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Market Opener – 22 Jan 2019
Local Markets Commentary
The Australian market commences today’s trade onmixed overnight international equities andcommodities trade leads, with some high-profiledomestic stocks reporting for the December quarter,and ahead of first equities trade for the week in theUS tonight.In addition, there are no major new economicindicators scheduled for release during today’s ASXtrade.In overnight commodities trade, Brent crude settledslightly higher.Iron ore (China port 62% Fe fines) continuedmodestly higher.LME copper and aluminium fell. Nickel turned toclose just slightly lower.The $A ultimately slipped to ~US71.60c after tradingat ~US71.70c early yesterday evening.
Overseas Markets Commentary
Major European equities markets headed lower fromthe outset or in early trade overnight, choppy tradeensuing as investors considered new data out ofChina, the UK Prime Minister’s plan for a revised UKEU separation proposal to put to parliament, and newinternational growth forecasts.US equities markets did not trade, due to a publicholiday.Yesterday, China released a mixed set of influentialdata, including GDP growth, which slowed to 6.4%during the December quarter.
In the UK, the PM told parliament her revised planfor a deal to govern the UK’s planned withdrawal fromthe European Union (EU) was to seek concessionsfrom the EU, in particular regarding temporaryregulations for the UK border with Ireland, an EUmember.Ireland reiterated it would not negotiate separatelywith the UK, rather only as a continuing EU member.In the face of no agreement within the UK parliament,PM May asserted no guarantees could be offered thatthe UK and EU would separation with no firm overalldeal in place.The British pound, which had been trading lower forthe session, ultimately rose slightly.
The Australian market commences today’s trade onmixed overnight international equities andcommodities trade leads, with some high-profiledomestic stocks reporting for the December quarter,and ahead of first equities trade for the week in theUS tonight.In addition, there are no major new economicindicators scheduled for release during today’s ASXtrade.In overnight commodities trade, Brent crude settledslightly higher.Iron ore (China port 62% Fe fines) continuedmodestly higher.LME copper and aluminium fell. Nickel turned toclose just slightly lower.The $A ultimately slipped to ~US71.60c after tradingat ~US71.70c early yesterday evening.
Overseas Markets Commentary
Major European equities markets headed lower fromthe outset or in early trade overnight, choppy tradeensuing as investors considered new data out ofChina, the UK Prime Minister’s plan for a revised UKEU separation proposal to put to parliament, and newinternational growth forecasts.US equities markets did not trade, due to a publicholiday.Yesterday, China released a mixed set of influentialdata, including GDP growth, which slowed to 6.4%during the December quarter.
In the UK, the PM told parliament her revised planfor a deal to govern the UK’s planned withdrawal fromthe European Union (EU) was to seek concessionsfrom the EU, in particular regarding temporaryregulations for the UK border with Ireland, an EUmember.Ireland reiterated it would not negotiate separatelywith the UK, rather only as a continuing EU member.In the face of no agreement within the UK parliament,PM May asserted no guarantees could be offered thatthe UK and EU would separation with no firm overalldeal in place.The British pound, which had been trading lower forthe session, ultimately rose slightly.