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Before making any investment decision, you should consult your adviser.
Market Opener – 28 Feb 2018
Local Markets Commentary
The Australian market commences end-of-month trade ahead of influential domestic and regional data.
Overnight international equities and key commodities trade leads are negative.
Regionally today, China is expected to publish official February PMIs midday AEDST.
Japan is due to release January industrial production and retail sales figures 10.50am AEDST.
Locally today, the Reserve Bank of Australia (RBA) publishes January financial aggregates, including private sector credit at 11.30am AEDST.
Large-cap stocks trading ex-dividend today include IRE, NVT, ORA, PPT, SUL and TLS.
In overnight commodities trade, US gold futures and oil fell.
Iron ore (China port, 62% Fe) was pushed a little lower.
LME copper and nickel also declined.
The $A depreciated to ~US77.90c after falling below US78.40c early yesterday evening.
Overseas Market Commentary
Major European and US equities markets settled lower overnight, European indices chopping and swinging and US sentiment broadly trending lower.
US Federal Reserve chair Jerome Powell told US Congress representatives that demand for US goods, combined with fiscal stimulus was expected to support US economic growth.
He also dismissed perceptions that recent equities market volatility represented significant economic risk.
As anticipated, he reassured interest rate rises would remain tempered, but repeated his view inflation had recently notably strengthened.
The $US subsequently rose, and gold and oil fell. US 10-year treasury bond prices slipped and yields approached 2.92%.
Among US data releases, January durable orders were reported 3.7% lower, the largest fall in six months.
The Conference Board February consumer confidence index rose 5.4 points to an ~17-year peak of 130.8.
Tonight in the US, a December quarter GDP reading (the 2nd of three), January pending home sales and a Chicago region manufacturing index are due. Companies scheduled to report earnings later today or tonight include ITV, Noble Group and Korea Gas.
In overnight corporate news, US cable specialist Comcast proposed a £22B cash takeover of the UK’s Sky, in opposition to Twenty-First Century Fox’s plans to own Sky. Sky appreciated 20%, but Comcast forfeited ~5.5%.
Later, US retailer Macy’s December quarter profit pleased, investors pushing the stock ~4% higher.
Diesel vehicle manufacturers were considered out of favour following a German Federal Administrative Court ruling that major cities can ban the use of domestic diesel vehicles on pollution grounds.
The Australian market commences end-of-month trade ahead of influential domestic and regional data.
Overnight international equities and key commodities trade leads are negative.
Regionally today, China is expected to publish official February PMIs midday AEDST.
Japan is due to release January industrial production and retail sales figures 10.50am AEDST.
Locally today, the Reserve Bank of Australia (RBA) publishes January financial aggregates, including private sector credit at 11.30am AEDST.
Large-cap stocks trading ex-dividend today include IRE, NVT, ORA, PPT, SUL and TLS.
In overnight commodities trade, US gold futures and oil fell.
Iron ore (China port, 62% Fe) was pushed a little lower.
LME copper and nickel also declined.
The $A depreciated to ~US77.90c after falling below US78.40c early yesterday evening.
Overseas Market Commentary
Major European and US equities markets settled lower overnight, European indices chopping and swinging and US sentiment broadly trending lower.
US Federal Reserve chair Jerome Powell told US Congress representatives that demand for US goods, combined with fiscal stimulus was expected to support US economic growth.
He also dismissed perceptions that recent equities market volatility represented significant economic risk.
As anticipated, he reassured interest rate rises would remain tempered, but repeated his view inflation had recently notably strengthened.
The $US subsequently rose, and gold and oil fell. US 10-year treasury bond prices slipped and yields approached 2.92%.
Among US data releases, January durable orders were reported 3.7% lower, the largest fall in six months.
The Conference Board February consumer confidence index rose 5.4 points to an ~17-year peak of 130.8.
Tonight in the US, a December quarter GDP reading (the 2nd of three), January pending home sales and a Chicago region manufacturing index are due. Companies scheduled to report earnings later today or tonight include ITV, Noble Group and Korea Gas.
In overnight corporate news, US cable specialist Comcast proposed a £22B cash takeover of the UK’s Sky, in opposition to Twenty-First Century Fox’s plans to own Sky. Sky appreciated 20%, but Comcast forfeited ~5.5%.
Later, US retailer Macy’s December quarter profit pleased, investors pushing the stock ~4% higher.
Diesel vehicle manufacturers were considered out of favour following a German Federal Administrative Court ruling that major cities can ban the use of domestic diesel vehicles on pollution grounds.