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State One Market Opener - 24 Oct 2016

Local Markets Commentary

The Australian market commences a new week’s trade on weak international equities and varying commodities leads.

In overnight Friday commodities trade, US gold futures settled virtually flat, but oil higher. Copper was pushed lower. Iron ore closed steady.

The $A slipped to ~US76.05c after trading at ~US76.45c early Friday evening.

Regionally today, Japan publishes September trade statistics 10.50am AEDST. An initial October manufacturing PMI is also expected, 11.30am.

Locally, CommSec releases its State-by-State national economic assessment.

New Zealand’s markets are closed today due to a public holiday.

Overseas Market Commentary

Major European and US equities markets chopped and swung through overnight Friday trade as the $US strengthened again.

A US Federal Reserve regional president repeated his view that an interest rate rise was due this year. He also promoted more than one rise during 2017 while maintaining a low-gradient incline was appropriate.

Tonight in the US, the Chicago Fed national activity index and a Markit initial October manufacturing PMI are due.

Visa and Philips are among companies scheduled to report.

Since ASX trade closed Friday, AT&T has revealed an agreed ~$US85B proposed acquisition of Time Warner.

General Electric cited weak demand from the petroleum industry while reducing full-year sales guidance.

Meanwhile, the British Bankers Association repeated a warning financial institutions would move from the UK from early-2017, in the absence of cross-Europe operating certainty.

24/10/2016 7:04:56 AM

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