Disclaimer: All information on this section is of a general nature.
Before making any investment decision, you should consult your adviser.
Market Opener – 27 Jun 2018
Local Markets Commentary
The Australian market opens mid-week trade on overnight price gains for some key commodities and largely vacillating international equities trade, ahead of final key May data out of China today and influential data for the US, UK and euro zone from tonight through the end of the week.
Locally today, AZJ hosts an investor day and CSR its AGM. Select property stocks will be in focus ahead of the sector trading ex-dividend tomorrow.
Regionally, China is expected to publish May industrial profits 11.30am AEST.
In overnight commodities trade, oil rebounded.
US gold futures continued their decline.
Iron ore (China port, 62% Fe) picked up the pace of its current move higher.
LME copper continued lower but nickel turned higher.
The $A was pushed a little lower after falling beneath US74.0c early yesterday evening.
Overseas Market Commentary
Major European and US equities markets opened higher overnight.
Choppy trade ensued amid rallies for oil and the $US, and publicly-expressed concerns regarding international trade relationships, select energy and technology stocks ultimately supporting bounces.
International Monetary Fund (IMF) MD Christine Largarde, a US Federal Reserve regional president and the CEOs of both Exxon Mobil and Chevron bemoaned trade tensions.
In new data releases, May UK residential mortgage applications rose ~3%.
In the US, Case-Shiller’s April house price index rose 6.4% year-on-year following a 6.5% gain in March. For the month, the increase came in at just 0.2%, against 0.5%.
The Richmond Fed manufacturing climbed four points to 20, and The Consumer Board consumer confidence index fell to 126.2 from 128.
Tonight in the US, May durable goods orders, wholesale inventories, pending home sales and weekly mortgage applications are due.
Elsewhere, Bank of England governor Mark Carney is scheduled to speak publicly following the release of the bank’s financial stability report. Overnight, caution from a Bank of England policy committee member sparked a fall for the British pound.
In overnight corporate news, General Electric stock benefited ~8% from further plans to cut net debt by $US25B by 2020, the group revealing it would sell its Baker Hughes holding over two-three years, and planned to spin off its health care division after selling 20%.
Bank of America began the process of slimming its UK investment headquarters, announcing three executive appointments who would move select UK business to Paris in 2019.
After tumbling below $US140 the previous session, Netflix shares were pushed almost 4% higher on an analyst’s ‘outperform’ determination.
Apple settled higher (~1%) for the first time in four sessions.
The Australian market opens mid-week trade on overnight price gains for some key commodities and largely vacillating international equities trade, ahead of final key May data out of China today and influential data for the US, UK and euro zone from tonight through the end of the week.
Locally today, AZJ hosts an investor day and CSR its AGM. Select property stocks will be in focus ahead of the sector trading ex-dividend tomorrow.
Regionally, China is expected to publish May industrial profits 11.30am AEST.
In overnight commodities trade, oil rebounded.
US gold futures continued their decline.
Iron ore (China port, 62% Fe) picked up the pace of its current move higher.
LME copper continued lower but nickel turned higher.
The $A was pushed a little lower after falling beneath US74.0c early yesterday evening.
Overseas Market Commentary
Major European and US equities markets opened higher overnight.
Choppy trade ensued amid rallies for oil and the $US, and publicly-expressed concerns regarding international trade relationships, select energy and technology stocks ultimately supporting bounces.
International Monetary Fund (IMF) MD Christine Largarde, a US Federal Reserve regional president and the CEOs of both Exxon Mobil and Chevron bemoaned trade tensions.
In new data releases, May UK residential mortgage applications rose ~3%.
In the US, Case-Shiller’s April house price index rose 6.4% year-on-year following a 6.5% gain in March. For the month, the increase came in at just 0.2%, against 0.5%.
The Richmond Fed manufacturing climbed four points to 20, and The Consumer Board consumer confidence index fell to 126.2 from 128.
Tonight in the US, May durable goods orders, wholesale inventories, pending home sales and weekly mortgage applications are due.
Elsewhere, Bank of England governor Mark Carney is scheduled to speak publicly following the release of the bank’s financial stability report. Overnight, caution from a Bank of England policy committee member sparked a fall for the British pound.
In overnight corporate news, General Electric stock benefited ~8% from further plans to cut net debt by $US25B by 2020, the group revealing it would sell its Baker Hughes holding over two-three years, and planned to spin off its health care division after selling 20%.
Bank of America began the process of slimming its UK investment headquarters, announcing three executive appointments who would move select UK business to Paris in 2019.
After tumbling below $US140 the previous session, Netflix shares were pushed almost 4% higher on an analyst’s ‘outperform’ determination.
Apple settled higher (~1%) for the first time in four sessions.