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Before making any investment decision, you should consult your adviser.
Market Opener – 26 Oct 2018
Local Markets Commentary
The Australian market commences Friday trade on some misses for major US corporates which have reported post-US trade, subsequent falling US equities futures, and ahead of a US September quarter GDP reading tonight and industrial profits out of China over the weekend.
In overnight commodities trade, WTI and Brent crude each settled higher.
US (December) gold futures turned to record a slight gain.
Iron ore (China port, 62% Fe) picked up the pace of this week’s gains.
LME copper turned higher. Nickel and aluminium continued lower.
The $A was constrained within a narrow range after trading at US70.80c early yesterday evening.
Locally today, the Australian Bureau of Statistics (ABS) is due to published details and revisions for 2017 – 2018 national account figures, 11.30am AEDT.
PMV trades ex-dividend (33c).
Overseas Market Commentary
US equities markets bounced overnight, opening higher and mostly trending so, supported in part by improved and select tech sentiment.
A slight pullback occurred across key indices in the last half-hour of trade, however, overall trade volumes were notably lower than for the previous session, and domestic economic indicators were decidedly mixed.
Major European equities markets opened cautiously but ultimately settled higher.
The European Central Bank (ECB) confirmed it remained confident of ending its bond purchase program in December.
Following a policy meeting, the bank revealed a continuing view of no need to change the 0.25% marginal lending rate.
Meeting outcomes and commentary kept the euro down against the $US.
In overnight data releases, US September goods orders were reported 0.8% higher for the month at $US262.1B, following a 4.6% gain in August.
Core (excluding defence and civil aircraft) goods orders declined 0.1%.
Wholesale inventories rose 0.3% to $US644.1B, 5.1% higher than a year earlier, and after a 0.9% August increase.
Pending home sales surprised on the upside, growing by 0.5% against forecasts of an up to 0.1% slip for the month, and following a 1.9% August fall. Year-on-year, pending sales came in 1.0% lower.
A Kansas City Fed manufacturing index halved to 5.0.
Weekly new unemployment claims rose by 5000, following expectations of a 4000 increase. The four-week moving average came in flat.
Tonight in the US, a first (of three) September quarter GDP estimate is due, together with a University of Michigan October consumer sentiment reading.
Companies scheduled to reveal earnings or provide updates later today or tonight include: Aon, Colgate-Palmolive, Electrolux, Exxon Mobil, Glencore, Hyundai Steel, IAG, Kia Motors, Phillips 66, Total, Royal Bank of Scotland and Yanzhou Coal Mining.
In overnight corporate news, Microsoft and Tesla were each propelled higher after reporting better-than-anticipated profit and revenue post-Wednesday US trade.
Twitter’s return-to-profit plus higher revenue also pleased, even though new accounts fell by 20% during the September quarter.
ZTE quarterly profit fell 65% year-on-year.
ConocoPhillips raised its quarterly dividend by US7c on a forecast-beating $US1.9B profit that was buoyed by oil price gains and asset sales, combined with technology used to reduce costs.
Alphabet (Google parent), Amazon and Intel have reported post-US trade and will influence tonight’s sentiment.
Alphabet and Amazon fell in post-settlement trade, but Intel was pushed higher.
The Australian market commences Friday trade on some misses for major US corporates which have reported post-US trade, subsequent falling US equities futures, and ahead of a US September quarter GDP reading tonight and industrial profits out of China over the weekend.
In overnight commodities trade, WTI and Brent crude each settled higher.
US (December) gold futures turned to record a slight gain.
Iron ore (China port, 62% Fe) picked up the pace of this week’s gains.
LME copper turned higher. Nickel and aluminium continued lower.
The $A was constrained within a narrow range after trading at US70.80c early yesterday evening.
Locally today, the Australian Bureau of Statistics (ABS) is due to published details and revisions for 2017 – 2018 national account figures, 11.30am AEDT.
PMV trades ex-dividend (33c).
Overseas Market Commentary
US equities markets bounced overnight, opening higher and mostly trending so, supported in part by improved and select tech sentiment.
A slight pullback occurred across key indices in the last half-hour of trade, however, overall trade volumes were notably lower than for the previous session, and domestic economic indicators were decidedly mixed.
Major European equities markets opened cautiously but ultimately settled higher.
The European Central Bank (ECB) confirmed it remained confident of ending its bond purchase program in December.
Following a policy meeting, the bank revealed a continuing view of no need to change the 0.25% marginal lending rate.
Meeting outcomes and commentary kept the euro down against the $US.
In overnight data releases, US September goods orders were reported 0.8% higher for the month at $US262.1B, following a 4.6% gain in August.
Core (excluding defence and civil aircraft) goods orders declined 0.1%.
Wholesale inventories rose 0.3% to $US644.1B, 5.1% higher than a year earlier, and after a 0.9% August increase.
Pending home sales surprised on the upside, growing by 0.5% against forecasts of an up to 0.1% slip for the month, and following a 1.9% August fall. Year-on-year, pending sales came in 1.0% lower.
A Kansas City Fed manufacturing index halved to 5.0.
Weekly new unemployment claims rose by 5000, following expectations of a 4000 increase. The four-week moving average came in flat.
Tonight in the US, a first (of three) September quarter GDP estimate is due, together with a University of Michigan October consumer sentiment reading.
Companies scheduled to reveal earnings or provide updates later today or tonight include: Aon, Colgate-Palmolive, Electrolux, Exxon Mobil, Glencore, Hyundai Steel, IAG, Kia Motors, Phillips 66, Total, Royal Bank of Scotland and Yanzhou Coal Mining.
In overnight corporate news, Microsoft and Tesla were each propelled higher after reporting better-than-anticipated profit and revenue post-Wednesday US trade.
Twitter’s return-to-profit plus higher revenue also pleased, even though new accounts fell by 20% during the September quarter.
ZTE quarterly profit fell 65% year-on-year.
ConocoPhillips raised its quarterly dividend by US7c on a forecast-beating $US1.9B profit that was buoyed by oil price gains and asset sales, combined with technology used to reduce costs.
Alphabet (Google parent), Amazon and Intel have reported post-US trade and will influence tonight’s sentiment.
Alphabet and Amazon fell in post-settlement trade, but Intel was pushed higher.