Local Markets Commentary

The Australian market commences today’s trade on mixed equities and commodities leads, amid plenty of commentary during the first full day of an official visit to Australia by China’s premier Li Keqiang.

In overnight commodities trade, gold continued higher and oil lower. Copper swung higher. Iron ore fell further.

The $A was pushed higher after slipping below ~US76.45c yesterday evening.

Locally today, several stocks trade ex-dividend, including CAR, FBU, GEM and IPE.

This morning, New Zealand’s reserve bank has kept the overnight cash rate at 1.75%.

Overseas Market Commentary

Major European and US equities sentiment largely vacillated overnight amid geopolitical concerns, oil prices at four-month lows, the $US at new six-week lows, and a US focus on a key healthcare system vote tonight.

The tech sector was notably supported in the US.

In US data releases, February existing home sales were reported to have fallen 3.7% for the month, against high demand but relatively low stock. Year-on-year, sales came in 5.4% higher.

Weekly mortgage applications fell 2.7%.

In the UK, attacks near parliament were reported to have been deadly.

Tonight in the US, Federal Reserve chair Janet Yellen is scheduled to speak publicly. In addition, the House of Representatives will vote on the repeal of the former administration’s health care legislation (‘affordable care act’) in favour of a new plan (‘American health care act’).

Among data releases, weekly new unemployment claims, February new home sales and a regional manufacturing index are also due.

CNOOC, CITIC and ZTE are due to report results later today.

In overnight corporate news, Nike tumbled after late-Tuesday issuing soft sales guidance.

Earlier, Netherlands-headquartered AkzoNobel had rejected a second ($US24B) offer, in three weeks, from PPG Industries.

General Electric announced $US1B worth of industrial operations cuts.