and mostly lacklustre international equities leads.

In overnight commodities trade, oil extended the previous session’s drop. US gold futures turned a little higher. Copper rallied on both sides of the Atlantic.

The $A ultimately barely changed after trading at ~US74.75c early yesterday evening.

Locally today, the ABS releases August workforce statistics, including unemployment, 11.30am AEST.

The Reserve Bank of Australia (RBA) also publishes its quarterly bulletin, the Melbourne Institute its monthly inflation expectations report and the ACCC-Westpac a quarterly industrial trends survey.

August vehicle sales, forex transactions and reserve assets are also expected.

Companies trading ex-dividend include: AHG, BRG, FLT, S32, SEK and VRT.

China’s markets will be closed today and tomorrow for mid-Autumn festival public holidays.

Meanwhile, Japan’s markets are heading towards a Monday public holiday weekend.

This morning, New Zealand has reported 3.6% June quarter GDP growth, 2.8% for the year, on par with expectations.

Overseas Market Commentary

Choppy trade featured across major European and US equities markets overnight.

US August import prices were reported 0.2% lower for the month, largely on reduced petroleum product and communications equipment prices and a relatively strong $US. Both import and export prices had been expected to slip 0.1%, but export prices fell 0.8%

Weekly mortgage applications rose 4.2%.

Earlier in the euro zone, July industrial output came in 1.1% lower, after improving 0.8% in June. The year-on-year fall was 0.5%.

Tonight in the US, weekly new employment claims are due, together with a swag of other data, including industrial production, retail sales, existing home sales, two regional manufacturing and business activity indices and business inventories.

In the UK, the Bank of England convenes a policy meeting.

UK supermarket group WM Morrison, UK online retailer Next and Oracle Corp are due to report earnings.

Overnight, Bayer and Monsanto confirmed an agreed deal whereby Monsanto becomes part of Germany’s Bayer for an estimated $US56B - $US66B, pending regulatory approvals.

Meanwhile, Allergan is proposing to spend $US639M for skincare-focused biotech firm Vitae Pharmaceuticals.

Ford Motor warned self-drive and electric vehicle investment could hurt short-term profit.

15/09/2016 7:57:19 AM

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