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Before making any investment decision, you should consult your adviser.
Market Opener – 20 Aug 2018
Local Markets Commentary
The Australian market opens another week featuring corporate earnings from domestic market-moving stocks, also with a trio of high-profile stocks trading ex-dividend today.
In overnight Friday commodities trade, oil continued higher.
US December-delivery gold futures reportedly settled virtually flat.
LME copper turned to settle slightly lower. Aluminium fell but nickel extended Thursday’srally.
The $A was propelled beyond US73.15c after rising beyond US72.85c early Fridayevening.
Locally pre-trade, a weekly capital city residential property price report is due.
DMP, IFL and WES are among companies trading ex-dividend today. Details are listed on p4.
Overseas Market Commentary
Trade across major European equities markets achieved little traction overnight Friday. Early US equities trade proved cautious but risk sentiment appeared to improve in late trade.
Early-Friday AEST/late-Thursday US time, the US had issued potential sanctions warnings to both Turkey and China. Increased sanctions in the case of Turkey, and against China, should China support Iran by importing its crude.
Among new data releases, euro zone’s final July CPI reading rose to2.1% year-on-year, following 2.0%. For the month, inflation pulled back 0.3% after previously gaining 0.1%.
In the UK, July retail sales were reported 0.7% higher for the month and 3.5% year-on-year, supported by better-than-anticipated World Cup success, a much sunnier-than-usual summer and discounting in the clothing industry.
For the three months to 31 July, sales grew 2.1%, the best quarterly improvement since the quarter ending 28 February 2015.
In the US, the University of Michigan’s initial August consumer sentiment reading fell to 95.3, against forecasts of a 0.1-point rise to 98.0.
Tonight in the US, a Federal Reserve official is scheduled to speak publicly on the national economic outlook.
In overnight Friday corporate news, Nvidia fell almost 5% after boosting current quarter guidance post-Thursday US trade by less than anticipated.
US retailer Nordstrom’s late-Thursday report helped push that stock 13% higher, due to sales and profit exceeding expectations.
Tesla suffered a further ~9% decline on speculation CEO and chairman Elon Musk will need to be replaced temporarily or at least afforded additional operational support.
Deere & Co, appreciated more than 2% on a 32% rise in quarterly revenue to $US10.31B, although full-year sales guidance came in lower than some industry estimates.
The Australian market opens another week featuring corporate earnings from domestic market-moving stocks, also with a trio of high-profile stocks trading ex-dividend today.
In overnight Friday commodities trade, oil continued higher.
US December-delivery gold futures reportedly settled virtually flat.
LME copper turned to settle slightly lower. Aluminium fell but nickel extended Thursday’srally.
The $A was propelled beyond US73.15c after rising beyond US72.85c early Fridayevening.
Locally pre-trade, a weekly capital city residential property price report is due.
DMP, IFL and WES are among companies trading ex-dividend today. Details are listed on p4.
Overseas Market Commentary
Trade across major European equities markets achieved little traction overnight Friday. Early US equities trade proved cautious but risk sentiment appeared to improve in late trade.
Early-Friday AEST/late-Thursday US time, the US had issued potential sanctions warnings to both Turkey and China. Increased sanctions in the case of Turkey, and against China, should China support Iran by importing its crude.
Among new data releases, euro zone’s final July CPI reading rose to2.1% year-on-year, following 2.0%. For the month, inflation pulled back 0.3% after previously gaining 0.1%.
In the UK, July retail sales were reported 0.7% higher for the month and 3.5% year-on-year, supported by better-than-anticipated World Cup success, a much sunnier-than-usual summer and discounting in the clothing industry.
For the three months to 31 July, sales grew 2.1%, the best quarterly improvement since the quarter ending 28 February 2015.
In the US, the University of Michigan’s initial August consumer sentiment reading fell to 95.3, against forecasts of a 0.1-point rise to 98.0.
Tonight in the US, a Federal Reserve official is scheduled to speak publicly on the national economic outlook.
In overnight Friday corporate news, Nvidia fell almost 5% after boosting current quarter guidance post-Thursday US trade by less than anticipated.
US retailer Nordstrom’s late-Thursday report helped push that stock 13% higher, due to sales and profit exceeding expectations.
Tesla suffered a further ~9% decline on speculation CEO and chairman Elon Musk will need to be replaced temporarily or at least afforded additional operational support.
Deere & Co, appreciated more than 2% on a 32% rise in quarterly revenue to $US10.31B, although full-year sales guidance came in lower than some industry estimates.