Local Markets Commentary

The Australian market resumes this week’s trade ahead of key domestic data, on some positive equities leads and following an extended US equities rally.

March quarter CPI growth will be published 11.30am AEST.

A skilled vacancies report is also due this morning.

In overnight commodities trade, US gold futures extended Monday’s fall. Oil turned to settle higher. LME copper and other key base metals rallied.

The $A gained after trading at US75.25c yesterday evening, and will react to today’s CPI report.

Overseas Market Commentary

Choppy trade featured across major European equities markets overnight.

Key US indices rallied decisively for a second consecutive session, bolstered by corporate results and data, plus the prospect of attractive business and personal tax change.

In addition, president Trump reportedly made at least one major concession to help ensure the US debt ceiling could be lifted by Friday’s deadline, enabling government services to continue.

In data releases, US March new home sales rose 5.8%.

The Case-Shiller February quarter house price index rose 5.9%.

A Conference Board consumer confidence index fell 4.6 to 120.3, but remained in second place after March’s highest reading since December 2000.

Tonight in the US, information regarding proposed tax changes is promised. Weekly mortgage applications are due.

Antofagasta, Banco Santander, Boeing, Canon, Credit Suisse, Fiat Chrysler, Fujitsu General, GlaxoSmithKline, Hyundai Motor, LG Display, Northrop Grumman, PepsiCo, Samsung C&T, Standard Chartered and Twitter are among companies listed to report earnings or provide updates today and tonight.

In overnight corporate news, better-than-anticipated quarterly reports from the likes of McDonald’s (rose 5%), DuPont (+3%) and Caterpillar (+8%) supported DJIA gains.