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Market Opener – 18 Sep 2017
Local Markets Commentary
The Australian market opens a new week’s trade on positive US equities leads.
Overnight Friday commodities trade was mixed, however.
WTI crude settled flat. US gold futures turned lower. LME copper settled slightly higher. Iron ore continued to fall.
The $A fell to ~US80.05c after appreciating to ~US80.30c early Friday yesterday evening.
Locally today, August motor vehicle sales are scheduled for release. Pre-trade, a weekly capital city house price report is due.
Regionally, China’s August residential property prices are expected 11.30am AEST.
China’s August bank lending, reported post-ASX trade Friday, reached 1.09 trillion yuan (~$US166.5B), exceeding forecasts which were in part based on this year’s administrative credit constraints. July’s bank lending had been reported at 825.5B yuan.
Japan’s markets are closed today due to a public holiday.
Overseas Market Commentary
Major European equities markets continued lower overnight Friday, but key US indices each turned higher.
Economic data releases were in plentiful supply ahead of a US Federal Reserve policy meeting this week.
The euro zone’s August trade balance was calculated at €23.2B, from €26.6B in July, but against forecasts of €21.4B.
June quarter wages were reported 2% higher year-on-year, following a 1.4% for the March quarter. Labour costs rose 1.8% on an annual basis.
Meanwhile in the UK, the British pound continued to rally.
A Bank of England monetary policy committee member, usually viewed as cautious, appeared comfortable speaking of a rate rise within months.
US economic indicators came in mixed.
August retail sales slipped 0.2%. Excluding motor vehicle sales would have produced a 0.2% rise, but excluding both petrol and vehicle sales, sales fell 0.4%. Petrol sales had jumped on Hurricane Harvey impacts.
Next month’s sales figures are expected to be supported by demand for building and other as business and communities recover from the two hurricanes which made landfall.
Industrial production fell 0.9% after several monthly rises, but the result was also attributed to hurricane activity.
A New York (State) business conditions index came in at 24.4, 0.8 lower for the month, but some forecasts had been set as low as 19.
The University of Michigan’s initial August consumer sentiment estimate represented another fall.
July business inventories rose 0.2% following a 0.5% gain for June
Tonight in the US, a monthly home builders’ sentiment report is due, together with July capital figures from the national treasury department.
Elsewhere, Bank of England Mark Carney is scheduled to speak publicly at an International Monetary Fund (IMF) event.
The Australian market opens a new week’s trade on positive US equities leads.
Overnight Friday commodities trade was mixed, however.
WTI crude settled flat. US gold futures turned lower. LME copper settled slightly higher. Iron ore continued to fall.
The $A fell to ~US80.05c after appreciating to ~US80.30c early Friday yesterday evening.
Locally today, August motor vehicle sales are scheduled for release. Pre-trade, a weekly capital city house price report is due.
Regionally, China’s August residential property prices are expected 11.30am AEST.
China’s August bank lending, reported post-ASX trade Friday, reached 1.09 trillion yuan (~$US166.5B), exceeding forecasts which were in part based on this year’s administrative credit constraints. July’s bank lending had been reported at 825.5B yuan.
Japan’s markets are closed today due to a public holiday.
Overseas Market Commentary
Major European equities markets continued lower overnight Friday, but key US indices each turned higher.
Economic data releases were in plentiful supply ahead of a US Federal Reserve policy meeting this week.
The euro zone’s August trade balance was calculated at €23.2B, from €26.6B in July, but against forecasts of €21.4B.
June quarter wages were reported 2% higher year-on-year, following a 1.4% for the March quarter. Labour costs rose 1.8% on an annual basis.
Meanwhile in the UK, the British pound continued to rally.
A Bank of England monetary policy committee member, usually viewed as cautious, appeared comfortable speaking of a rate rise within months.
US economic indicators came in mixed.
August retail sales slipped 0.2%. Excluding motor vehicle sales would have produced a 0.2% rise, but excluding both petrol and vehicle sales, sales fell 0.4%. Petrol sales had jumped on Hurricane Harvey impacts.
Next month’s sales figures are expected to be supported by demand for building and other as business and communities recover from the two hurricanes which made landfall.
Industrial production fell 0.9% after several monthly rises, but the result was also attributed to hurricane activity.
A New York (State) business conditions index came in at 24.4, 0.8 lower for the month, but some forecasts had been set as low as 19.
The University of Michigan’s initial August consumer sentiment estimate represented another fall.
July business inventories rose 0.2% following a 0.5% gain for June
Tonight in the US, a monthly home builders’ sentiment report is due, together with July capital figures from the national treasury department.
Elsewhere, Bank of England Mark Carney is scheduled to speak publicly at an International Monetary Fund (IMF) event.