Disclaimer: All information on this section is of a general nature.
Before making any investment decision, you should consult your adviser.
Market Opener – 21 Nov 2017
Local Markets Commentary
The Australian market commences today’s trade on improved international equities sentiment, but mixed major commodities leads, ahead of the release of Reserve Bank of Australia (RBA) policy meeting minutes.
In overnight commodities trade, oil and US gold futures turned lower. Iron ore (China port, 62% Fe) continued higher. LME copper and nickel also extended Friday’s gains.
The $A slipped below US75.50c after trading at ~US75.60c early yesterday evening.
Locally today, RBA November policy meeting minutes are due 11.30am AEST.
RBA governor Philip Lowe also speaks publicly, at the Australian Business Economists’ annual dinner this evening.
Pre-trade, a weekly consumer sentiment reading is due.
Several high-profile stocks also hold AGMs or announce results today.
Overseas Market Commentary
Sentiment improved across major European and US equities markets at the start of the week, although choppy, swinging trade featured for most indices amid plenty of political and regulatory activity and currency swings.
In the euro zone, multiplying reports claiming that attempts to form a coalition government from three parties following Germany’s recent national election had achieved little progress spawned confirmation from chancellor Angela Merkel.
Views that another election was possible accordingly strengthened and the euro swung lower before another push higher on commentary and reports suggesting remaining appetite for further negotiations.
Meanwhile, European Central Bank president Mario Draghi met with a European parliament economic and monetary affairs committee. Mr Draghi stated publicly that the level of unpaid loans remained too high to establish a European (bank) deposit insurance scheme.
Sorting matters for when the UK departs from the European Union (EU), Paris won a vote (which ended in a lot draw) to host the European Banking Authority, and Amsterdam the European Medicines Agency. Each regulation authority will move from London.
In data releases, Germany’s October producer prices were calculated 2.7% higher year-on-year following 3.1% in September.
In the US, Federal Reserve chair Janet Yellen announced she would reserve as a central bank governor when the new chairman was sworn in in February.
The session’s only major economic indicator, the Conference Board’s leading index, rose 1.2% following a 0.1% gain for September and forecasts of a 0.6% increase.
Tonight in the US, Ms Yellen is scheduled to speak at the Stern Business School, but not before 6pm local time (10am AEDST tomorrow).
Among data releases, the Chicago Fed releases its October national activity index. October existing home sales are also due.
Companies scheduled to report earnings include: Babcock, Campbell Soup, CYBG (full-year), Dollar Tree, EasyJet (full-year), Hewlett Packard Enterprises, Johnson Matthey, Lowe’s and Salesforce.
In overnight corporate news, Alibaba was reportedly prepared to outlay $US2.87B for 36% of Chinese hypermarket group Sun Art Retail.
Société Générale announced it would begin offering Apple Pay in the near future.
Uber revealed plans for driverless options, initially in the US, using Volvo vehicles.
Chip manufacturers remained active, this time Marvell Technology preparing to pay ~$US6B in shares and cash for Cavium.
US markets will be closed Thursday and will close early (1pm ET) Friday, due to Thanksgiving.
The Australian market commences today’s trade on improved international equities sentiment, but mixed major commodities leads, ahead of the release of Reserve Bank of Australia (RBA) policy meeting minutes.
In overnight commodities trade, oil and US gold futures turned lower. Iron ore (China port, 62% Fe) continued higher. LME copper and nickel also extended Friday’s gains.
The $A slipped below US75.50c after trading at ~US75.60c early yesterday evening.
Locally today, RBA November policy meeting minutes are due 11.30am AEST.
RBA governor Philip Lowe also speaks publicly, at the Australian Business Economists’ annual dinner this evening.
Pre-trade, a weekly consumer sentiment reading is due.
Several high-profile stocks also hold AGMs or announce results today.
Overseas Market Commentary
Sentiment improved across major European and US equities markets at the start of the week, although choppy, swinging trade featured for most indices amid plenty of political and regulatory activity and currency swings.
In the euro zone, multiplying reports claiming that attempts to form a coalition government from three parties following Germany’s recent national election had achieved little progress spawned confirmation from chancellor Angela Merkel.
Views that another election was possible accordingly strengthened and the euro swung lower before another push higher on commentary and reports suggesting remaining appetite for further negotiations.
Meanwhile, European Central Bank president Mario Draghi met with a European parliament economic and monetary affairs committee. Mr Draghi stated publicly that the level of unpaid loans remained too high to establish a European (bank) deposit insurance scheme.
Sorting matters for when the UK departs from the European Union (EU), Paris won a vote (which ended in a lot draw) to host the European Banking Authority, and Amsterdam the European Medicines Agency. Each regulation authority will move from London.
In data releases, Germany’s October producer prices were calculated 2.7% higher year-on-year following 3.1% in September.
In the US, Federal Reserve chair Janet Yellen announced she would reserve as a central bank governor when the new chairman was sworn in in February.
The session’s only major economic indicator, the Conference Board’s leading index, rose 1.2% following a 0.1% gain for September and forecasts of a 0.6% increase.
Tonight in the US, Ms Yellen is scheduled to speak at the Stern Business School, but not before 6pm local time (10am AEDST tomorrow).
Among data releases, the Chicago Fed releases its October national activity index. October existing home sales are also due.
Companies scheduled to report earnings include: Babcock, Campbell Soup, CYBG (full-year), Dollar Tree, EasyJet (full-year), Hewlett Packard Enterprises, Johnson Matthey, Lowe’s and Salesforce.
In overnight corporate news, Alibaba was reportedly prepared to outlay $US2.87B for 36% of Chinese hypermarket group Sun Art Retail.
Société Générale announced it would begin offering Apple Pay in the near future.
Uber revealed plans for driverless options, initially in the US, using Volvo vehicles.
Chip manufacturers remained active, this time Marvell Technology preparing to pay ~$US6B in shares and cash for Cavium.
US markets will be closed Thursday and will close early (1pm ET) Friday, due to Thanksgiving.