Local Markets Commentary

The Australian market commences today’s trade on relatively benign international equities but mostly more supportive major commodities leads.

In overnight commodities trade, US gold futures and oil turned modestly higher. LME copper settled almost flat. Iron ore (China port, 62% Fe) rallied for a second consecutive session.

The $A was pushed above US76.05c after slipping below US75.95c yesterday evening.

Locally pre-trade, a weekly consumer sentiment reading is due.

NAB also publishes its monthly business survey today, and the ABS housing finance.

Overseas Market Commentary

Major European and US equities markets mostly settled higher overnight, but trade vacillated across several indices.

Oil swung higher and tech stocks continued their recovery in the US.

Among data releases, Germany’s May trade surplus rose €0.6B to €20.3B.

A 28.3 investor sentiment index for the eurozone exceeded forecasts by 0.1 of a point but represented a 0.1 slip from June.

US May consumer credit jumped $US5.48B to $US18.41B.

Tonight in the US, a monthly job openings, small business optimism report and May wholesale inventories are due.

PepsiCo is among companies listed to report June quarter earnings. UK department store Marks & Spencer is scheduled to release a quarterly trading update.