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Market Opener – 08 Feb 2018
Local Markets Commentary
The Australian market opens today’s trade on mixed overnight international equities leads and falling key commodity prices, ahead of influential data out of China today and tomorrow.
Today, China is scheduled to release January trade figures 2pm AEDST.
Locally today, NAB is due to publish its December quarter business survey report, following the December figures and analysis, which were published last week.
Reserve Bank of Australia (RBA) governor Philip Lowe is guest speaker at a dinner in Sydney at 8pm AEDST.
Regionally, New Zealand’s central bank has this morning retained a 1.75% cash rate while lowering some inflation outlooks.
In overnight commodities trade, US gold futures fell. Oil picked up the pace of its current decline.
Iron ore (China port, 62% Fe) rallied.
LME copper, nickel and aluminium fell further.
The $A tumbled to ~US78.20c after falling below US78.65c early yesterday evening.
Overseas Market Commentary
Vacillating trade featured across US equities markets overnight but none of the expansive range-trade of the previous session.
Major European equities markets were dragged higher in the last hours of trade.
Among public commentary, a US Federal Reserve regional president ventured rates could remain on hold until at least the middle of the year.
Meanwhile, US budget funding must be extended to ensure full government services remain operational past midnight (Thursday) Washington time. Senate leaders last night agreed a funding arrangement spanning two years, but both houses of parliament must approve any deal.
In earlier news, Germany’s Angela Merkel was reported to have achieved an agreement with the key Social Democrats party regarding a potential coalition government. A Social Democrats referendum on the proposal is now required, but a new government could be in place by the end of March, six months after the national election.
Among data releases, Germany’s December industrial production was reported 0.6% lower for the month, following a 3.1% rise in November. Year-on-year, industrial output was up 6.5%.
Tonight in the US, weekly new unemployment claims are due in a comparatively light national data week.
Across the Atlantic, the Bank of England is due to hold a policy meeting. In addition to its outcomes statement, the central bank is due to release an inflation report.
AIG, Expedia, Inpex, JGC, KKR, News Corp, Nissan Motor, Nvidia, Singapore Telecommunications (including Optus), Sumitomo, Total, Twitter, Viacom and Yum Brands are among companies scheduled to report earnings or provide trading updates today or tonight.
In overnight corporate news, Japan’s SoftBank was reported be considering outlaying $US10B for a Swiss Re holding.
In the meantime, Goldman Sachs was said to be keen to offer finance to customers seeking to purchase Apple products.
Snap appreciated 37.5% on a well-received December quarter report.
Tesla and Twenty-First Century Fox reported post-US trade.
The Australian market opens today’s trade on mixed overnight international equities leads and falling key commodity prices, ahead of influential data out of China today and tomorrow.
Today, China is scheduled to release January trade figures 2pm AEDST.
Locally today, NAB is due to publish its December quarter business survey report, following the December figures and analysis, which were published last week.
Reserve Bank of Australia (RBA) governor Philip Lowe is guest speaker at a dinner in Sydney at 8pm AEDST.
Regionally, New Zealand’s central bank has this morning retained a 1.75% cash rate while lowering some inflation outlooks.
In overnight commodities trade, US gold futures fell. Oil picked up the pace of its current decline.
Iron ore (China port, 62% Fe) rallied.
LME copper, nickel and aluminium fell further.
The $A tumbled to ~US78.20c after falling below US78.65c early yesterday evening.
Overseas Market Commentary
Vacillating trade featured across US equities markets overnight but none of the expansive range-trade of the previous session.
Major European equities markets were dragged higher in the last hours of trade.
Among public commentary, a US Federal Reserve regional president ventured rates could remain on hold until at least the middle of the year.
Meanwhile, US budget funding must be extended to ensure full government services remain operational past midnight (Thursday) Washington time. Senate leaders last night agreed a funding arrangement spanning two years, but both houses of parliament must approve any deal.
In earlier news, Germany’s Angela Merkel was reported to have achieved an agreement with the key Social Democrats party regarding a potential coalition government. A Social Democrats referendum on the proposal is now required, but a new government could be in place by the end of March, six months after the national election.
Among data releases, Germany’s December industrial production was reported 0.6% lower for the month, following a 3.1% rise in November. Year-on-year, industrial output was up 6.5%.
Tonight in the US, weekly new unemployment claims are due in a comparatively light national data week.
Across the Atlantic, the Bank of England is due to hold a policy meeting. In addition to its outcomes statement, the central bank is due to release an inflation report.
AIG, Expedia, Inpex, JGC, KKR, News Corp, Nissan Motor, Nvidia, Singapore Telecommunications (including Optus), Sumitomo, Total, Twitter, Viacom and Yum Brands are among companies scheduled to report earnings or provide trading updates today or tonight.
In overnight corporate news, Japan’s SoftBank was reported be considering outlaying $US10B for a Swiss Re holding.
In the meantime, Goldman Sachs was said to be keen to offer finance to customers seeking to purchase Apple products.
Snap appreciated 37.5% on a well-received December quarter report.
Tesla and Twenty-First Century Fox reported post-US trade.