Local Markets Commentary

The Australian market opens a new month’s trade ahead of key domestic and regional data, and three hours ahead of the US president’s initial address to a joint session of Congress.

Regionally today, China is due to publish February PMIs midday AEDST.

Caixin releases its manufacturing PMI estimate for China 12.45pm.

Japan is due to release a PMI 11.30am.

Locally today, December quarter GDP is due 11.30am.

Pre-trade, AiG will publish its February manufacturing activity index.

February house prices, as calculated by CoreLogic, are also expected today.

Post-trade, the Reserve Bank of Australia releases February commodity prices.

CWN, PPT, PTM and TLS are among high-profile stocks trading ex-dividend today.

In overnight commodities trade, US gold futures settled lower. Oil traded lower. Copper was pushed higher. Iron ore turned to fall again.

The $A has dropped below US76.55c after trading at ~US76.80c yesterday evening.

Overseas Market Commentary

Most major European and US equities markets chopped and/or swung through overnight trade.

An evening presidential address to Congress was cited as one reason for vacillating US sentiment, but key data also came in mixed.

In addition, commentary within an annual statistical report out of China, was considered less optimistic than preferred.

A second (of three) US December quarter GDP growth estimate was the same as the first, 1.9%, against forecasts of 2.1%.

January wholesale inventories slipped 0.1% and the goods trade deficit grew 7.6% to $US69.2B.

The Chicago PMI was reported 7.1 points higher for February, at 57.4, surpassing expectations.

Conference Board’s consumer confidence index was estimated 3.2 points higher for the month, at 114.8, a 15-year peak.

A December house price index rose 5.8%, to a 2.5-year high.

In the UK, a GfK consumer confidence index fell to -6 from -5.

Tonight in the US, ISM’s manufacturing index, the Federal Reserve’s region-by-region economic summary beige book, personal income and spending, construction spending, a Markit PMI update and weekly mortgage applications are due.

Best Buy, ITV, Lowe’s, Man Group and Mylan are among companies listed to report earnings.

In overnight corporate news, Target was pushed lower after issuing disappointing earnings and guidance.

Priceline and Domino’s Pizza each fared better, however.

Comcast revealed it would outlay $US2.3B for the balance of Universal Studios in Japan.