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Market Opener – 30 Aug 2018
Local Markets Commentary
The Australian market opens today’s trade on positive US equities but mixed commodities leads, ahead of influential domestic data today and additional key US data tonight.
Locally, the Australian Bureau of Statistics (ABS) is due to report June quarter private capital expenditure, 11.30am AEST.
The ABS is scheduled to publish July building approvals at the same time.
BAP, BPT, HT1, ILU and PTM are among numerous high-profile stocks trading ex-dividend today. Details and additional stocks can be found on pp3-4.
Regionally today, Japan is expected to report July retail sales 9.50am AEST.
In overnight commodities trade, oil swung higher.
US gold futures continued to fall.
Iron ore (China port, 62% Fe) rallied.
LME copper and nickel trade lower.
Aluminium extended Tuesday’s gain.
The $A traded in a relatively narrow range after falling to US73.05c early yesterday evening.
Overseas Market Commentary
US equities markets opened higher overnight and rallied further mid-morning (US ET time), retaining gains through to settlement.
Optimism was fuelled by new record peaks for the NASADQ and S&P 500, some supportive domestic data and US progress with north American trade negotiations.
This, ahead of additional key data tonight, and end-of-month trade tomorrow night, at the commencement of a Monday public holiday weekend.
Major European equities indices diverged, however, the DAX vacillating markedly and the FTSE never looking like achieving a gain for the day.
In US goods trade news, Canada’s willingness to attempt to reach agreement on a deal with Mexico and the US by week’s end was lauded by some, but also recognised by commentators and Canadian officials as a difficult task.
Among US data releases, June quarter GDP growth was estimated at 4.2% year-on-year in the second of three readings.
The initial calculation had come in at 4.1%. For the quarter, the newly estimated gain was 2.9%, against the initial 2.8%.
Further, the US Commerce Department reported 16.1% higher year-on-year June quarter corporate profits.
July pending home sales fell by 0.7%, following forecasts of a 0.3% rise, after an encouraging 1.0% June increase.
Weekly mortgage applications fell by 1.7%.
In other developments, the US president announced one of his legal team would be leaving.
Meanwhile, Turkey’s lira and Argentina’s peso continued to languish and the British pound remained at ~one-year lows against the euro.
Tonight in the US, personal income and spending, PCE inflation figures and weekly new jobless claims are due.
AirAsia, Air China, Campbell Soup, Dollar General, Dollar Tree, Lululemon Athletica, Metallurgical Corporation of China and ZTE are among companies scheduled to report earnings.
In overnight corporate news, a positive research report, which included a 35% target price boost, pushed Amazon to new intrasession highs, the stock settling 3.4% higher.
Salesforce.com reported post-US trade and is expected to influence some trade tonight.
US markets will be closed Monday, due to a public holiday.
The Australian market opens today’s trade on positive US equities but mixed commodities leads, ahead of influential domestic data today and additional key US data tonight.
Locally, the Australian Bureau of Statistics (ABS) is due to report June quarter private capital expenditure, 11.30am AEST.
The ABS is scheduled to publish July building approvals at the same time.
BAP, BPT, HT1, ILU and PTM are among numerous high-profile stocks trading ex-dividend today. Details and additional stocks can be found on pp3-4.
Regionally today, Japan is expected to report July retail sales 9.50am AEST.
In overnight commodities trade, oil swung higher.
US gold futures continued to fall.
Iron ore (China port, 62% Fe) rallied.
LME copper and nickel trade lower.
Aluminium extended Tuesday’s gain.
The $A traded in a relatively narrow range after falling to US73.05c early yesterday evening.
Overseas Market Commentary
US equities markets opened higher overnight and rallied further mid-morning (US ET time), retaining gains through to settlement.
Optimism was fuelled by new record peaks for the NASADQ and S&P 500, some supportive domestic data and US progress with north American trade negotiations.
This, ahead of additional key data tonight, and end-of-month trade tomorrow night, at the commencement of a Monday public holiday weekend.
Major European equities indices diverged, however, the DAX vacillating markedly and the FTSE never looking like achieving a gain for the day.
In US goods trade news, Canada’s willingness to attempt to reach agreement on a deal with Mexico and the US by week’s end was lauded by some, but also recognised by commentators and Canadian officials as a difficult task.
Among US data releases, June quarter GDP growth was estimated at 4.2% year-on-year in the second of three readings.
The initial calculation had come in at 4.1%. For the quarter, the newly estimated gain was 2.9%, against the initial 2.8%.
Further, the US Commerce Department reported 16.1% higher year-on-year June quarter corporate profits.
July pending home sales fell by 0.7%, following forecasts of a 0.3% rise, after an encouraging 1.0% June increase.
Weekly mortgage applications fell by 1.7%.
In other developments, the US president announced one of his legal team would be leaving.
Meanwhile, Turkey’s lira and Argentina’s peso continued to languish and the British pound remained at ~one-year lows against the euro.
Tonight in the US, personal income and spending, PCE inflation figures and weekly new jobless claims are due.
AirAsia, Air China, Campbell Soup, Dollar General, Dollar Tree, Lululemon Athletica, Metallurgical Corporation of China and ZTE are among companies scheduled to report earnings.
In overnight corporate news, a positive research report, which included a 35% target price boost, pushed Amazon to new intrasession highs, the stock settling 3.4% higher.
Salesforce.com reported post-US trade and is expected to influence some trade tonight.
US markets will be closed Monday, due to a public holiday.