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State One Market Opener - 10 Aug 2016

Local Markets Commentary

The Australian market will open amid a plethora of domestic corporate financial results, following mostly flat leads from overnight US equities trade.

In overnight commodities trade, US gold futures turned to settle a little higher. Oil swung lower. Copper also settled lower. Iron ore sat steady.

The $A approached US76.70c, after climbing beyond ~US76.55c yesterday evening.

Locally today, ABS June housing finance figures and a monthly consumer report from Westpac and the Melbourne Institute are due.

July financing statistics are expected out of China anytime from today.

Japan’s markets will be closed tomorrow due to a public holiday.

Overseas Market Commentary

Major European equities markets trade proved far more decisive overnight than that for key US indices.

US June quarter productivity fell 0.5% annually, representing a third consecutive quarterly pullback and defying forecasts of a 0.5% improvement.

June wholesale inventories also surprised, rising 0.3% against an initial flat estimate. Further, May’s 0.1% gain was doubled in revision.

UK June quarter industrial output was reported 2.1% higher, supported by a 2.3% rise in April. A £5.1B June trade deficit represented a £0.9B deterioration for the month.

Germany’s June trade surplus was estimated at €24.9B from €21.0B in May.

Tonight in the US, weekly mortgage applications are due, together with a job opportunities report and monthly budget statement.

Companies scheduled to report earnings include: Prudential, G4S, Michael Kors, Ralph Lauren, Wendy’s, Shake Shack, E.ON Adecco, Korea Gas and San Miguel Corp.

Overnight, a Gap July sales report appeared to alarm, hurting retail sector sentiment.

Valeant Pharmaceuticals was propelled more than 20% higher however, seemingly on restructuring plans, announced in conjunction with an increased quarterly loss and slower sales.

UK bookmaker William Hill reportedly knocked back a £3.6B consortium bid.

Walt Disney reported post-US trade and appeared to exceed expectations.

10/08/2016 7:39:59 AM

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