Disclaimer: All information on this section is of a general nature.
Before making any investment decision, you should consult your adviser.
Market Opener – 24 Jan 2019
Local Markets Commentary
The Australian market commences today’s trade following vacillating overnight international equities trade, ahead of key domestic data today, a European Central Bank policy meeting tonight, and initial January PMI estimates for Japan, the euro zone and US today and tonight.
In commodities trade, oil extended Tuesday’s fall.
US gold futures (February) again settled slightly higher.
Iron ore (China port 62% Fe fines) settled lower for a second consecutive session.
LME copper and nickel turned higher. Aluminium continued to rally.
The $A remained within a relatively narrow range after trading at US71.35c early yesterday evening.
Locally today, the Australian Bureau of Statistics reports December employment figures 11.30am AEDT.
Regionally, a preliminary January manufacturing PMI is due for Japan, also at 11.30am.
Meanwhile, predictions and opinions will continue to flow from the annual World Economic Forum (WEF) continues in Davos, Switzerland through tomorrow.
Overseas Market Commentary
Major European and US equities markets chopped and swung overnight, amid geopolitical unpredictability, varying data releases and a spate of positive corporate reports.
The FTSE 100 notably opened and settled lower, with little sign of achieving a sessional gain.
The British pound traded at 2.5-month highs against the $US, this attributed to firmer expectations of an agreed deal governing the UK’s planned separation from the European Union (EU), possibly with the scheduled late-March withdrawal pushed back.
The US administration denied any cancelled talks this week between China and US trade negotiators.
Among overnight data releases, a US November house price index indicated a 0.4% rise, the same rate as for October.
The Richmond Fed’s manufacturing index rose to -2 from -8.
Barclays meanwhile lowered its US December quarter GDP growth forecast to 2.5% from 3.0%, citing the partial US government services shutdown.
Euro zone January consumer confidence was reported to have improved, an index rising from -8.3 to -7.9.
In the UK, a business optimism index fell seven points to -23.
Tonight in the US, another regional manufacturing index, initial January PMI estimates, a leading indicators report and weekly new unemployment claims are scheduled for release
Elsewhere, the European Central Bank (ECB) holds a policy meeting, after which and outcomes statement and press conference are keenly anticipated.
Companies expected to report earnings for the December quarter, or provide a trading update, include: American Airlines, Bristol-Myers Squibb, Dyson, Freeport-McMoRan, E*Trade, Intel, LVMH (full year), ResMed and Starbucks.
In overnight corporate news, Comcast, IBM, Procter & Gamble and United Technologies were each pushed higher on pleasing December quarter results and/or dividends and/or guidance.
Retailer Walmart benefited from a positive research report.
Tesla suffered a downgrade.
The Australian market commences today’s trade following vacillating overnight international equities trade, ahead of key domestic data today, a European Central Bank policy meeting tonight, and initial January PMI estimates for Japan, the euro zone and US today and tonight.
In commodities trade, oil extended Tuesday’s fall.
US gold futures (February) again settled slightly higher.
Iron ore (China port 62% Fe fines) settled lower for a second consecutive session.
LME copper and nickel turned higher. Aluminium continued to rally.
The $A remained within a relatively narrow range after trading at US71.35c early yesterday evening.
Locally today, the Australian Bureau of Statistics reports December employment figures 11.30am AEDT.
Regionally, a preliminary January manufacturing PMI is due for Japan, also at 11.30am.
Meanwhile, predictions and opinions will continue to flow from the annual World Economic Forum (WEF) continues in Davos, Switzerland through tomorrow.
Overseas Market Commentary
Major European and US equities markets chopped and swung overnight, amid geopolitical unpredictability, varying data releases and a spate of positive corporate reports.
The FTSE 100 notably opened and settled lower, with little sign of achieving a sessional gain.
The British pound traded at 2.5-month highs against the $US, this attributed to firmer expectations of an agreed deal governing the UK’s planned separation from the European Union (EU), possibly with the scheduled late-March withdrawal pushed back.
The US administration denied any cancelled talks this week between China and US trade negotiators.
Among overnight data releases, a US November house price index indicated a 0.4% rise, the same rate as for October.
The Richmond Fed’s manufacturing index rose to -2 from -8.
Barclays meanwhile lowered its US December quarter GDP growth forecast to 2.5% from 3.0%, citing the partial US government services shutdown.
Euro zone January consumer confidence was reported to have improved, an index rising from -8.3 to -7.9.
In the UK, a business optimism index fell seven points to -23.
Tonight in the US, another regional manufacturing index, initial January PMI estimates, a leading indicators report and weekly new unemployment claims are scheduled for release
Elsewhere, the European Central Bank (ECB) holds a policy meeting, after which and outcomes statement and press conference are keenly anticipated.
Companies expected to report earnings for the December quarter, or provide a trading update, include: American Airlines, Bristol-Myers Squibb, Dyson, Freeport-McMoRan, E*Trade, Intel, LVMH (full year), ResMed and Starbucks.
In overnight corporate news, Comcast, IBM, Procter & Gamble and United Technologies were each pushed higher on pleasing December quarter results and/or dividends and/or guidance.
Retailer Walmart benefited from a positive research report.
Tesla suffered a downgrade.