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Market Opener – 02 May 2018
Local Markets Commentary
The Australian market opens mid-week trade ahead of new manufacturing data for China today and key reports and figures out of the US and euro zone from tonight through the end of the week.
Overnight US equities trade proved mixed.
In hesitant overnight commodities trade, US gold futures and oil fell.
LME copper turned lower.
The $A traded beneath US75.0c after falling below US75.15c early yesterday evening, and has continued to drop this morning.
Locally today, several high-profile and large-cap stocks are announcing revised outlooks, March quarter operating statistics and/or conducting AGMs.
Regionally, China’s April manufacturing PMI, as published by Caixin, is due 11.45pm AEST.
Japan’s markets trade for the last time this week today. Trade will resume Monday next week.
Overseas Market Commentary
Vacillating trade featured across UK and US equities markets overnight, the NASDAQ and S&P 500 notably ultimately dragged higher despite heading lower on opening.
Investors faced competing considerations, including speculation surrounding late-week US-China trade talks and this week’s US Federal Reserve policy meeting, scant leads out of Asia, a continuing higher $US, falling oil prices, mixed data and high-profile corporate earnings.
Markets in Germany and France were closed due to May Day public holidays.
Among new data releases, the UK’s April manufacturing PMI was estimated at 53.9, following forecasts of 54.8 and 54.9 for March.
In the US, the ISM’s April manufacturing index pulled back to 57.3 from the 59.3 reported for March
March construction spending also fell, by 1.7%, following a 1.0% rise in February.
Tonight in the US, the US Federal Reserve concludes its two-day policy meeting from which outcomes will be announced early tomorrow (~4am AEST).
A private sector April employment report, the ISM’s New York activity index and weekly mortgage applications are also due.
AIG, Apache, CV Health, Kraft Heinz, MasterCard, Sainsbury’s, Standard Chartered, Tesla and Yum Brands are among companies scheduled to report earnings or provide updates tonight.
In early overnight corporate news, BP reported its best quarterly profit in almost four years, supported by improved oil prices and increased production.
Later, post-US trade, Apple raised its dividend 16%, lifted buy-back programs by $US100B and delivered an optimistic sales outlook, following better-than-anticipated quarterly results. The stock was pushed 4% higher in post-settlement trade.
Pfizer was pushed ~3.5% lower in regular trade after undershooting quarterly revenue expectations.
Merck lost 1.5% despite delivering improved annual profit guidance.
The Australian market opens mid-week trade ahead of new manufacturing data for China today and key reports and figures out of the US and euro zone from tonight through the end of the week.
Overnight US equities trade proved mixed.
In hesitant overnight commodities trade, US gold futures and oil fell.
LME copper turned lower.
The $A traded beneath US75.0c after falling below US75.15c early yesterday evening, and has continued to drop this morning.
Locally today, several high-profile and large-cap stocks are announcing revised outlooks, March quarter operating statistics and/or conducting AGMs.
Regionally, China’s April manufacturing PMI, as published by Caixin, is due 11.45pm AEST.
Japan’s markets trade for the last time this week today. Trade will resume Monday next week.
Overseas Market Commentary
Vacillating trade featured across UK and US equities markets overnight, the NASDAQ and S&P 500 notably ultimately dragged higher despite heading lower on opening.
Investors faced competing considerations, including speculation surrounding late-week US-China trade talks and this week’s US Federal Reserve policy meeting, scant leads out of Asia, a continuing higher $US, falling oil prices, mixed data and high-profile corporate earnings.
Markets in Germany and France were closed due to May Day public holidays.
Among new data releases, the UK’s April manufacturing PMI was estimated at 53.9, following forecasts of 54.8 and 54.9 for March.
In the US, the ISM’s April manufacturing index pulled back to 57.3 from the 59.3 reported for March
March construction spending also fell, by 1.7%, following a 1.0% rise in February.
Tonight in the US, the US Federal Reserve concludes its two-day policy meeting from which outcomes will be announced early tomorrow (~4am AEST).
A private sector April employment report, the ISM’s New York activity index and weekly mortgage applications are also due.
AIG, Apache, CV Health, Kraft Heinz, MasterCard, Sainsbury’s, Standard Chartered, Tesla and Yum Brands are among companies scheduled to report earnings or provide updates tonight.
In early overnight corporate news, BP reported its best quarterly profit in almost four years, supported by improved oil prices and increased production.
Later, post-US trade, Apple raised its dividend 16%, lifted buy-back programs by $US100B and delivered an optimistic sales outlook, following better-than-anticipated quarterly results. The stock was pushed 4% higher in post-settlement trade.
Pfizer was pushed ~3.5% lower in regular trade after undershooting quarterly revenue expectations.
Merck lost 1.5% despite delivering improved annual profit guidance.