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Market Opener – 23 Nov 2018
Local Markets Commentary
The Australian market commences Friday trade on negative overnight European equities trade leads, following the US Thanksgiving holiday, and ahead of limited US trade tonight.
In addition, Japan’s markets are closed today, due to a public holiday.
In overnight commodities trade, oil prices were reported to have closed mixed, WTI falling and Brent slightly higher.
US (December) gold futures were reported slightly higher from limited trade.
Iron ore (China port 62% Fe) fell further.
LME copper turned modestly higher. Nickel continued lower and aluminium continued so.
The $A was mostly contained in a relatively narrow range after trading at ~US72.45c early yesterday evening, but has gained this morning.
Locally today, another band of high-profile domestic stocks hosts AGMs and provides trading updates.
DLX and RHL trade ex-dividend. Please see pp2-3 for detailed lists.
Overseas Market Commentary
Major European equities markets opened lower overnight, declining further during choppy trade, amid geopolitical bargaining and threats, pregnant with potential material consequences for international economic health.
US equities markets were closed for the Thanksgiving public holiday. They will trade tonight, but close early, and volumes are expected to be thin.
US administrative commentary did not stop during Thanksgiving, the president threatening a completed US-Mexico border closure, specifically mentioning trade impacts.
Meanwhile, the European Commission (EC) prepared to enable euro zone nations to consider Italy’s proposed budget, after this week determining penalties were appropriate.
Italy repeated its stance that the debt-growing plans were necessary to produce ultimate national growth, but sanctions will be imposed if Italy’s euro zone colleagues agree with the EC.
The UK and EC in the meantime agreed on the draft text of arrangements for the UK separation from the European Union (EU), paving the way for EU leaders to meet Sunday to consider the draft.
Even if approval is secured, a final deal is not assured until agreement comes from each EU parliament, including the UK parliament.
Nonetheless, following last night’s announcement, the British pound appreciated 0.8% higher against the $US, and euro 1%.
In overnight data and report releases, European Central Bank (ECB) October policy meeting minutes confirmed plans to halt monthly bond purchase from year’s end.
Regional and international risks to economic progress were again considered, however.
A euro zone consumer confidence reading dropped to a 20-month low of -3.9 from -2.7.
Tonight in the US, Markit releases its initial November PMI estimates.
In addition, first sales figures for ‘Black Friday’ trade are expected, together with a whirl of ‘Cyber Monday’ promotions.
Elsewhere, a final September quarter GDP reading is due for Germany.
UK PM Theresa May and EC president Jean-Claude Juncker will again meet, 6pm Brussels time Saturday, ahead of Sunday’s EU consideration of the draft arrangements for the UK’s separation from the EU.
This is claimed to be due in part to at least France and Spain propositioning for some changes to the draft wording. PM May spoke of ‘remaining issues which we have discussed’.
US equities markets will be resume trade tonight, but will close early.
The Australian market commences Friday trade on negative overnight European equities trade leads, following the US Thanksgiving holiday, and ahead of limited US trade tonight.
In addition, Japan’s markets are closed today, due to a public holiday.
In overnight commodities trade, oil prices were reported to have closed mixed, WTI falling and Brent slightly higher.
US (December) gold futures were reported slightly higher from limited trade.
Iron ore (China port 62% Fe) fell further.
LME copper turned modestly higher. Nickel continued lower and aluminium continued so.
The $A was mostly contained in a relatively narrow range after trading at ~US72.45c early yesterday evening, but has gained this morning.
Locally today, another band of high-profile domestic stocks hosts AGMs and provides trading updates.
DLX and RHL trade ex-dividend. Please see pp2-3 for detailed lists.
Overseas Market Commentary
Major European equities markets opened lower overnight, declining further during choppy trade, amid geopolitical bargaining and threats, pregnant with potential material consequences for international economic health.
US equities markets were closed for the Thanksgiving public holiday. They will trade tonight, but close early, and volumes are expected to be thin.
US administrative commentary did not stop during Thanksgiving, the president threatening a completed US-Mexico border closure, specifically mentioning trade impacts.
Meanwhile, the European Commission (EC) prepared to enable euro zone nations to consider Italy’s proposed budget, after this week determining penalties were appropriate.
Italy repeated its stance that the debt-growing plans were necessary to produce ultimate national growth, but sanctions will be imposed if Italy’s euro zone colleagues agree with the EC.
The UK and EC in the meantime agreed on the draft text of arrangements for the UK separation from the European Union (EU), paving the way for EU leaders to meet Sunday to consider the draft.
Even if approval is secured, a final deal is not assured until agreement comes from each EU parliament, including the UK parliament.
Nonetheless, following last night’s announcement, the British pound appreciated 0.8% higher against the $US, and euro 1%.
In overnight data and report releases, European Central Bank (ECB) October policy meeting minutes confirmed plans to halt monthly bond purchase from year’s end.
Regional and international risks to economic progress were again considered, however.
A euro zone consumer confidence reading dropped to a 20-month low of -3.9 from -2.7.
Tonight in the US, Markit releases its initial November PMI estimates.
In addition, first sales figures for ‘Black Friday’ trade are expected, together with a whirl of ‘Cyber Monday’ promotions.
Elsewhere, a final September quarter GDP reading is due for Germany.
UK PM Theresa May and EC president Jean-Claude Juncker will again meet, 6pm Brussels time Saturday, ahead of Sunday’s EU consideration of the draft arrangements for the UK’s separation from the EU.
This is claimed to be due in part to at least France and Spain propositioning for some changes to the draft wording. PM May spoke of ‘remaining issues which we have discussed’.
US equities markets will be resume trade tonight, but will close early.