Disclaimer: All information on this section is of a general nature.
Before making any investment decision, you should consult your adviser.
Market Opener – 17 May 2018
Local Markets Commentary
The Australian market opens today’s trade on generally supportive overnight international trade leads ahead of key domestic data.
In overnight commodities trade, oil gained again.
US gold futures settled essentially flat.
Iron ore (China port, 62% Fe) turned higher, continuing the week’s see-sawing.
LME copper turned slightly higher, and nickel moderately so.
The $A was propelled to ~US75.15c after rising to ~US74.85c early yesterday evening.
Locally today, the Australia Bureau of Statistics (ABS) releases April employment statistics 11.30am AEST.
In addition, the Melbourne Institute publishes a monthly consumer inflation expectations report.
Overseas Market Commentary
Major European and US equities markets largely opened higher overnight, but choppy, swinging trade again featured for most indices, amid a batch of influential data releases.
In the US, the $US and bond yields kept on higher in early trade, but so did small-cap interest throughout. In addition, retailers benefited from a stronger-than-anticipated corporate quarterly.
In US data releases, April housing starts dropped 3.7% for the month, after rising 1.9% in March.
Building permits fell 1.8% following a 4.4% March increase.
April industrial output improved 0.7% for the month after rising 0.5% in March. Manufacturing production increased 0.5% following a 0.1% March gain.
Earlier in the euro zone, April CPI growth was confirmed at 0.3% for the month and 1.1% year-on-year. Core CPI rose 0.7% for the month.
Germany’s final April CPI reading confirmed nil growth for the month and 1.6% year-on-year.
Meanwhile in Italy, 10-year bond yields jumped during a sell-off fuelled by more ructions from parties proposing to form a coalition government.
Tonight in the US, weekly new unemployment claims, a leading indicators report and a key regional manufacturing index are due.
Companies scheduled to report earnings later today or tonight include Investec, JC Penney, Manchester United, Nordstrom, Thomas Cook and Walmart.
HSBC and Tesco trade ex-dividend on the FTSE 100.
In overnight corporate news, Templeton funds were reported to have supported a bond sale in Argentina this week to the tune of $US2.25B.
France’s Total revealed it needed protection from US threats regarding sanctions against Iran in order to continue past early-November with plans to develop Iran’s South Pars gas field.
US retailer Macy’s was propelled 10% higher on market-beating quarterly profit and sales figures and improved full year guidance. This supported department store sentiment in general, ahead of further high-profile US retail earnings reports tonight.
Teva Pharmaceutical was pushed ~3% higher on revelations late-Tuesday of Berkshire Hathaway’s March quarter purchase of an ~20M additional shares.
Cisco Systems reported post-US trade, but while exceeding profit forecasts, prices were seen falling. This is expected to influence some of tonight’s tech sentiment.
The Australian market opens today’s trade on generally supportive overnight international trade leads ahead of key domestic data.
In overnight commodities trade, oil gained again.
US gold futures settled essentially flat.
Iron ore (China port, 62% Fe) turned higher, continuing the week’s see-sawing.
LME copper turned slightly higher, and nickel moderately so.
The $A was propelled to ~US75.15c after rising to ~US74.85c early yesterday evening.
Locally today, the Australia Bureau of Statistics (ABS) releases April employment statistics 11.30am AEST.
In addition, the Melbourne Institute publishes a monthly consumer inflation expectations report.
Overseas Market Commentary
Major European and US equities markets largely opened higher overnight, but choppy, swinging trade again featured for most indices, amid a batch of influential data releases.
In the US, the $US and bond yields kept on higher in early trade, but so did small-cap interest throughout. In addition, retailers benefited from a stronger-than-anticipated corporate quarterly.
In US data releases, April housing starts dropped 3.7% for the month, after rising 1.9% in March.
Building permits fell 1.8% following a 4.4% March increase.
April industrial output improved 0.7% for the month after rising 0.5% in March. Manufacturing production increased 0.5% following a 0.1% March gain.
Earlier in the euro zone, April CPI growth was confirmed at 0.3% for the month and 1.1% year-on-year. Core CPI rose 0.7% for the month.
Germany’s final April CPI reading confirmed nil growth for the month and 1.6% year-on-year.
Meanwhile in Italy, 10-year bond yields jumped during a sell-off fuelled by more ructions from parties proposing to form a coalition government.
Tonight in the US, weekly new unemployment claims, a leading indicators report and a key regional manufacturing index are due.
Companies scheduled to report earnings later today or tonight include Investec, JC Penney, Manchester United, Nordstrom, Thomas Cook and Walmart.
HSBC and Tesco trade ex-dividend on the FTSE 100.
In overnight corporate news, Templeton funds were reported to have supported a bond sale in Argentina this week to the tune of $US2.25B.
France’s Total revealed it needed protection from US threats regarding sanctions against Iran in order to continue past early-November with plans to develop Iran’s South Pars gas field.
US retailer Macy’s was propelled 10% higher on market-beating quarterly profit and sales figures and improved full year guidance. This supported department store sentiment in general, ahead of further high-profile US retail earnings reports tonight.
Teva Pharmaceutical was pushed ~3% higher on revelations late-Tuesday of Berkshire Hathaway’s March quarter purchase of an ~20M additional shares.
Cisco Systems reported post-US trade, but while exceeding profit forecasts, prices were seen falling. This is expected to influence some of tonight’s tech sentiment.