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Market Opener – 24 Apr 2018
Local Markets Commentary
The Australian market opens today’s trade ahead of a domestic public holiday tomorrow and key local data today, following decidedly mixed overnight international commodities and equities leads.
The Australian Bureau of Statistics (ABS) is due to release March quarter CPI growth 11.30 am AEST.
Earlier, Reserve Bank of Australia (RBA) assistant governor Christopher Kent has addressed the central bank’s views on interest-only mortgages at a Housing Industry Association breakfast in Sydney.
Also pre-trade, a weekly consumer sentiment reading is due.
In overnight commodities trade, US gold futures continued lower. Oil gained.
Iron ore (China port, 62% Fe) swung higher.
LME copper was pushed lower. Nickel and aluminium dropped.
The $A dropped further, to ~US 76.0c, after falling to ~US 76.40c early yesterday evening.
Overseas Market Commentary
Vacillating trade featured across major European and US equities markets overnight.
Earnings reports from high-profile stocks continued, as did the mixed reactions. Caution prevailed across the tech sector ahead of key results this week. Financial stocks appeared supported.
Meanwhile, 10-year US government bond yields reached highs not seen in 4.25 years.
Among data releases, Germany’s initial composite April PMI rose by 0.2 to 55.1.
For the euro zone, the manufacturing PMI was estimated 0.6 lower, at 56.0 and the services sector index 0.1 higher at 55.0, producing a flat 55.2.
US March existing home sales rose 1.1%, but the year-on-year figure came in at a 1.2% decline, in part due to relatively low on-market housing stocks.
In the UK, the government suffered another parliamentary defeat on select plans involving the UK’s planned separation from the European Union (EU).
Tonight in the US, March new home sales, two house price indices, a Richmond Fed manufacturing activity update and consumer confidence index are due.
Anglo American, Caterpillar, Coca-Cola, Eli Lilly, Freeport-McMoRan, Lockheed Martin, POSCO, SAP and Verizon are among companies scheduled to report earnings or provide updates.
In overnight corporate news, toy and game maker Hasbro undershot quarterly expectations with a 16% sales drop, but was pushed 4% higher.
Kimberly-Clark exceeded expectations and raised full-year sales guidance, and declined 1.5%.
Post-US trade, Google parent Alphabet prices have chopped, after the group reported ~$US31B quarterly revenue, a little above forecasts, plus73% higher profit, and issued a disappointing growth forecast. Potential increased regulatory concerns also appeared to weigh.
The Australian market opens today’s trade ahead of a domestic public holiday tomorrow and key local data today, following decidedly mixed overnight international commodities and equities leads.
The Australian Bureau of Statistics (ABS) is due to release March quarter CPI growth 11.30 am AEST.
Earlier, Reserve Bank of Australia (RBA) assistant governor Christopher Kent has addressed the central bank’s views on interest-only mortgages at a Housing Industry Association breakfast in Sydney.
Also pre-trade, a weekly consumer sentiment reading is due.
In overnight commodities trade, US gold futures continued lower. Oil gained.
Iron ore (China port, 62% Fe) swung higher.
LME copper was pushed lower. Nickel and aluminium dropped.
The $A dropped further, to ~US 76.0c, after falling to ~US 76.40c early yesterday evening.
Overseas Market Commentary
Vacillating trade featured across major European and US equities markets overnight.
Earnings reports from high-profile stocks continued, as did the mixed reactions. Caution prevailed across the tech sector ahead of key results this week. Financial stocks appeared supported.
Meanwhile, 10-year US government bond yields reached highs not seen in 4.25 years.
Among data releases, Germany’s initial composite April PMI rose by 0.2 to 55.1.
For the euro zone, the manufacturing PMI was estimated 0.6 lower, at 56.0 and the services sector index 0.1 higher at 55.0, producing a flat 55.2.
US March existing home sales rose 1.1%, but the year-on-year figure came in at a 1.2% decline, in part due to relatively low on-market housing stocks.
In the UK, the government suffered another parliamentary defeat on select plans involving the UK’s planned separation from the European Union (EU).
Tonight in the US, March new home sales, two house price indices, a Richmond Fed manufacturing activity update and consumer confidence index are due.
Anglo American, Caterpillar, Coca-Cola, Eli Lilly, Freeport-McMoRan, Lockheed Martin, POSCO, SAP and Verizon are among companies scheduled to report earnings or provide updates.
In overnight corporate news, toy and game maker Hasbro undershot quarterly expectations with a 16% sales drop, but was pushed 4% higher.
Kimberly-Clark exceeded expectations and raised full-year sales guidance, and declined 1.5%.
Post-US trade, Google parent Alphabet prices have chopped, after the group reported ~$US31B quarterly revenue, a little above forecasts, plus73% higher profit, and issued a disappointing growth forecast. Potential increased regulatory concerns also appeared to weigh.