Local Markets Commentary

The Australian market commences mid-week trade on positive base metals price leads, but mixed and mostly lacklustre overnight equities results.

Overnight, Comex gold continued a little higher. Oil fell further. Copper rallied. Iron ore picked up the pace of its current ascent.

The $A was pushed higher after trading at ~US73.55c early yesterday evening.

Locally today, the ABS is due to release job vacancies for the November quarter 11.30am.

Overseas Market Commentary

Most major European and US equities markets chopped and/or swung at some time during last night’s trade.

Oil continued lower and in the US, the financial sector returned to favour as healthcare sentiment continued positive.

In US data releases, a job openings report estimated no change for November, but 1.1% more hiring.

A 105.8 reading for a small business sentiment index represented an ~12-year peak.

Tonight in the US, president-elect Donald Trump holds his first media conference since the presidential poll was determined early November 2016. Weekly mortgage applications are also due.

In the UK, November trade balance and industrial output reports are expected to influence FTSE trade, which was supported overnight by a continuing weak British pound and commodities price rallies. In addition, J Sainsbury (UK supermarkets) and Tullow Oil are due to provide trading updates.

In overnight corporate news, WM Morrison (UK supermarkets chain) announced its best Christmas season like-for-like sales in seven years.

Competitor Tesco revealed plans to close two distribution centres and lay off up to 1000 employees.

In the US, General Motors and Pixelworks rallied on better-than-anticipated respective full-year and December quarter sales guidance.

Yahoo! gained on expectations the group’s co-founder and CEO would each depart their board positions on the completion of the proposed $US4.8B sale of assets to Verizon Communications.