Disclaimer: All information on this section is of a general nature.
Before making any investment decision, you should consult your adviser.
Market Opener – 03 May 2018
Local Markets Commentary
The Australian market commences today’s trade on negative US equities leads, but with some good overnight price gains for key commodities, ahead of influential domestic data.
In overnight commodities trade, US gold futures settled barely changed. WTI crude ultimately posted a strong gain.
Iron ore (China port, 62% Fe) rallied.
LME copper, nickel and aluminium were also pushed decidedly higher.
The $A slipped below US75.0c again after appreciating to US75.15c early yesterday evening.
Locally today, March trade statistics are due 11.30am AEST.
March building approvals will also be released then.
Pre-trade, AiG’s April services sector activity index is anticipated.
Japan’s markets are closed today and tomorrow, due to public holidays.
Overseas Market Commentary
Choppy trade featured across most major European and US equities markets overnight, with key data releases on both sides of the Atlantic to consider, and a much-anticipated post-policy meeting statement from the US Federal Reserve.
US indices notably trended lower following the central bank announcement, while Germany’s DAX 30 trended higher in rally mode from early trade.
The statement revealed no inflation panic, including a prediction that recent growth would likely steady through the medium-term.
The rate of national economic progress was considered to remain ‘moderate’, as the bank’s decision makers decided for no immediate change in rates.
Earlier, a US private sector employment report had estimated the creation of 204,000 jobs during April, following 241,000 in March.
The ISM’s New York business conditions index jumped 10.3 to 64.3.
In US political news, the end-of-May retirement of the lawyer representing the US administration in the special counsel investigation into alleged Russian influence in the 2016 presidential campaign was announced.
The euro zone’s initial March quarter GDP reading came in at 0.4% growth for the three months, following 0.7% for the December quarter 2017. Year-on-year, the region’s economy grew 2.5% from 2.8% three months earlier.
Final April PMIs remained strong, including a 56.2 for the manufacturing sector, up -0.2 for the month.
Germany’s manufacturing PMI remained robust and steady at 58.1.
In the UK, a 52.5 April construction sector PMI represented a return to expansion mode, from the 47 recorded in March.
Tonight in the US, the ISM’s services sector index, March trade figures and factory orders are due.
In addition, March quarter productivity, weekly new unemployment claims and a jobs layoff report are anticipated, ahead of monthly national employment figures tomorrownight.
Bayer, DowDuPont, Glencore, Kellogg and KKR are among companies scheduled to report earnings tonight.
Updates are anticipated at AGMs for GlaxoSmithKline, Reckitt Benckiser and Rolls-Royce.
In overnight corporate news, data analysis firm Cambridge Analytica announced it was closing after losing key clients in the wake of Facebook data allegations.
Same store sales soured appetite for YUM! Brands, the stock tumbling ~7.5% despite better-than anticipated revenue and adjusted profit.
Apple was pushed more than 4% higher, as in post-Tuesday US trade, following the (post-Tuesday US trade) announcements of boosts to dividend and buy-back plans, together with a better-than-anticipated quarterly profit and a positive outlook statement.
Snap dropped more than 20% on poorly-received figures and predictions of lower advertising revenue during re-design work.
Meanwhile, UK markets are heading towards a Monday public holiday weekend.
The Australian market commences today’s trade on negative US equities leads, but with some good overnight price gains for key commodities, ahead of influential domestic data.
In overnight commodities trade, US gold futures settled barely changed. WTI crude ultimately posted a strong gain.
Iron ore (China port, 62% Fe) rallied.
LME copper, nickel and aluminium were also pushed decidedly higher.
The $A slipped below US75.0c again after appreciating to US75.15c early yesterday evening.
Locally today, March trade statistics are due 11.30am AEST.
March building approvals will also be released then.
Pre-trade, AiG’s April services sector activity index is anticipated.
Japan’s markets are closed today and tomorrow, due to public holidays.
Overseas Market Commentary
Choppy trade featured across most major European and US equities markets overnight, with key data releases on both sides of the Atlantic to consider, and a much-anticipated post-policy meeting statement from the US Federal Reserve.
US indices notably trended lower following the central bank announcement, while Germany’s DAX 30 trended higher in rally mode from early trade.
The statement revealed no inflation panic, including a prediction that recent growth would likely steady through the medium-term.
The rate of national economic progress was considered to remain ‘moderate’, as the bank’s decision makers decided for no immediate change in rates.
Earlier, a US private sector employment report had estimated the creation of 204,000 jobs during April, following 241,000 in March.
The ISM’s New York business conditions index jumped 10.3 to 64.3.
In US political news, the end-of-May retirement of the lawyer representing the US administration in the special counsel investigation into alleged Russian influence in the 2016 presidential campaign was announced.
The euro zone’s initial March quarter GDP reading came in at 0.4% growth for the three months, following 0.7% for the December quarter 2017. Year-on-year, the region’s economy grew 2.5% from 2.8% three months earlier.
Final April PMIs remained strong, including a 56.2 for the manufacturing sector, up -0.2 for the month.
Germany’s manufacturing PMI remained robust and steady at 58.1.
In the UK, a 52.5 April construction sector PMI represented a return to expansion mode, from the 47 recorded in March.
Tonight in the US, the ISM’s services sector index, March trade figures and factory orders are due.
In addition, March quarter productivity, weekly new unemployment claims and a jobs layoff report are anticipated, ahead of monthly national employment figures tomorrownight.
Bayer, DowDuPont, Glencore, Kellogg and KKR are among companies scheduled to report earnings tonight.
Updates are anticipated at AGMs for GlaxoSmithKline, Reckitt Benckiser and Rolls-Royce.
In overnight corporate news, data analysis firm Cambridge Analytica announced it was closing after losing key clients in the wake of Facebook data allegations.
Same store sales soured appetite for YUM! Brands, the stock tumbling ~7.5% despite better-than anticipated revenue and adjusted profit.
Apple was pushed more than 4% higher, as in post-Tuesday US trade, following the (post-Tuesday US trade) announcements of boosts to dividend and buy-back plans, together with a better-than-anticipated quarterly profit and a positive outlook statement.
Snap dropped more than 20% on poorly-received figures and predictions of lower advertising revenue during re-design work.
Meanwhile, UK markets are heading towards a Monday public holiday weekend.