Local Markets Commentary

The Australian market commences mid-week trade ahead of key regional data, and again on mostly negative overnight international equities and commodities leads.

Regionally, China is due to publish February trade figures 1pm AEDST.

Japan releases a final December quarter GDP reading 10.50am AEDST.

Locally, NAB’s monthly business survey report is due.

Companies trading ex-dividend today include BXB, CTD, IFL and IRE.

In overnight commodities trade, gold continued to fall. Oil settled a little higher. Copper declined further. Iron ore (China port, 62% Fe) rose slightly.

The $A fell below US75.90c after slipping to ~US76.0c yesterday evening.

Overseas Market Commentary

Choppy, swinging trade returned to major European and US equities markets overnight.

In the US, pharmaceutical, biotech and finance stocks were out of favour.

In data releases, the euro zone’s December quarter GDP was confirmed at 0.4% growth in a final reading, and 1.7% year-on-year.

Germany’s January industrial orders dropped 7.4% for the month.

In the UK, February retail sales were reported 0.4% lower year-on-year.

Higher oil prices pushed US January imports 2.3% higher, against a 0.6% rise for exports, producing a 9.6% higher $US48.5B trade deficit.

January US consumer credit rose $US8.8B following $US14.8B for December.

In a new outlook report, the OECD forecast 3.5% global 2018 growth.

Tonight in the US, a private payrolls report, January productivity, wholesale inventories and weekly mortgage applications are due.

The UK government presents its last budget scheduled for a spring session.

The European Central Bank (ECB) convenes a two-day policy meeting, from which outcomes will be revealed tomorrow night.

Adidas, Cairn Energy and G4S report full-year results.