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State One Market Opener - 12 Oct 2016

Local Markets Commentary

The Australian market opens on decidedly negative US equities and mostly negative commodities leads.

In overnight commodities trade, US gold futures and oil turned lower. Copper also fell. Iron ore extended Monday’s gains.

The $A slipped after trading at ~US75.5c yesterday evening.

Locally today, a monthly consumer sentiment report is due, together with a leading employment indicator, June quarter construction sector activity and September debit and credit card transaction statistics.

Regionally, Japan releases machine tool orders and August current account details.

China’s September trade statistics are anticipated tomorrow.

Overseas Market Commentary

US equities markets fell on opening, dragging choppy, swinging major European equities lower, to all close at or near session lows.

US political angst toyed with sentiment, as did a robust $US following another Federal Reserve regional president proclaiming a rate rise could likely be due before year’s end.

A Bank of England policy maker noted the British pound could fall further than it had in recent sessions, and in response to such, the currency was pushed lower against both the $US and euro.

A US a small business optimism index was reported slightly lower for a second consecutive month.

Tonight in the US, Federal Reserve September policy meeting minutes are keenly anticipated. An August job opportunities report and weekly mortgage applications are also due.

Domino’s Pizza and CSX Corp are due to report results.

Overnight, Alcoa reported disappointing earnings and cut revenue guidance, pushing the stock ~11% lower.

Yesterday, Samsung suspended production and sales of Galaxy Note 7 phones.

12/10/2016 6:48:42 AM

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