Disclaimer: All information on this section is of a general nature.
Before making any investment decision, you should consult your adviser.
Market Opener – 08 May 2018
Local Markets Commentary
The Australian market opens today’s trade ahead of influential regional and domestic data releases during the day and Australia’s national budget this evening.
Meanwhile, some geopolitical tension has warmed on a claim the US president will make an announcement regarding Iran tonight.
Regionally today, China is scheduled to release April trade statistics 1pm AEST.
Japan is expected to report March household spending 9.30am AEST.
Yesterday evening, China revealed foreign reserves had been calculated at a five-month low of $US3.125 trillion at the end of April, following $US3.143 trillion a month earlier.
Locally today, a weekly consumer confidence reading is due pre-trade.
March retail sales are due 11.30am AEST.
This evening (7.30pm AEST), the Australian treasurer will officially deliver the annual national budget.
In overnight commodities trade, US gold futures settled virtually flat.
Oil continued its latest run in rally mode, at ~four-year highs, but has since pulled back in post-settlement trade.
Iron ore (China port, 62% Fe) turned and also rallied towards its highest close in two weeks.
The London Metals Exchange (LME) did not trade due to a public holiday. Comex (US) copper settled little changed.
The $A traded in a narrow range after falling below US75.10c early yesterday evening.
Overseas Market Commentary
Major European and US equities markets opened higher in varying degrees overnight, choppy trade subsequently featuring across most key indices.
The FTSE did not trade due to a public holiday.
Select tech sector trade remained positive and rallying oil prices supported relevant stocks.
In the euro zone, an April retail PMI revealed the sector had fallen into contraction mode, with a reading of 48.6 following 50.1 for March.
A construction PMI for Germany, however, suggested a return to expansion for that sector, with a 50.9, after March’s 47.
Germany’s March industrial orders fell 0.9% following a 0.2% decline in February.
US March consumer credit rose 3.6% year-on-year to $US11.62B, against expectations of ~$US16B.
Tonight in the US, small business and broader economic optimism indices are due, together with a March job openings report.
Asics, Autohome, JD.com, Marubeni, Mitsubishi, Mitsui, Petrobras, Sumitomo, Valeant Pharma and Walt Disney are among companies scheduled to report earnings or provide updates today and tonight.
In overnight corporate news, Nestlé revealed it would pay Starbucks $US7.15B to sell Starbucks products internationally.
Nvidia was pushed ~4% higher, reportedly on a China semiconductor funding initiative.
Apple appreciated a further 1%, supported by Berkshire Hathaway March quarter purchases and Warren Buffett’s claim that these would not likely be the last by his company.
As for Apple overnight Friday, last night Amazon was pushed higher to a record peak settlement.
The Australian market opens today’s trade ahead of influential regional and domestic data releases during the day and Australia’s national budget this evening.
Meanwhile, some geopolitical tension has warmed on a claim the US president will make an announcement regarding Iran tonight.
Regionally today, China is scheduled to release April trade statistics 1pm AEST.
Japan is expected to report March household spending 9.30am AEST.
Yesterday evening, China revealed foreign reserves had been calculated at a five-month low of $US3.125 trillion at the end of April, following $US3.143 trillion a month earlier.
Locally today, a weekly consumer confidence reading is due pre-trade.
March retail sales are due 11.30am AEST.
This evening (7.30pm AEST), the Australian treasurer will officially deliver the annual national budget.
In overnight commodities trade, US gold futures settled virtually flat.
Oil continued its latest run in rally mode, at ~four-year highs, but has since pulled back in post-settlement trade.
Iron ore (China port, 62% Fe) turned and also rallied towards its highest close in two weeks.
The London Metals Exchange (LME) did not trade due to a public holiday. Comex (US) copper settled little changed.
The $A traded in a narrow range after falling below US75.10c early yesterday evening.
Overseas Market Commentary
Major European and US equities markets opened higher in varying degrees overnight, choppy trade subsequently featuring across most key indices.
The FTSE did not trade due to a public holiday.
Select tech sector trade remained positive and rallying oil prices supported relevant stocks.
In the euro zone, an April retail PMI revealed the sector had fallen into contraction mode, with a reading of 48.6 following 50.1 for March.
A construction PMI for Germany, however, suggested a return to expansion for that sector, with a 50.9, after March’s 47.
Germany’s March industrial orders fell 0.9% following a 0.2% decline in February.
US March consumer credit rose 3.6% year-on-year to $US11.62B, against expectations of ~$US16B.
Tonight in the US, small business and broader economic optimism indices are due, together with a March job openings report.
Asics, Autohome, JD.com, Marubeni, Mitsubishi, Mitsui, Petrobras, Sumitomo, Valeant Pharma and Walt Disney are among companies scheduled to report earnings or provide updates today and tonight.
In overnight corporate news, Nestlé revealed it would pay Starbucks $US7.15B to sell Starbucks products internationally.
Nvidia was pushed ~4% higher, reportedly on a China semiconductor funding initiative.
Apple appreciated a further 1%, supported by Berkshire Hathaway March quarter purchases and Warren Buffett’s claim that these would not likely be the last by his company.
As for Apple overnight Friday, last night Amazon was pushed higher to a record peak settlement.