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State One Market Opener - 14 Sep 2016

Local Markets Commentary

The Australian market commences today’s trade on negative international equities and mixed commodities leads.

Overnight, oil turned and dropped. Gold settled lower again. LME copper settled virtually flat. Iron ore was reported to have fallen, at ports and in spot trade.

The $A dropped to ~US74.6c after climbing back to ~US75.30c yesterday evening.

Locally today, Westpac and the Melbourne Institute are due to publish a monthly consumer sentiment report 10.30am AEST.

An employment indicator is due this afternoon, ahead of August workforce statistics tomorrow.

Highly-traded and/or large-cap stocks turning ex-dividend include: ABC, EQT, IVC, SVW and SWM.

China’s markets will be closed tomorrow and Friday for mid-Autumn festival public holidays.

Overseas Market Commentary

US equities markets turned, falling on opening last night, helping push vacillating major European indices lower.

Oil had also been pushed lower again, hurting energy sector stocks on both sides of the Atlantic.

The UK’s August 0.6% CPI represented no change in the annual rate from July. 0.7% had been anticipated, due to increases in food prices and air fares.

Earlier, a euro zone ZEW economic sentiment index was reported to have improved 0.8 for the month, to 5.4. A ‘current conditions’ index fell 2.5 to 55.1 and economic expectations at a flat 0.5.

Germany’s August CPI growth was confirmed at 0.4% year-on-year, in a final reading.

A US small business optimism index slipped 0.2 to 94.4, but a business conditions outlook component fell seven points.

The government reported a $US107B August budget deficit, 66% higher than a year ago. Forecasters had anticipated $US108B, however.

Tonight in the US, August import prices are due, together with weekly mortgage applications.

Across the Atlantic, European Commission president Jean-Claude Juncker is due to deliver a State of the Union speech to the European parliament.

Hermes International and Alliance Pharma are due to report earnings and hence offer insights into two select sectors.

Overnight, Apple appreciated with the Bank of England including the company in its corporate bonds purchase program, coupled with reports of good demand for the latest phone offerings.

14/09/2016 7:42:45 AM

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