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State One Market Opener - 21 Oct 2016

Local Markets Commentary

The Australian market commences Friday trade on mostly downbeat equities and commodities leads.

Updates from key local stocks holding AGMs and reporting for the September quarter will offer plenty to consider, however.

In addition, regionally today, China is due to report September property prices 12.30pm AEDST.

In overnight commodities trade, oil and US gold futures turned lower. Copper continued so. Iron ore resumed this week’s move higher.

The $A fell to ~US76.25c after rising to ~US76.65c yesterday evening.

Overseas Market Commentary

Positive finance sector sentiment and a soft euro-$US ratio supported major European equities markets towards positive finishes overnight, but trade was far from convincing.

Key US indices settled slightly lower, following trade which gyrated at times amid varying corporate reports, falling oil prices and mixed economic indicators.

A European Central Bank post-policy meeting press conference highlighted a modest economic recovery for the region, but remarks were also interpreted as a precursor for possible easing statements from the December meeting.

Germany’s September producer prices were reported 1.4% lower year-on-year after a 1.6% fall in August.

US weekly new unemployment claims rose again, this time by 13,000, but was largely attributed to hurricane Matthew impacts.

September existing home sales rose 2.3% following two consecutive monthly falls.

A Philadelphia region manufacturing index fell 3.1 to 9.7 but bettered expectations by 4.4 points.

No major data releases are due in the US tonight.

Daimler, Ericsson, General Electric, Honeywell, McDonald’s and SAP are among companies scheduled to report.

Sovereign ratings updates are due for France, Germany, Italy, Norway, Portugal and Saudi Arabia.

Overnight, Verizon quarterly earnings and revenue disappointed, impacting general telecommunications sentiment.

21/10/2016 6:44:45 AM

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