Local Markets Commentary

The Australian market opens today’s trade following weak international equities and commodities overnight trade sentiment.

In commodities trade, gold was pushed higher. Oil turned lower. Iron ore (62% Fe, China port) and LME copper continued to fall.

The $A fell further after slipping below ~US76.30c yesterday evening.

Locally pre-trade, a weekly consumer sentiment report is due.

RBA deputy governor Guy Debelle has been a guest speaker at an FX Week conference in Sydney this morning. Mr Debelle presented a similar speech in Singapore last week.

Meanwhile, ex-dividend season continues. Please see p3 for a detailed list.

Overseas Market Commentary

Major European and US equities markets headed lower on opening but in the US, the NASDAQ recovered and the S&P 500 soon headed away from session lows.

Among US economic reports, a Texas region manufacturing index dropped 7.5 points to 19.2, against expectations of 22.

In Germany, IFO business conditions and expectations survey results generally exceeded expectations.

Meanwhile, Qatar revealed plans for £5B of new investment in the UK.

Tomorrow, the UK government plans to formally notify the European Union that it is commencing the separation process. PM Theresa May will also address parliament regarding the expected two-year negotiations.

Tonight in the US, February wholesale inventories, a house price index, services PMI, a regional manufacturing index and a Conference Board consumer sentiment update are due.

US Federal Reserve chair Janet Yellen is also due to speak publicly, on workforce development in low-income communities.

Companies due to report later today and tonight include Angang Steel Company, Ladbrokes, Metallurgical Corporation of China and Wolseley.