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Market Opener – 02 Nov 2018
Local Markets Commentary
The Australian market opens Friday trade ahead of further key domestic data today and out of the US tonight.
Overnight US equities leads are positive, but US equities futures have turned negative this morning.
Post-US trade, Apple’s end-of-year sales guidance undershot expectations.
Locally today, September quarter producer prices and September retail sales are due 11.30am AEDT.
Among corporate reports today, MQG and CSR have reported interim results, and ORI full year figures, each pre-trade.
In overnight commodities trade, oil dropped further for the week.
US (December) gold futures swung sharply higher.
Iron ore (China port, 62% Fe) extended Wednesday’s fall.
LME copper and other base metals turned and rallied.
The $A exceeded US72.00c after trading at US71.55c early yesterday evening.
Overseas Market Commentary
US equities markets again opened higher and soon headed towards settlements at or near session peaks.
Major European indices chopped and swung through overnight trade.
During a much-anticipated post policy meeting press conference, Bank of England governor Mark Carney declared national inflation would rise should favourable agreements governing the UK’s separation from the European Union (EU) be ultimately negotiated, meaning rates would need to rise from the current 0.75% to 1.5% within three years.
Meanwhile, EU negotiators were reportedly considering a compromise arrangement to move past the Northern Ireland border customs stoush, the British pound and euro each gaining against the $US.
Among UK data releases, the October manufacturing PMI was reported at 51.1, from 53.6 in September.
In the US, the ISM’s October manufacturing index undershot expectations, remaining strong at 57.7, but following 59.8 for September.
Weekly initial jobless claims fell by 2000, following forecasts of a 3000 fall. In addition, the previous week’s tally was raised by 1000.
A job cuts report calculated announced job losses rose to 756,400 in October, from 552,900 for September.
September quarter productivity came in at a 2.2% year-on-year rise, against 3.0% for the June quarter.
September construction spending was reported flat, following a 0.8% August rise.
October vehicle sales rose to 17.57M from 17.44M in September.
Meanwhile in the last full week of trade before the mid-term elections, the US president promoted border control, and ‘very good’ discussions with China’s president Xi Jinping that indicated the two would agree to meet at the G20 leaders’ summit later this month.
Tonight in the US, October employment statistics are due, together with September trade balance and factory orders, plus the ISM’s October New York business activity index.
Companies scheduled to reveal earnings or provide updates later today or tonight include: AbbVie, Alibaba, Asics, Berkshire Hathaway, Chevron, Exxon Mobil, Isuzu Motors, Itochu and Mitsubishi.
In overnight corporate news, Royal Dutch Shell recorded its best quarterly profit for four years, boosted by higher oil and gas prices, as was BP’s profit revealed earlier this week, the highest for BP in five years.
DowDuPont pleased with a $US3B buyback and better-than-anticipated profit figures, although revenue fell short of expectations.
Ford Motor reported a 3.9% fall in October vehicle sales.
Apple reported post-US trade, but despite revenue profit and revenue, end-of-year sales appears to have disappointed.
The Australian market opens Friday trade ahead of further key domestic data today and out of the US tonight.
Overnight US equities leads are positive, but US equities futures have turned negative this morning.
Post-US trade, Apple’s end-of-year sales guidance undershot expectations.
Locally today, September quarter producer prices and September retail sales are due 11.30am AEDT.
Among corporate reports today, MQG and CSR have reported interim results, and ORI full year figures, each pre-trade.
In overnight commodities trade, oil dropped further for the week.
US (December) gold futures swung sharply higher.
Iron ore (China port, 62% Fe) extended Wednesday’s fall.
LME copper and other base metals turned and rallied.
The $A exceeded US72.00c after trading at US71.55c early yesterday evening.
Overseas Market Commentary
US equities markets again opened higher and soon headed towards settlements at or near session peaks.
Major European indices chopped and swung through overnight trade.
During a much-anticipated post policy meeting press conference, Bank of England governor Mark Carney declared national inflation would rise should favourable agreements governing the UK’s separation from the European Union (EU) be ultimately negotiated, meaning rates would need to rise from the current 0.75% to 1.5% within three years.
Meanwhile, EU negotiators were reportedly considering a compromise arrangement to move past the Northern Ireland border customs stoush, the British pound and euro each gaining against the $US.
Among UK data releases, the October manufacturing PMI was reported at 51.1, from 53.6 in September.
In the US, the ISM’s October manufacturing index undershot expectations, remaining strong at 57.7, but following 59.8 for September.
Weekly initial jobless claims fell by 2000, following forecasts of a 3000 fall. In addition, the previous week’s tally was raised by 1000.
A job cuts report calculated announced job losses rose to 756,400 in October, from 552,900 for September.
September quarter productivity came in at a 2.2% year-on-year rise, against 3.0% for the June quarter.
September construction spending was reported flat, following a 0.8% August rise.
October vehicle sales rose to 17.57M from 17.44M in September.
Meanwhile in the last full week of trade before the mid-term elections, the US president promoted border control, and ‘very good’ discussions with China’s president Xi Jinping that indicated the two would agree to meet at the G20 leaders’ summit later this month.
Tonight in the US, October employment statistics are due, together with September trade balance and factory orders, plus the ISM’s October New York business activity index.
Companies scheduled to reveal earnings or provide updates later today or tonight include: AbbVie, Alibaba, Asics, Berkshire Hathaway, Chevron, Exxon Mobil, Isuzu Motors, Itochu and Mitsubishi.
In overnight corporate news, Royal Dutch Shell recorded its best quarterly profit for four years, boosted by higher oil and gas prices, as was BP’s profit revealed earlier this week, the highest for BP in five years.
DowDuPont pleased with a $US3B buyback and better-than-anticipated profit figures, although revenue fell short of expectations.
Ford Motor reported a 3.9% fall in October vehicle sales.
Apple reported post-US trade, but despite revenue profit and revenue, end-of-year sales appears to have disappointed.