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Market Opener - 09 Feb 2017

Local Markets Commentary

The Australian market commences today’s trade on positive key commodities leads.

Major international equities markets settled little changed overnight.

In commodities trade, gold continued to appreciate. Oil turned higher. Copper also swung positive and rallied. Iron ore (China port, 62% Fe) added modestly to Tuesday’s rally.

The $A rose a little after approaching ~US76.35c yesterday evening.

Locally today, NAB is expected to publish a December quarter business confidence report.

This morning, New Zealand’s reserve bank has kept the main cash rate at 1.75% and forecast low rates for the foreseeable future.

China’s January trade figures are anticipated tomorrow.

Overseas Market Commentary

Major European and US equities markets trade again appeared mostly unconvincing overnight, European bond yields rising and financial stocks out of favour, until a turn in oil prices dragged indices higher.

In the UK, the House of Commons approved legislation enabling the government to commence separation negotiations with the European Union.

US weekly mortgage applications rose 2.3% on an interest rate pullback.

Tonight in the US, weekly new unemployment claims are due.

Coca-Cola, Commerzbank, Kellogg, News Corp, KKR, Nissan Motor, PepsiCo, Singapore Telecommunications (incl Optus), ThyssenKrupp, Twitter and Yum!Brands are among companies scheduled to report earnings today and tonight.

In overnight corporate news, Intel heralded plans to outlay $US7B on a new manufacturing plant in Arizona.

Viacom announced it would concentrate on offering six cable-TV channels.

Royal Dutch Shell was implicated in allegations that ENI had corruptly negotiated an oil opportunity in Nigeria.

Earlier, Moelis confirmed it had been contracted as the lead advisor for the planned Saudi Aramco IPO.

9/02/2017 6:48:42 AM

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