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Market Opener – 15 Sep 2017
Local Markets Commentary
The Australian market commences Friday trade following a missile launch this morning from North Korea across Hokkaido, Japan.
The missile has reportedly landed in the Pacific Ocean, east of Hokkaido, after traversing 3700km and reaching a height of 770km.
Overnight international equities and commodities trade, and the absence of major scheduled domestic or regional economic data releases, offer limited support to today’s ASX trade.
Among the key commodities, oil continued higher and US gold futures turned so. Gold is likely to appreciate during today’s trade on safe-haven interest.
LME copper, nickel and aluminium continued lower overnight. Iron ore (China port, 62% Fe) fell.
The $A slipped to ~US80.00c after approaching US80.10c early yesterday evening.
Overseas Market Commentary
Vacillating trade featured across most major European and US equities markets
A 7-2 vote at the Bank of England’s policy meeting kept the overnight rate at 0.25%, but the bank’s statement suggested a rise was possible sometime in the near-to-mid term. The usual conditions were included, but the missive nonetheless helped the British pound put on 1.4% against the $US and sent the FTSE 100 to a four-month low.
US August CPI rose 0.4%, largely supported by petrol prices. July’s CPI growth had been estimated at 0.1%.
Core CPI (excluding food and energy) grew 0.2% for the month and 1.7% year-on-year.
Weekly new unemployment claims fell 13,000, but the four-week average increased by the same magnitude.
Meanwhile, the House of Representatives approved legislation to fund $US1.2 trillion worth of government activity for the financial year commencing 1 October. The Senate, which is yet to consider the bill, is expected to push for changes.
Tonight in the US, retail sales, industrial production, New York (State) manufacturing, business inventories and consumer sentiment reports are due.
The Australian market commences Friday trade following a missile launch this morning from North Korea across Hokkaido, Japan.
The missile has reportedly landed in the Pacific Ocean, east of Hokkaido, after traversing 3700km and reaching a height of 770km.
Overnight international equities and commodities trade, and the absence of major scheduled domestic or regional economic data releases, offer limited support to today’s ASX trade.
Among the key commodities, oil continued higher and US gold futures turned so. Gold is likely to appreciate during today’s trade on safe-haven interest.
LME copper, nickel and aluminium continued lower overnight. Iron ore (China port, 62% Fe) fell.
The $A slipped to ~US80.00c after approaching US80.10c early yesterday evening.
Overseas Market Commentary
Vacillating trade featured across most major European and US equities markets
A 7-2 vote at the Bank of England’s policy meeting kept the overnight rate at 0.25%, but the bank’s statement suggested a rise was possible sometime in the near-to-mid term. The usual conditions were included, but the missive nonetheless helped the British pound put on 1.4% against the $US and sent the FTSE 100 to a four-month low.
US August CPI rose 0.4%, largely supported by petrol prices. July’s CPI growth had been estimated at 0.1%.
Core CPI (excluding food and energy) grew 0.2% for the month and 1.7% year-on-year.
Weekly new unemployment claims fell 13,000, but the four-week average increased by the same magnitude.
Meanwhile, the House of Representatives approved legislation to fund $US1.2 trillion worth of government activity for the financial year commencing 1 October. The Senate, which is yet to consider the bill, is expected to push for changes.
Tonight in the US, retail sales, industrial production, New York (State) manufacturing, business inventories and consumer sentiment reports are due.