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Research

Disclaimer: All information on this section is of a general nature.
Before making any investment decision, you should consult your adviser.

Market Opener – 11 Jan 2019

 
Local Markets Commentary
The Australian market opens Friday trade with the US president again threatening declaring a state of emergency in the US in association with US-Mexico border wall funding, with key new domestic data in hand and to come, and following ultimately positive overnight international equities trade and on mixed key commodities sentiment.

Locally this morning, AiG has published a 42.6 December construction sector activity index estimate.

The November reading came in at 44.5, after also falling 1.9 points.

November retail sales are anticipated 11.30am AEDT.

In overnight commodities trade, oil settled modestly higher.

US (February) gold futures turned lower again.

Iron ore (China port 62% Fe fines) fell for a second consecutive session.

LME copper was pushed lower. Aluminium swung higher. Nickel settled flat.

The $A headed to US71.80c after trading at ~US71.75c early yesterday evening.

Japan’s markets will be closed Monday, due to a public holiday.

Overseas Market Commentary
Major European and US equities markets fell on opening overnight, but recovered to close with new gains, at or near session highs. 

Yesterday, China had reported relatively lacklustre, sub-forecast December CPI and PPI figures.

In addition, little detail was offered from this week’s US-China trade talks, China venturing that the talks essentially proved to be groundwork.

Overnight, however, two key central banks offered accommodative and ‘in control’ assurances.

Speaking at an Economic Club of Washington DC event, US Federal Reserve chair Jerome Powell described the US 2019 economic outlook as ‘very strong’, despite debt concerns, but also reiterated the central bank was in a position to be patient regarding any future rate rises, and flexible should policy need to change quickly. 

As did the Fed, the European Central Bank ECB acknowledged existing risk and vowed to keep ‘options open’.

December policy meeting minutes described international conditions as ‘fragile and fluid’.

Some policy makers appeared keen to discuss possibly offering cheaper loans to banks

Tonight in the US, December CPI growth is scheduled for release.

Elsewhere, a batch of influential economic indicators is due for the UK, ahead of next week's planned parliamentary vote on European Union (EU) withdrawal plans.

Blackrock and Infosys are among companies expected to report earnings or provide trading updates.

In overnight corporate news, Liberty Media (Formula One is a client) confirmed discussions with Creative Artists Agency (Cristiano Ronaldo and Lady Gaga are clients) regarding a potential Liberty investment in Creative Artists.

UK retailers Macy’s and Kohl’s issued disappointing festive season sales updates, Macy’s consequently reducing full year guidance and dropping more than 17%. 

Target however, reported a 5.7% same-store sales rise.

Ford and UK-headquartered Jaguar Land Rover announced thousands of job cuts, as the vehicle manufacturers targeted $US14B and £2.5B worth of cost savings respectively.

Twitter benefited from a buy recommendation.
 
11/01/2019 7:00:00 AM

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