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State One Market Opener - 07 Oct 2016

Local Markets Commentary

The Australian market opens Friday’s trade on mostly lacklustre international equities leads.

In overnight commodities trade, gold continued to fall and oil to rally. Copper picked up the pace of its current decline.

The $A effectively marked time after slipping below ~US75.85c early yesterday evening.

Locally pre-trade, AiG and the HIA are due to publish their September construction sector activity index.

China’s markets remain closed today, but will be open Monday. September foreign reserves are anticipated anytime from today.

Caixin’s final composite and services PMIs for China are scheduled for release tomorrow. Official foreign direct investment figures are expected anytime from the weekend, also.

Japan’s markets will be closed Monday due to a public holiday.

Overseas Market Commentary

Major European equities markets chopped and US indices gyrated overnight.

US weekly new unemployment claims fell again, this time by 5000, bolstering expectations for tonight’s national workforce statistics and raising the perceived chances of a rate rise before year’s end.

A job layoffs report estimated a 38% jump in September, however, a notable number from the retail sector.

European Central Bank (ECB) September policy meeting minutes confirmed the committee had not discussed ending or cutting the asset purchases program. A potential shortage of bonds was noted, nonetheless.

Germany’s August factory orders cheered, gaining 1% for the month, following a 0.3% improvement in July.

Tonight in the US, national September employment figures are due, together with August consumer credit and final August wholesale inventories.

Samsung Electronics is due to update guidance, and Sakata Seed to publish earnings.

Meanwhile, the International Monetary Fund (IMF) and World Bank commence their three-day AGM in Washington.

Sovereign rating updates are scheduled for the US, Saudi Arabia, Norway, Switzerland, Spain and Italy.

Overnight, Twitter slid 20% as the list of companies speculated not to be interested in buying the company grew.

Deutsche Bank revealed the loss of a further 1000 jobs in Germany, after a 3000-strong cut in June.

ICU Medical revealed it would outlay ~$US1B in cash and scrip for the Pfizer’s infusions business.

7/10/2016 6:52:40 AM

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