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Market Opener - 24 Jul 2017

 
Local Markets Commentary

The Australian market opens this week’s trade with limited support from international equities and commodities trade.

In overnight Friday commodities trade, US gold futures appreciated. Oil and iron ore extended Thursday’s falls. LME copper swung higher.

The $A traded a little higher, after slipping briefly below US79.10c before heading back towards US79.30c early Friday evening.

Locally today, a state-by-state economic report is due from CommSec. Pre-trade, weekly capital city house prices will be published.

Overseas Market Commentary
Major European equities markets started Friday trade on par with, or higher than, the previous session. Sentiment deteriorated with US equities markets falling on open.

Corporate reporting and manoeuvring plus currency considerations featured, the euro trading at new two-year peaks.

The UK reported public sector finances, the June budget deficit coming in at ~40% higher than a year earlier, impacted by a generally weaker British pound and rising inflation.

Tonight in the US, June existing home sales and Markit’s preliminary July manufacturing and services PMIs are due.

Alphabet (Google parent), Reckitt Benckiser, Ryanair and Sthree are due to report earnings

In overnight Friday corporate news, General Electric disappointed with a weaker-than-anticipated outlook statement. Quarterly profit and revenue exceeded expectations, but the profit nonetheless represented a 60% year-on-year slide.

UK online payments specialist Paysafe was reported to be facing a $US3.8B from a consortium including Blackstone and CVC.

Meanwhile, Siemens and Bombardier were said to be negotiating a merger of their rail stock manufacturing businesses.
 
25/07/2017 7:26:30 AM

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