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Market Opener - 30 Mar 2017

Local Markets Commentary

The Australian market opens today’s trade on varied international equities leads, ahead of key data releases over the remainder of the week, and the end of financial year for two major markets.

Commodities leads are again largely positive. Overnight, US gold futures slipped however. Oil picked up the pace of the previous session’s gains. LME copper advanced further. Iron ore continued a little higher.

The $A continued higher after pushing past ~US76.60c yesterday evening.

Locally today, the Australian Bureau of Statistics (ABS) reports February job vacancies and the Housing Industry Association (HIA) February new home sales.

Property sector stocks and several high-profile companies trade ex-dividend, including: CAB, MAQ, MMS, MQA, SLK and VRT. A detailed list is available pp3-4.

Regionally, Japan will trade for the second last session of the financial year.

Final December quarter current account figures are expected out of China. Official March PMIs are anticipated tomorrow.

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

Overseas Market Commentary

Major European and US equities markets mostly achieved consecutive gains overnight.

Oil prices continued higher, supporting the energy sector.

The UK government triggered proceedings to leave the European Union, also sparking some anxious commentary.

Meanwhile, the Bank of England reported February consumer credit had fallen but that the value of mortgage lending had risen despite fewer approved property loans.

Germany’s February import prices came in 0.7% higher for the month and 7.4% greater year-on-year.

In the US February pending home sales were reported 5.5% higher, against forecasts of a 2.4% increase. Weekly mortgage applications, including refinancing rose 1.2%.

Tonight in the US, a final, third reading of December quarter GDP is due, together with weekly new jobless claims.

Meanwhile, the UK will trade for the second last session of the financial year.

Companies due to report results later today and tonight include Air China, China Southern Airlines, Cosco Shipping and Wynn Macau.

In overnight corporate news, ConocoPhillips secured a $US17.7B sale of assets to Canadian company Cenovus Energy.

Amazon said it was creating another 1000 full-time positions.

Earlier, the European Union’s competition regulator announced its opposition to the proposed merger of the Deutsche Börse and London Stock Exchange Group, effectively vetoing the plan.

30/03/2017 7:05:12 AM

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