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Market Opener - 17 Feb 2017

Local Markets Commentary

The Australian market commences Friday trade on unconvincing international equities leads, but some positive key commodity moves.

In overnight commodities trade, US gold futures continued higher and oil (WTI) turned so. LME copper swung lower. Nickel extended recent gains. Iron ore continued lower.

The $A was pushed lower after trading at ~US77.15c yesterday evening.

Locally today, corporate reporting continues unabated and ex-dividend season warns. Those trading ex-dividend today include ANN and WES.

Overseas Market Commentary

Choppy trade featured across major European and US equities markets overnight.

In the US, large finance sector stocks fell out of favour.

The FTSE 100 was impacted by high-profile stocks AstraZeneca, BP, Royal Dutch Shell and TUI trading ex-dividend.

European Central Bank (ECB) January policy meeting revealed ongoing consideration of inflation concerns and growth threats, and a majority preference for status-quo policy.

US data releases came in mixed.

January housing starts were reported 2.6% lower. Building permits rose 4.6%, however.

Weekly new unemployment claims rose by 5000, fewer than half the anticipated number.

A Philadelphia region business activity index jumped 19.7 to 43.3.

Tonight in the US, a leading index is due.

Allianz, Bridgestone and Deere & Co are among companies scheduled to report today and tonight.

In overnight corporate news, Vale revealed it had produced a record 349Mt of iron ore during 2016.

Nestlé said it needed to chase further cost cuts after reporting sub-forecast quarterly results.

US markets will be closed Monday due to a public holiday.

17/02/2017 6:47:04 AM

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