Disclaimer: All information on this section is of a general nature.
Before making any investment decision, you should consult your adviser.
Market Opener – 04 Dec 2018
Local Markets Commentary
The Australian market opens today’s trade ahead of an outcomes statement from today’s Reserve Bank of Australia (RBA) policy meeting, and following a broad overnight international equities and key commodities trade rally.
The RBA announces outcomes from its policy meeting 2.30pm AEDT.
Also locally today, and ahead of tomorrow’s September quarter GDP growth reading, the Australian Bureau of Statistics (ABS) publishes September quarter balance of payments, 11.30am.
A weekly consumer sentiment reading is due pre-trade.
In overnight commodities trade, oil rose sharply.
US (December) gold futures rallied.
Iron ore (China port 62% Fe) seesawed higher.
LME copper turned and rallied. Nickel and aluminium extended Friday’s gains.
The $A headed back to ~US73.55c after trading at US73.85c early yesterday evening.
Overseas Market Commentary
Major European and US equities markets opened sharply higher overnight and maintained the greater proportion of gains.
Various and varying details were reported regarding US-China assurances to each other over the weekend when negotiating a 90-day stay on the implementation of any new import taxes.
These included the agricultural, energy and automobile sectors.
In addition, US administrative officials ventured that the new talks would be overseen by a trade negotiator who has been viewed as a strong critic of China policy.
Also overnight, another administrator appeared to confirm a planned end to subsidies for the electric vehicle industry and the renewables sector.
Among overnight US data releases, ISM’s influential manufacturing PMI pleased, at 59.3, from 57.7.
A revised manufacturing PMI from Markit was reported at 55.3, down 0.4 for the month.
October construction spending slipped 0.1% for the month, the same pullback rate recorded for September.
The euro zone’s final November manufacturing PMI was estimated at 51.8, against 52.0 for October.
In Germany, the manufacturing PMI fell, by 0.4 for the month, also to 51.8.
The UK’s November manufacturing PMI rose two points to 53.1, however.
Tonight in the US, ISM’s New York business activity index and an economic optimism index are expected.
Elsewhere, the UK parliament commences debating the agreement negotiated with the EU for the UK’s withdrawal from the European Union (EU).
Bank of England governor Mark Carney also outlines to parliamentarians the central bank’s view of the plan.
A non-binding EU court opinion on the March-planned separation is also expected tonight.
Companies scheduled to report earnings later today and tonight include: Dollar Tree, Hewlett Packard Enterprises and Toll Brothers.
In overnight corporate news, major vehicle manufacturers reported varying November sales, Ford Motor revealing a 6.9% drop.
Overall national sales by all manufacturers tallied 17.49M, from 17.57M for October.
US equities and bond markets will not trade Wednesday, due to a national day of mourning following the weekend passing of former US president George HW Bush.
The Australian market opens today’s trade ahead of an outcomes statement from today’s Reserve Bank of Australia (RBA) policy meeting, and following a broad overnight international equities and key commodities trade rally.
The RBA announces outcomes from its policy meeting 2.30pm AEDT.
Also locally today, and ahead of tomorrow’s September quarter GDP growth reading, the Australian Bureau of Statistics (ABS) publishes September quarter balance of payments, 11.30am.
A weekly consumer sentiment reading is due pre-trade.
In overnight commodities trade, oil rose sharply.
US (December) gold futures rallied.
Iron ore (China port 62% Fe) seesawed higher.
LME copper turned and rallied. Nickel and aluminium extended Friday’s gains.
The $A headed back to ~US73.55c after trading at US73.85c early yesterday evening.
Overseas Market Commentary
Major European and US equities markets opened sharply higher overnight and maintained the greater proportion of gains.
Various and varying details were reported regarding US-China assurances to each other over the weekend when negotiating a 90-day stay on the implementation of any new import taxes.
These included the agricultural, energy and automobile sectors.
In addition, US administrative officials ventured that the new talks would be overseen by a trade negotiator who has been viewed as a strong critic of China policy.
Also overnight, another administrator appeared to confirm a planned end to subsidies for the electric vehicle industry and the renewables sector.
Among overnight US data releases, ISM’s influential manufacturing PMI pleased, at 59.3, from 57.7.
A revised manufacturing PMI from Markit was reported at 55.3, down 0.4 for the month.
October construction spending slipped 0.1% for the month, the same pullback rate recorded for September.
The euro zone’s final November manufacturing PMI was estimated at 51.8, against 52.0 for October.
In Germany, the manufacturing PMI fell, by 0.4 for the month, also to 51.8.
The UK’s November manufacturing PMI rose two points to 53.1, however.
Tonight in the US, ISM’s New York business activity index and an economic optimism index are expected.
Elsewhere, the UK parliament commences debating the agreement negotiated with the EU for the UK’s withdrawal from the European Union (EU).
Bank of England governor Mark Carney also outlines to parliamentarians the central bank’s view of the plan.
A non-binding EU court opinion on the March-planned separation is also expected tonight.
Companies scheduled to report earnings later today and tonight include: Dollar Tree, Hewlett Packard Enterprises and Toll Brothers.
In overnight corporate news, major vehicle manufacturers reported varying November sales, Ford Motor revealing a 6.9% drop.
Overall national sales by all manufacturers tallied 17.49M, from 17.57M for October.
US equities and bond markets will not trade Wednesday, due to a national day of mourning following the weekend passing of former US president George HW Bush.