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Market Opener – 02 Oct 2017
Local Markets Commentary
The Australian market opens December quarter trade following influential data out of China over the weekend.
Trade volumes are expected to prove relatively light, with public holidays in three States and the ACT.
The official September manufacturing PMI for China was reported at 52.4 on Saturday, 0.7 higher than for August.
Meanwhile, a component PMI for the steel industry fell 3.5 points to 53.7.
For its part, Caixin reported a 51.0 September manufacturing PMI, down 0.6 of a point for the month.
The official PMI represents 3000 enterprises, with a focus on large entities, while the Caixin-sponsored survey includes just 500 manufacturers, with a lower proportion of large businesses.
In other news out of China, the People’s Bank of China has eased regulations to enable greater lending to small business.
In overnight Friday commodities trade, US gold futures turned modestly lower. Oil settled slightly higher. LME copper swung lower. Iron ore extended Thursday’s fall.
The $A slipped further after falling below ~US78.35c early Friday evening, but has traded beyond US78.40c this morning.
Locally today, a September manufacturing activity index and a weekly capital city residential property price report are due, each pre-trade.
The Melbourne Institute and TD Securities also publish their monthly inflation report ahead of the Reserve Bank of Australia’s (RBA) policy meeting tomorrow.
Overseas Market Commentary
Most major European and US equities markets opened at or near session lows, risk sentiment trending higher as trade played out. Part of late-US trade was attributed to ‘new record’ contagion for the NASDAQ and S&P 500.
In early data releases, the euro zone’s September CPI growth was estimated at 1.5% year-on-year.
Germany’s August retail sales slipped 0.4% following a 1.2% drop for July and against expectations of a 0.5% recovery.
In the US, August personal income and spending were reported 0.2% and 0.1% higher, respectively, pushing personal consumption expenditure (PCE) 0.1% lower for the month.
A 65.2 Chicago PMI reading pleased, representing a 6.3-point rise for the month.
The final September consumer sentiment reading from the University of Michigan came in at 95.1, 0.2 lower than for August.
Tonight in the US, ISM’s September manufacturing index is due, together with August construction spending and a revised September manufacturing PMI from Markit.
The Australian market opens December quarter trade following influential data out of China over the weekend.
Trade volumes are expected to prove relatively light, with public holidays in three States and the ACT.
The official September manufacturing PMI for China was reported at 52.4 on Saturday, 0.7 higher than for August.
Meanwhile, a component PMI for the steel industry fell 3.5 points to 53.7.
For its part, Caixin reported a 51.0 September manufacturing PMI, down 0.6 of a point for the month.
The official PMI represents 3000 enterprises, with a focus on large entities, while the Caixin-sponsored survey includes just 500 manufacturers, with a lower proportion of large businesses.
In other news out of China, the People’s Bank of China has eased regulations to enable greater lending to small business.
In overnight Friday commodities trade, US gold futures turned modestly lower. Oil settled slightly higher. LME copper swung lower. Iron ore extended Thursday’s fall.
The $A slipped further after falling below ~US78.35c early Friday evening, but has traded beyond US78.40c this morning.
Locally today, a September manufacturing activity index and a weekly capital city residential property price report are due, each pre-trade.
The Melbourne Institute and TD Securities also publish their monthly inflation report ahead of the Reserve Bank of Australia’s (RBA) policy meeting tomorrow.
Overseas Market Commentary
Most major European and US equities markets opened at or near session lows, risk sentiment trending higher as trade played out. Part of late-US trade was attributed to ‘new record’ contagion for the NASDAQ and S&P 500.
In early data releases, the euro zone’s September CPI growth was estimated at 1.5% year-on-year.
Germany’s August retail sales slipped 0.4% following a 1.2% drop for July and against expectations of a 0.5% recovery.
In the US, August personal income and spending were reported 0.2% and 0.1% higher, respectively, pushing personal consumption expenditure (PCE) 0.1% lower for the month.
A 65.2 Chicago PMI reading pleased, representing a 6.3-point rise for the month.
The final September consumer sentiment reading from the University of Michigan came in at 95.1, 0.2 lower than for August.
Tonight in the US, ISM’s September manufacturing index is due, together with August construction spending and a revised September manufacturing PMI from Markit.