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Before making any investment decision, you should consult your adviser.
Market Opener – 04 May 2018
Local Markets Commentary
The Australian market opens Friday trade with plenty to consider, including: key domestic and regional reports; uninspiring overnight international equities leads; mixed commodities trade; declarations from Iran overnight; and anticipated comments out of official US-China trade talks underway in Beijing.
In overnight commodities trade, US gold futures turned to settle moderately higher. Oil continued higher.
Iron ore (China port, 62% Fe) was pushed a little lower.
LME copper closed little changed, but nickel and aluminium were propelled lower.
The $A effectively trod water after trading at ~US75.30c early yesterday evening.
Regionally today, Caixin is due to report a final April services PMI for China 11.45am AEST.
Locally today, the Reserve Bank of Australia (RBA) publishes a quarterly monetary policy report 11.30am AEST. Tuesday, RBA governor Philip Lowe pre-empted the report, declaring it would not surprise.
Japan’s markets remain closed today due to a public holiday.
Overseas Market Commentary
Major European and US equities markets headed lower in early trade overnight, European indices settling at or near session lows, but key US indices recovering most losses in second-half trade.
In mixed US data releases, the ISM’s April services sector index disappointed, falling two points to a nonetheless robust 56.8. Component indices drew the most commentary, including for employment, which came in three points lower, at 53.6.
March trade figures appeased, however, producing a 15.2% deficit drop to $US49B. Exports were calculated at a record $US208.5B.
In addition, weekly new unemployment claims continued lower, and a monthly job cuts report estimated planned layoffs fell 43% for the month, following a 39.4% jump in March.
March quarter productivity, was reported 0.7% higher, following a 0.3% rise for the December quarter and expectations of a 0.9% improvement.
An initial estimate for euro zone April CPI annual growth revealed a 0.1% slip to 1.2%.
The UK April services PMI rose 1.1 to 52.8, but forecasters had anticipated 53.5, in part due to the March reading having represented a 20-month low.
Tonight in the US, April national employment figures are due.
In addition, no fewer than five Federal Reserve officials are scheduled to speak publicly.
Companies scheduled to report earnings include Alibaba, BNP Paribas, Berkshire Hathaway, Celgene and HSBC.
In select overnight corporate news, Tesla was pushed 5.5% lower following a quarterly teleconference during which CEO Elon Musk was panned for not paying due deference to Wall St operators. Mr Musk opted to promote company plans as priorities over coercing investors to buy and hold Tesla stock.
AIG was also out of favour, to the tune of an ~5% drop, after undershooting quarterly profit expectations.
UK markets will be closed Monday due to a public holiday.
The Australian market opens Friday trade with plenty to consider, including: key domestic and regional reports; uninspiring overnight international equities leads; mixed commodities trade; declarations from Iran overnight; and anticipated comments out of official US-China trade talks underway in Beijing.
In overnight commodities trade, US gold futures turned to settle moderately higher. Oil continued higher.
Iron ore (China port, 62% Fe) was pushed a little lower.
LME copper closed little changed, but nickel and aluminium were propelled lower.
The $A effectively trod water after trading at ~US75.30c early yesterday evening.
Regionally today, Caixin is due to report a final April services PMI for China 11.45am AEST.
Locally today, the Reserve Bank of Australia (RBA) publishes a quarterly monetary policy report 11.30am AEST. Tuesday, RBA governor Philip Lowe pre-empted the report, declaring it would not surprise.
Japan’s markets remain closed today due to a public holiday.
Overseas Market Commentary
Major European and US equities markets headed lower in early trade overnight, European indices settling at or near session lows, but key US indices recovering most losses in second-half trade.
In mixed US data releases, the ISM’s April services sector index disappointed, falling two points to a nonetheless robust 56.8. Component indices drew the most commentary, including for employment, which came in three points lower, at 53.6.
March trade figures appeased, however, producing a 15.2% deficit drop to $US49B. Exports were calculated at a record $US208.5B.
In addition, weekly new unemployment claims continued lower, and a monthly job cuts report estimated planned layoffs fell 43% for the month, following a 39.4% jump in March.
March quarter productivity, was reported 0.7% higher, following a 0.3% rise for the December quarter and expectations of a 0.9% improvement.
An initial estimate for euro zone April CPI annual growth revealed a 0.1% slip to 1.2%.
The UK April services PMI rose 1.1 to 52.8, but forecasters had anticipated 53.5, in part due to the March reading having represented a 20-month low.
Tonight in the US, April national employment figures are due.
In addition, no fewer than five Federal Reserve officials are scheduled to speak publicly.
Companies scheduled to report earnings include Alibaba, BNP Paribas, Berkshire Hathaway, Celgene and HSBC.
In select overnight corporate news, Tesla was pushed 5.5% lower following a quarterly teleconference during which CEO Elon Musk was panned for not paying due deference to Wall St operators. Mr Musk opted to promote company plans as priorities over coercing investors to buy and hold Tesla stock.
AIG was also out of favour, to the tune of an ~5% drop, after undershooting quarterly profit expectations.
UK markets will be closed Monday due to a public holiday.