Disclaimer: All information on this section is of a general nature.
Before making any investment decision, you should consult your adviser.

Market Opener - 29 Mar 2017

Local Markets Commentary

The Australian market commences mid-week trade following improved sentiment across major international equities markets overnight.

Commodities trade was also largely positive. US gold futures settled effectively flat and slipped post-settlement. Oil and LME copper swung higher and rallied. Iron ore turned higher.

The $A was pushed higher after trading at US76.0c yesterday evening.

Locally today, widespread Cyclone Debbie commentary on the likely national economic impact, including in association with the commodities, transport and tourism sectors, is anticipated.

Ex-dividend season also continues. A detailed list is available pp3-4.

Overseas Market Commentary

Major European and US equities markets recorded decisive gains overnight following mostly faltering initial trade.

In US data releases, a Conference Board consumer sentiment index was reported 9.5 points higher, at 125.6, the best reading in 16.25 years.

A Case Shiller January house price index rose 0.9% for the month and 5.7% year-on-year.

In a public address on workforce development in low-income communities, US Federal Reserve chair Janet Yellen conceded domestic employment growth in lower-income communities and among minorities had not matched general national figures.

Also in the US, several environmental regulations, including some covering petroleum exploration, were effectively annulled by a presidential executive order.

Tonight in the US, February pending home sales and weekly mortgage applications are due. At least four Federal Reserve officials are scheduled to speak publicly.

Across the Atlantic, the UK government plans to formally notify the European Union of the commencement of the separation process. UK PM Theresa May is also scheduled to address parliament on plans.

Meanwhile, the Arab League is scheduled to commence two days of talks in Jordan.

In overnight corporate news, China-based investment firm Tencent Holdings revealed a 5% interest in Tesla.

Ford Motor announced $US1.2B worth of manufacturing investment in Michigan, US.

Earlier, Wolseley gained after reporting 25% higher interim profit, supported by US business.

29/03/2017 6:50:30 AM

Back to top