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Market Opener – 03 Oct 2017
Local Markets Commentary
The Australian market commences today’s trade ahead of a new Reserve Bank of Australia (RBA) policy statement and on positive overnight international equities leads.
Commodities trade proved less supportive. US gold futures fell. Oil turned and dropped. LME copper turned to settle slightly higher.
The $A recovered some after falling below ~US78.05c early yesterday evening.
Locally today, the RBA convenes a policy meeting, from which outcomes will be announced 2.30pm AEST.
Prior to this, September job advertisements, plus August building approvals and new home sales will be in hand.
Pre-trade, a weekly consumer sentiment reading is due.
Post-trade, the RBA is due to publish September commodity prices.
China’s markets remain closed for the remainder of the week for Autumn festival holidays.
Overseas Market Commentary
Major European and US equities markets extended Friday’s gains, buoyed by positive domestic economic indicators and encouraging data out of China over the weekend.
A yet lower euro against the $US added support for European exporters, while new records for the NASDAQ exchange and S&P500 and DJIA indices appeared to inject further US trade enthusiasm.
US data releases exceeded expectations, the ISM’s September manufacturing index rising two points to a robust 60.8 and Markit’s final September manufacturing PMI coming in at 53.1, 0.3 higher than for August.
Various sub-component gains were attributed to hurricane impacts.
August construction spending rose 0.5% for the month, after falling in both June and July. The total spend also proved 2.5% greater than a year ago.
Tonight in the US, ISM’s New York business activity index is due, followed by September vehicle sales.
Earlier in the euro zone, the final September manufacturing PMI was reported at 58.1, representing a 0.7-point gain for the month.
The UK’s equivalent reading fell 0.8 to a nonetheless strong 55.9.
In overnight corporate news, General Motors espoused plans to produce two additional electric vehicles for the US market within 18 months and to add 20 internationally within six years .
The Australian market commences today’s trade ahead of a new Reserve Bank of Australia (RBA) policy statement and on positive overnight international equities leads.
Commodities trade proved less supportive. US gold futures fell. Oil turned and dropped. LME copper turned to settle slightly higher.
The $A recovered some after falling below ~US78.05c early yesterday evening.
Locally today, the RBA convenes a policy meeting, from which outcomes will be announced 2.30pm AEST.
Prior to this, September job advertisements, plus August building approvals and new home sales will be in hand.
Pre-trade, a weekly consumer sentiment reading is due.
Post-trade, the RBA is due to publish September commodity prices.
China’s markets remain closed for the remainder of the week for Autumn festival holidays.
Overseas Market Commentary
Major European and US equities markets extended Friday’s gains, buoyed by positive domestic economic indicators and encouraging data out of China over the weekend.
A yet lower euro against the $US added support for European exporters, while new records for the NASDAQ exchange and S&P500 and DJIA indices appeared to inject further US trade enthusiasm.
US data releases exceeded expectations, the ISM’s September manufacturing index rising two points to a robust 60.8 and Markit’s final September manufacturing PMI coming in at 53.1, 0.3 higher than for August.
Various sub-component gains were attributed to hurricane impacts.
August construction spending rose 0.5% for the month, after falling in both June and July. The total spend also proved 2.5% greater than a year ago.
Tonight in the US, ISM’s New York business activity index is due, followed by September vehicle sales.
Earlier in the euro zone, the final September manufacturing PMI was reported at 58.1, representing a 0.7-point gain for the month.
The UK’s equivalent reading fell 0.8 to a nonetheless strong 55.9.
In overnight corporate news, General Motors espoused plans to produce two additional electric vehicles for the US market within 18 months and to add 20 internationally within six years .