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State One Market Opener - 05 Aug 2016
Local Markets Commentary
The Australian market opens Friday’s trade on mixed international equities and commodities leads.
In commodities trade, gold futures settled slightly higher. Oil continued to rally. Copper and other key base metals fell. Iron ore retreated.
The $A gained after trading at ~US76.15c early yesterday evening.
Locally today, the Reserve Bank of Australia (RBA) publishes its quarterly monetary policy statement 11.30am AEST, and reserve assets post-trade.
Pre-trade, a construction sector activity index is due.
China is expected to release a foreign reserves update over the weekend, ahead of July trade statistics Monday and CPI figures Tuesday.
Overseas Market Commentary
Major European equities markets gained overnight, the FTSE rallying on a Bank of England rate cut and reinstated bond purchases.
US equities chopped and swung, settling virtually flat amid uninspiring data releases ahead of tonight’s national jobs figures.
The Bank of England halved the key cash rate to 0.25% and dropped its 2017 GDP growth forecast from 2.3% to 08%. The 2018 predictions came down 0.5% to 1.8%.
The British pound slid 1.5% against the $US within minutes of the bank’s post-policy meeting statement.
In the US, weekly new unemployment claims unexpectedly rose, by 3000 to 269,000. The four-week moving average also rose, by 3750.
June factory orders fell for a second consecutive month, this time by 1.5% against 1.8% forecasts and May’s 1.2%.
A July jobs layoff report revealed 19% more planned job cuts than for June, but the January – July rate is 8.7% lower than for 2015.
Tonight in the US, July workforce figures, including jobs added and wages growth, are due.
Companies scheduled to report earnings include: Royal Bank of Scotland, Allianz and Virgin America.
Overnight, Tesla reported it had doubled its year-on-year quarterly loss, on its 13th consecutive quarterly fall.
Toyota pulled back its full-year profit guidance, after June quarter earnings were once again hit by yen strength.
MetLife estimated it needed to cut costs by $US1B over 3.5 years.
The Australian market opens Friday’s trade on mixed international equities and commodities leads.
In commodities trade, gold futures settled slightly higher. Oil continued to rally. Copper and other key base metals fell. Iron ore retreated.
The $A gained after trading at ~US76.15c early yesterday evening.
Locally today, the Reserve Bank of Australia (RBA) publishes its quarterly monetary policy statement 11.30am AEST, and reserve assets post-trade.
Pre-trade, a construction sector activity index is due.
China is expected to release a foreign reserves update over the weekend, ahead of July trade statistics Monday and CPI figures Tuesday.
Overseas Market Commentary
Major European equities markets gained overnight, the FTSE rallying on a Bank of England rate cut and reinstated bond purchases.
US equities chopped and swung, settling virtually flat amid uninspiring data releases ahead of tonight’s national jobs figures.
The Bank of England halved the key cash rate to 0.25% and dropped its 2017 GDP growth forecast from 2.3% to 08%. The 2018 predictions came down 0.5% to 1.8%.
The British pound slid 1.5% against the $US within minutes of the bank’s post-policy meeting statement.
In the US, weekly new unemployment claims unexpectedly rose, by 3000 to 269,000. The four-week moving average also rose, by 3750.
June factory orders fell for a second consecutive month, this time by 1.5% against 1.8% forecasts and May’s 1.2%.
A July jobs layoff report revealed 19% more planned job cuts than for June, but the January – July rate is 8.7% lower than for 2015.
Tonight in the US, July workforce figures, including jobs added and wages growth, are due.
Companies scheduled to report earnings include: Royal Bank of Scotland, Allianz and Virgin America.
Overnight, Tesla reported it had doubled its year-on-year quarterly loss, on its 13th consecutive quarterly fall.
Toyota pulled back its full-year profit guidance, after June quarter earnings were once again hit by yen strength.
MetLife estimated it needed to cut costs by $US1B over 3.5 years.