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State One Market Opener - 17 Nov 2016

Local Markets Commentary

The Australian market opens today’s trade on mostly negative international equities and key commodities leads.

In overnight commodities trade, US gold futures settled little changed and oil lower. Iron ore continued lower after dropping Tuesday. Copper also continued to fall.

The $A fell decisively beneath US75.0c after slipping to US75.20c yesterday evening.

Locally today, the ABS publishes employment statistics 11.30am AEDST.

The RBA also reports forex transactions and official assets.

October property prices are expected out of China tomorrow.

Overseas Market Commentary

Major European and US equities markets mostly settled lower overnight following vacillating trade.

Oil prices chopped, finance sector stocks suffered and the tech sector remained supported.

In new data releases, US October industrial production was reported flat, although manufacturing output improved 0.2%.

Producer prices surprised, also coming in steady following forecasts of a 0.3% rise. Core prices increased 1.6% year-on-year and fell 0.2% for the month.

A homebuilders’ sentiment index remained at 63.

Weekly mortgage applications dropped 9.2%, in part blamed on appreciating bond yields.

In the meantime, the UK reported 4.8% unemployment for July – September, the lowest rate in 11 years. ON the flip sided unemployment claims rose in October by the most in five months.

Tonight in the US, Federal Reserve chair Janet Yellen is scheduled to meet with a parliamentary economic committee.

October CPI, building permits and housing starts, weekly new unemployment claims and a regional manufacturing index are also due.

Best Buy, Gap, Investec, Johnson Matthey, Premier Oil, Staples and Wal Mart are scheduled to report later today and tonight.

Marks & Spencer and Sainsbury trade ex-dividend on the FTSE100.

Overnight, Lowe’s suffered after reporting disappointing quarterly revenue and profit, the figures including a $US290M Masters JV (with Woolworths, ASX: WOW) write-down.

Target Corp surpassed expectations, however and lifted its holiday season sales outlook.

BP announced 3% - 4% of jobs would go at an Indiana refinery.

Workers at Rakuten may fare better, after Japanese online retailer secured a four-year sponsorship agreement with FC Barcelona.

17/11/2016 6:49:48 AM

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