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Market Opener – 01 Mar 2018
Local Markets Commentary
The Australian market commences a new month’s trade on negative overnight international trade leads, ahead of further influential figures for China, and as several large-cap domestic stocks trade ex-dividend.
Regionally today, Caixin is due to report its February manufacturing PMI estimate for China 12.45pm AEDST.
Locally, AiG reports January manufacturing activity 9.30am AEDST.
The Australian Bureau of Statistics (ABS) is due to publish December quarter private sector capital spending 11.30am AEDST.
A February residential property price report is also due this morning.
Large-cap stocks trading ex-dividend today include BEN, FMG, NHF, PTM, REA, RIO and WOW.
In overnight commodities trade, US gold futures settled slightly lower. Oil extended Tuesday’s fall.
Iron ore (China port, 62% Fe), and LME copper and nickel continued to pull back. Aluminium turned lower.
The $A dropped below US77.70c after trading at ~US78.0c early yesterday evening.
Overseas Market Commentary
Major European and US equities markets ultimately extended Tuesday’s declines overnight, on: disappointing data out of China and Japan yesterday; a sobering euro zone update; subsequent sub-expectation US economic indicator update; currency swings, and a batch of mixed corporate earnings reports.
In data releases, the euro zone’s initial February CPI reading represented a 14-month low, pushing the euro to six-week lows.
The second of three readings for US December quarter GDP came in at 2.5%, against the initial 2.6%.
January pending home sales dropped 4.7% to the least in 3.3 years.
A Chicago region manufacturing index fell 3.8 to a six-month low of 61.9.
Tonight in the US, weekly new unemployment claims are due, together with January personal income and spending, PCE prices, construction spending and ISM’s February manufacturing index.
In addition, Federal Reserve chair Jerome Powell continues parliamentary testimony.
Companies scheduled to report earnings later today or tonight include A-B InBev, Best Buy, Cosco Shipping, Kohl’s, Merlin Entertainments, Nordstrom and WPP.
Barclays, easyJet and Rio Tinto are due to trade ex-dividend on the FTSE 100.
In overnight corporate news, Amazon was reported to be prepared to outlay $US1B for video doorbell manufacturer Ring.
Toyota announced it would continue to manufacture vehicles in Derbyshire, UK, in particular the new model Auris. In addition, a greater proportion of engines would be used from the Deeside plant, Wales
Also in the UK, that nation’s division of Toys R Us was placed in administration.
US retailer Lowe’s bettered December quarter revenue expectations, but fell short on profit, and the stock was pushed 5% lower.
Dick’s Sporting Goods rose 2% after revealing plans to stop selling assault rifles and any guns to people under 21.
Meanwhile, music streamer Spotify applied for an up to $US1B direct listing in the US.
The Australian market commences a new month’s trade on negative overnight international trade leads, ahead of further influential figures for China, and as several large-cap domestic stocks trade ex-dividend.
Regionally today, Caixin is due to report its February manufacturing PMI estimate for China 12.45pm AEDST.
Locally, AiG reports January manufacturing activity 9.30am AEDST.
The Australian Bureau of Statistics (ABS) is due to publish December quarter private sector capital spending 11.30am AEDST.
A February residential property price report is also due this morning.
Large-cap stocks trading ex-dividend today include BEN, FMG, NHF, PTM, REA, RIO and WOW.
In overnight commodities trade, US gold futures settled slightly lower. Oil extended Tuesday’s fall.
Iron ore (China port, 62% Fe), and LME copper and nickel continued to pull back. Aluminium turned lower.
The $A dropped below US77.70c after trading at ~US78.0c early yesterday evening.
Overseas Market Commentary
Major European and US equities markets ultimately extended Tuesday’s declines overnight, on: disappointing data out of China and Japan yesterday; a sobering euro zone update; subsequent sub-expectation US economic indicator update; currency swings, and a batch of mixed corporate earnings reports.
In data releases, the euro zone’s initial February CPI reading represented a 14-month low, pushing the euro to six-week lows.
The second of three readings for US December quarter GDP came in at 2.5%, against the initial 2.6%.
January pending home sales dropped 4.7% to the least in 3.3 years.
A Chicago region manufacturing index fell 3.8 to a six-month low of 61.9.
Tonight in the US, weekly new unemployment claims are due, together with January personal income and spending, PCE prices, construction spending and ISM’s February manufacturing index.
In addition, Federal Reserve chair Jerome Powell continues parliamentary testimony.
Companies scheduled to report earnings later today or tonight include A-B InBev, Best Buy, Cosco Shipping, Kohl’s, Merlin Entertainments, Nordstrom and WPP.
Barclays, easyJet and Rio Tinto are due to trade ex-dividend on the FTSE 100.
In overnight corporate news, Amazon was reported to be prepared to outlay $US1B for video doorbell manufacturer Ring.
Toyota announced it would continue to manufacture vehicles in Derbyshire, UK, in particular the new model Auris. In addition, a greater proportion of engines would be used from the Deeside plant, Wales
Also in the UK, that nation’s division of Toys R Us was placed in administration.
US retailer Lowe’s bettered December quarter revenue expectations, but fell short on profit, and the stock was pushed 5% lower.
Dick’s Sporting Goods rose 2% after revealing plans to stop selling assault rifles and any guns to people under 21.
Meanwhile, music streamer Spotify applied for an up to $US1B direct listing in the US.