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Before making any investment decision, you should consult your adviser.
Market Opener – 27 Mar 2018
Local Markets Commentary
The Australian market opens today’s trade following a sharp improvement in overnight US equities trade, ahead of new data out of China and as several high-profile domestic stocks trade ex-dividend.
Commodities trade remained mixed.
Oil turned moderately lower. Gold settled higher, adding to Friday’s rally.
LME copper picked up the pace of Friday’s decline.
Iron ore (China port, 62% Fe) modestly extended Friday’s fall.
The $A traded in a narrow range after rising to ~US77.45c early yesterday evening.
Regionally today, China is expected to report January-February industrial profits 12.30pm AEDST.
Locally this morning, Australia has joined the UK, the European Union and the US in deciding on the expulsion of Russian diplomats.
Among domestic data releases, a weekly consumer sentiment reading is due pre-trade.
A February new home sales report is also expected, at ~11am AEDST.
Another batch of large-cap stocks trades ex-dividend today. Please see pp3-4 for detailed information.
Overseas Market Commentary
Major European equities markets closed at or near session lows overnight.
Key US indices however, bounced on indications of less divisive geopolitical relations, notably settling at or near session highs. After recording the worst one-day falls in ~two years late last week, US equities rose the most in a session in ~2.5 years.
Among news that was attributed to improved trader sentiment, North Korea’s leader Kim Jong Un was reported to have travelled to Beijing, China yesterday.
Further reports emerged suggesting China and the US were making diplomatic headway in discussing potential new trade arrangements, including China purchasing more semiconductors from the US.
In addition, South Korea confirmed it had secured exemption from the bolstered US steel tariffs which came into effect late last week.
In a conflicted move, the US also joined the UK and Europe, in taking official action against Russia following a nerve agent attack on UK soil, announcing the expulsion of 60 Russian diplomats.
In the US, the Chicago Fed February national activity index came in at 0.88 following forecasts of 0.15 and a 0.12 for January.
A Texas region manufacturing index slid from 37.2 to 21.4, the only major to component to rise being raw materials prices. The new orders index was more indicative of other components, tumbling 17 points to 8.3.
Tonight in the US, a consumer confidence reading plus house price and regional manufacturing indices are due.
Companies scheduled to report earnings or updates later today and tonight include Air China, Alliance Pharma, China Construction Bank, H&M, Industrial & Commercial Bank and United Utilities.
In overnight corporate news, Facebook suffered further intra-session from confirmation of a privacy policy and practice investigation by the US Federal Trade Commission. In addition, a majority of US State attorneys general also publicly expressed concern, spawning further regulatory and legal uncertainty.
The Australian market opens today’s trade following a sharp improvement in overnight US equities trade, ahead of new data out of China and as several high-profile domestic stocks trade ex-dividend.
Commodities trade remained mixed.
Oil turned moderately lower. Gold settled higher, adding to Friday’s rally.
LME copper picked up the pace of Friday’s decline.
Iron ore (China port, 62% Fe) modestly extended Friday’s fall.
The $A traded in a narrow range after rising to ~US77.45c early yesterday evening.
Regionally today, China is expected to report January-February industrial profits 12.30pm AEDST.
Locally this morning, Australia has joined the UK, the European Union and the US in deciding on the expulsion of Russian diplomats.
Among domestic data releases, a weekly consumer sentiment reading is due pre-trade.
A February new home sales report is also expected, at ~11am AEDST.
Another batch of large-cap stocks trades ex-dividend today. Please see pp3-4 for detailed information.
Overseas Market Commentary
Major European equities markets closed at or near session lows overnight.
Key US indices however, bounced on indications of less divisive geopolitical relations, notably settling at or near session highs. After recording the worst one-day falls in ~two years late last week, US equities rose the most in a session in ~2.5 years.
Among news that was attributed to improved trader sentiment, North Korea’s leader Kim Jong Un was reported to have travelled to Beijing, China yesterday.
Further reports emerged suggesting China and the US were making diplomatic headway in discussing potential new trade arrangements, including China purchasing more semiconductors from the US.
In addition, South Korea confirmed it had secured exemption from the bolstered US steel tariffs which came into effect late last week.
In a conflicted move, the US also joined the UK and Europe, in taking official action against Russia following a nerve agent attack on UK soil, announcing the expulsion of 60 Russian diplomats.
In the US, the Chicago Fed February national activity index came in at 0.88 following forecasts of 0.15 and a 0.12 for January.
A Texas region manufacturing index slid from 37.2 to 21.4, the only major to component to rise being raw materials prices. The new orders index was more indicative of other components, tumbling 17 points to 8.3.
Tonight in the US, a consumer confidence reading plus house price and regional manufacturing indices are due.
Companies scheduled to report earnings or updates later today and tonight include Air China, Alliance Pharma, China Construction Bank, H&M, Industrial & Commercial Bank and United Utilities.
In overnight corporate news, Facebook suffered further intra-session from confirmation of a privacy policy and practice investigation by the US Federal Trade Commission. In addition, a majority of US State attorneys general also publicly expressed concern, spawning further regulatory and legal uncertainty.