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Market Opener - 10 Feb 2017

Local Markets Commentary

The Australian market opens Friday trade on positive international equities sentiment, ahead of key data out of China.

China’s January trade figures are anticipated 1pm AEDST.

In overnight commodities trade, gold was pushed lower. Oil picked up the pace of Wednesday’s gains. Iron ore (China port, 62% Fe) continued to rise moderately. Copper retreated.

The $A rose to ~US76.30c after slipping below ~US76.20c early yesterday evening.

Locally today, the Reserve Bank of Australia (RBA) publishes a monthly monetary policy statement 11.30am AEDST.

December housing finance figures are also due from the ABS.

Overseas Market Commentary

A US presidential promise of a ‘phenomenal’ tax announcement ‘over the next two or three weeks’, plus higher oil prices and some positive data appeared to combine to boost US equities markets. The $US was also bolstered.

Major European equities indices also gained.

Germany reported a record €252.9B trade surplus for 2016, following €244.3B for 2015.

US weekly new unemployment claims fell 12,000 and the four-week moving average by 3750.

Wholesale inventories rose for a second consecutive month in December, this time by 1%.

Tonight in the US, a consumer confidence reading, export and import prices, a budget statement and factory orders are due.

ArcelorMittal, Bhushan Steel, Bosch, ComfortDelGro, INPEX and Renault are among companies scheduled to report earnings today and tonight.

In overnight corporate news, sub-expectation results and/or corporate challenges pushed the likes of Twitter and Coca-Cola lower, but a swag of other reports spawned support.

A better-than-anticipated result from French bank Société Générale helped support regional finance stocks.

10/02/2017 7:03:52 AM

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