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Market Opener – 21 Mar 2018
Local Markets Commentary
The Australian market commences mid-week trade following vacillating overnight trade across key international equities markets.
In largely negative commodities trade, oil swung higher and rallied.
US gold turned moderately lower.
LME copper continued to decline.
Iron ore (China port, 62% Fe) was pushed yet lower.
The $A slipped below US76.85c after being pushed below US77.0c early yesterday evening.
Locally today, Westpac and the Melbourne Institute publish their February leading indicators report.
A batch of large-cap and/or high-profile stocks are also reports half-year results.
Japan’s markets are closed today due to a public holiday.
Overseas Market Commentary
Choppy, swinging trade featured across most major European and US equities markets overnight.
Traders were presented with plenty to consider, including: some key data releases; rallying oil prices; the wait for tonight’s US Federal Reserve post-policy meeting announcement; and speculation the US administration could impose new import taxes on Chinese goods and services from as early as this week.
The volume of US equities trades was calculated at 14.5% lower than the mean for the past 20 trading sessions.
Among data releases across the Atlantic, the UK’s February year-on-year CPI growth was reported at 2.7%, following 3% in January and 3.1% for December 2017.
The fall was attributed to lower fuel costs and a marked slowdown in rising food prices. From January to February 2017, food rose 0.8%, due to adverse weather impacting southern Mediterranean vegetable crops, but this year just 0.1%.
Commentary from Thursday’s Bank of England policy meeting is now more eagerly awaited.
In Germany, February year-on-year producer prices rose 1.8% following a 2.1% increase in January.
An influential economic sentiment index dropped 12.7 points to 5.1 and the current conditions component pulled back 1.6 to 90.7.
Tonight in the US, the Federal Reserve announces outcomes from its two-day policy meeting. Forecasts are also keenly anticipated.
In addition, January existing home sales and weekly mortgage applications are due.
In overnight corporate news, Cambridge Analytica, the data analysis firm which benefited from the leaking of personal data for 50M Facebook users, suspended its CEO, following his claim the company played a ‘decisive role’ in the 2016 US election. Facebook share prices headed lower again, ahead of a public statement from the Cambridge Analytica whistleblower.
Oracle also dropped (~9%) after its disappointing quarterly revenue and outlook, announced post-US trade Monday.
The Australian market commences mid-week trade following vacillating overnight trade across key international equities markets.
In largely negative commodities trade, oil swung higher and rallied.
US gold turned moderately lower.
LME copper continued to decline.
Iron ore (China port, 62% Fe) was pushed yet lower.
The $A slipped below US76.85c after being pushed below US77.0c early yesterday evening.
Locally today, Westpac and the Melbourne Institute publish their February leading indicators report.
A batch of large-cap and/or high-profile stocks are also reports half-year results.
Japan’s markets are closed today due to a public holiday.
Overseas Market Commentary
Choppy, swinging trade featured across most major European and US equities markets overnight.
Traders were presented with plenty to consider, including: some key data releases; rallying oil prices; the wait for tonight’s US Federal Reserve post-policy meeting announcement; and speculation the US administration could impose new import taxes on Chinese goods and services from as early as this week.
The volume of US equities trades was calculated at 14.5% lower than the mean for the past 20 trading sessions.
Among data releases across the Atlantic, the UK’s February year-on-year CPI growth was reported at 2.7%, following 3% in January and 3.1% for December 2017.
The fall was attributed to lower fuel costs and a marked slowdown in rising food prices. From January to February 2017, food rose 0.8%, due to adverse weather impacting southern Mediterranean vegetable crops, but this year just 0.1%.
Commentary from Thursday’s Bank of England policy meeting is now more eagerly awaited.
In Germany, February year-on-year producer prices rose 1.8% following a 2.1% increase in January.
An influential economic sentiment index dropped 12.7 points to 5.1 and the current conditions component pulled back 1.6 to 90.7.
Tonight in the US, the Federal Reserve announces outcomes from its two-day policy meeting. Forecasts are also keenly anticipated.
In addition, January existing home sales and weekly mortgage applications are due.
In overnight corporate news, Cambridge Analytica, the data analysis firm which benefited from the leaking of personal data for 50M Facebook users, suspended its CEO, following his claim the company played a ‘decisive role’ in the 2016 US election. Facebook share prices headed lower again, ahead of a public statement from the Cambridge Analytica whistleblower.
Oracle also dropped (~9%) after its disappointing quarterly revenue and outlook, announced post-US trade Monday.