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Market Opener – 20 Nov 2017
Local Markets Commentary
The Australian market opens a new week’s trade on overnight Friday gains for key commodities, but negative international equities leads, and amid new domestic and regional data.
In overnight Friday commodities trade, oil swung higher and rallied. US gold futures were also propelled higher.
LME copper and nickel turned higher, nickel resuming rally mode.
The $A was pushed to ~US75.65c after dropping below US75.45c Friday evening.
Locally today, a capital city residential property price report is due pre-trade.
Later, the IMF publishes its annual economic assessment of Australia.
Two Reserve Bank of Australia (RBA) officials speak publicly, one on Australia-China property development, investment and financing (12.35pm AEDST), and the other regarding local equities markets (2.50pm).
Meanwhile, AST and ELD trade ex-dividend.
Regionally today, Japan publishes October trade figures 10.50am AEDST.
Over the weekend, China revealed a 0.3% rise in average October home prices, following a 0.2% rise for September.
On Friday, China’s regulators proposed further asset management ‘guidelines’ for financial institutions.
Overseas Market Commentary
Sentiment fell across major European and US equities markets overnight Friday, in part due to adverse analyst reassessments of select stocks across all markets and sectors, and following new investment asset guidelines unleashed for China.
In addition, European Central Bank president Mario Draghi told a European banking congress that low rates remained necessary for the euro zone.
Among data releases, US October housing starts were reported 13.7% higher. Building permits rose 5.9%.
Tonight in the US, a monthly leading index report is due.
In overnight Friday corporate news, some better-than-anticipated quarterly figures from specialist retailers Gap, Abercrombie & Fitch and Foot Locker appeared the lift the US retail sector in general.
Twenty-First Century Fox was reported in the meantime to be attracting broader asset interest, including from Comcast and Verizon.
Meanwhile, banks reportedly due to negotiate settlements with the European Commission following four years of forex market investigations included: Barclays, Citigroup, HSBC, JPMorgan Chase, Royal Bank of Scotland and UBS.
US market investors face an interrupted trading week due to Thanksgiving. Markets will be closed Thursday and will close early (1pm ET) Friday.
The Australian market opens a new week’s trade on overnight Friday gains for key commodities, but negative international equities leads, and amid new domestic and regional data.
In overnight Friday commodities trade, oil swung higher and rallied. US gold futures were also propelled higher.
LME copper and nickel turned higher, nickel resuming rally mode.
The $A was pushed to ~US75.65c after dropping below US75.45c Friday evening.
Locally today, a capital city residential property price report is due pre-trade.
Later, the IMF publishes its annual economic assessment of Australia.
Two Reserve Bank of Australia (RBA) officials speak publicly, one on Australia-China property development, investment and financing (12.35pm AEDST), and the other regarding local equities markets (2.50pm).
Meanwhile, AST and ELD trade ex-dividend.
Regionally today, Japan publishes October trade figures 10.50am AEDST.
Over the weekend, China revealed a 0.3% rise in average October home prices, following a 0.2% rise for September.
On Friday, China’s regulators proposed further asset management ‘guidelines’ for financial institutions.
Overseas Market Commentary
Sentiment fell across major European and US equities markets overnight Friday, in part due to adverse analyst reassessments of select stocks across all markets and sectors, and following new investment asset guidelines unleashed for China.
In addition, European Central Bank president Mario Draghi told a European banking congress that low rates remained necessary for the euro zone.
Among data releases, US October housing starts were reported 13.7% higher. Building permits rose 5.9%.
Tonight in the US, a monthly leading index report is due.
In overnight Friday corporate news, some better-than-anticipated quarterly figures from specialist retailers Gap, Abercrombie & Fitch and Foot Locker appeared the lift the US retail sector in general.
Twenty-First Century Fox was reported in the meantime to be attracting broader asset interest, including from Comcast and Verizon.
Meanwhile, banks reportedly due to negotiate settlements with the European Commission following four years of forex market investigations included: Barclays, Citigroup, HSBC, JPMorgan Chase, Royal Bank of Scotland and UBS.
US market investors face an interrupted trading week due to Thanksgiving. Markets will be closed Thursday and will close early (1pm ET) Friday.