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State One Market Opener - 09 Nov 2016

Local Markets Commentary

The Australian market will trade today amid speculation surrounding the outcome of last night’s US presidential election polling.

Any definitive result could be known by ~3pm AEDST. Key regional data is likely to also influence some trade sentiment.

China is expected to report CPI ~12.30pm AEDST.

Japan is due to release September trade figures 10.50am.

Locally today, several high-profile companies host AGMs, and hence some influential updates are anticipated. Please see p4 for a select list.

A monthly consumer sentiment report is also due from Westpac and the Melbourne Institute.

In overnight commodities trade, US gold futures fell further and oil turned lower. Copper and iron ore continued to rally.

The $A was pushed beyond US77.70c after trading at ~US77.0c early yesterday evening.

Overseas Market Commentary

Major European and US equities markets traded higher again overnight, but not without swings and chop for some indices.

It was official polling day for the US presidential election and any clear result is expected from ~3pm Wednesday AEDST.

In overnight data releases, Germany reported a 1.8% drop in September industrial production, against forecasts of a 0.5% fall for the month.

The September trade surplus came in at €21.3B, following expectations of €23B.

UK September industrial output fell 0.4% for the month, but manufacturing rose a further 0.6% following a 0.2% gain in August. Year-on-year, industrial production rose 0.3% and manufacturing 0.2%.

An industry group estimated October retail spending had risen 1.7% year-on-year, on a like-for-like basis, and that overall spending grew 2.4%.

Tonight’s data releases include US September wholesale inventories, together with weekly mortgage applications. In the UK, September trade figures are expected.

Bridgestone, Burberry, E.ON, Korea Gas, Sainsbury, TripAdvisor, Tullow Oil and Wendy’s are scheduled to report today and tonight.

Overnight, UK department store Marks & Spencer revealed plans to close up to 60 clothing and homewares stores at home and abroad over five years, including all outlets across 10 countries. New food stores are planned for the UK.

Earlier, Toyota Motor reported a 36% drop in September quarter net report, citing the impact of the yen and reduced demand.

9/11/2016 6:45:19 AM

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