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Market Opener – 27 Mar 2019

 
Local Markets Commentary
The Australian market commences mid-week trade following areturn to positive US equities trade, ahead of high-level US-Chinatrade negotiations set to resume in Beijing from later tomorrow,and with key data out China today.
In overnight commodities trade, WTI crude turned to settle higherand Brent continued to gain.
US gold futures (April) were pushed lower.
Iron ore (China port, 62% Fe) declined further but remained above$US85.00/bbl.
LME copper settled slightly higher. Nickel and aluminium rallied.The $A was supported a little higher after approaching ~US71.30cearly yesterday evening.
Locally today, the Australian Bureau of Statistics (ABS) releasesengineering construction and regional population growth reports.Reserve Bank of Australia (RBA) assistant governor (financialmarkets) Christopher Kent participates in a panel discussion at anFX Week event in Sydney, 10.10am AEDT.
Regionally, China is expected to publish January-Februaryindustrial profits 12.30pm AEDT.Please see p3 for domestic stocks trading ex-dividend today.

Overseas Markets Commentary
Major European and US equities markets opened higher for thesession, but each key index reversed trends higher or lowerintrasession, indicating vacillating sentiment amid largelyuninspiring US data releases and political angst in the US and UK.
US political tensions abounded after it was revealed the presidenthad dictated, following his state of emergency declaration, $US1Bof military construction project funding be transferred to fundinga US-Mexico border barrier. 
In the meantime, the US administration stood by a reportedwarning not to remain ‘idle’ should Russia continue to sendmilitary support to Venezuela in support of Nicolas Maduro.
Further, the US Government Accountability Office was reportedto be planning to investigate the US administration’s activitiessurrounding potential nuclear technology collaboration withSaudi Arabia.
 
27/03/2019 7:00:00 AM

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