Local Markets Commentary

The Australian market opens again on mixed commodities and international equities leads.

Regionally today, China is due to release August trade statistics ~midday AEST. Foreign direct investment (FDI) is also anticipated.

Japan releases a final June quarter GDP 8.50am.

Locally, July trade balance figures will be published 11.30am.

A swag of high-profile stocks trades ex-dividend, including AIZ, ASX, CTD, FXL, IRE, MND, NHF, SHL, SKT and WOW.

In overnight commodities trade, oil settled higher and has rallied further in post-US trade. US gold futures pulled back. Copper swung higher. Iron ore continued its latest descent.

The $A appreciated ~0.1% after approaching ~US76.65c early yesterday evening.

Overseas Market Commentary

Major European and US equities markets largely chopped and swung through overnight trade.

Germany’s July industrial output disappointed early, dropping 1.5% for the month following forecasts of a 0.2% improvement on June’s 1.1% rise.

Encouraging data releases continued in the UK however, July industrial output reported 2.2% higher year-on-year, after 1.4% for June and against expectations of 1.9%.

Bank of England governor Mark Carney assured the UK parliament, via a Treasury committee, that the central bank’s package of stimulus moves last month came at the right time to support the UK economy through adjustment.

A US job openings report revealed a 3.9% increase in vacancies during July, to an almost 16-year high, in part due to jobseekers not having the skills required for the jobs available.

The Federal Reserve’s region-by-region ‘beige book’ economic overview indicated general modest growth with similar near-term expectations.

Mortgage activity continued to increase, with the past week’s applications reported 0.9% higher.

Meanwhile, three Federal Reserve officials put their case for a rate rise, two of these to a parliamentary committee.

Tonight in the US, weekly new unemployment claims are due, together with July consumer credit.

Across the Atlantic, the European Central Bank (ECB) convenes its first policy meeting since July.

Jindal Steel & Power is among companies due to report earnings today and tonight.

Overnight, Apple released the iPhone 7, featuring wireless headphones, plus a new watch.

Nintendo appreciated 27% with news (at the Apple event) that Super Mario Run would become available on the Apple operating system.

Sony launched a new game console version (of PlayStation 4), featuring significant graphics improvements.