Disclaimer: All information on this section is of a general nature.
Before making any investment decision, you should consult your adviser.
Market Opener – 26 Sep 2018
Local Markets Commentary
The Australian market opens midweek trade following vacillating overnight international equities and trade sentiment, ahead of an anticipated US rate rise tonight and key international data tomorrow and Friday.
In overnight commodities trade, oil continued higher, Brent crude trading beyond $US82.50/bbl.
US (December) gold futures again settled a little higher.
Iron ore (62% Fe, China port) recorded a slight rise.
LME copper continued lower, nickel settled essentially flat, and aluminium swung higher.
The $A appreciated to ~US72.50c after trading at ~US72.40c early yesterday evening.
Locally today, BKL is among companies trading ex-dividend. Please see p3 for additional stocks and details.
Regionally, New Zealand has this morning reported a $NZ1.48B August trade deficit (a record monthly high), against expectations of $NZ925M
Overseas Market Commentary
Mixed openings and choppy trade featured across major European and US equities markets overnight, with plenty of international geopolitical commentary and developments to consider.
US officials complained that talking trade with China and Canada was difficult, claiming each was too intransigent.
This followed a bullying accusation the previous day from China, and after the US touted a trade agreement with South Korea and talks with Japan late-week.
The US president addressed other United Nations (UN) world leaders at the UN General Assembly, decrying past ‘trade abuse’ that the US would no longer tolerate, at the same time trading accusations with Iran.
Meanwhile in Argentina, the nation’s central bank president, appointed three months ago, resigned.
In overnight data releases, US residential property prices rose 5.9% in July according to Case-Shiller, slowing from a 6.4% increase in June.
In the meantime, the FHFA calculated a 0.2% gain in its July home price index, from a 0.3% rise in June.
The Conference Board’s US consumer sentiment index climbed to 138.4 from 134.7 last month, and was heralded for its approach to the record 144.7 recorded in September 2000.
The Richmond Fed manufacturing index did achieve a record peak, coming in at 29, five points higher for the month. Shipments and new orders supported the gain, but not so the employment component.
Tonight in the US, the Federal Reserve announces outcomes from its policy meeting, ahead of a press conference.
Tonight’s data releases include August new home sales and weekly mortgage applications.
Commentary out of the United Nations General Assembly is also likely to attract further attention.
A trading update is expected from PZ Cussons.
In overnight corporate news, Banco Santander appeared to catch the financial sector off-guard with the appointment of UBS investment banking head Andrea Orcel as CEO.
Michael Kors confirmed it was purchasing Versace, and would pay $2.1B. To assuage some purists, Michael Kors pointed out Donatella Versace would still head Versace creations.
Pharmaceuticals manufacturer Novartis announced facility closures and ~2500 associated job cuts over two-four years, with a view to boosting operating profit margins amid a lower price environment, including in the key US market.
Facebook suffered early on the resignations of the two founders of Instagram.
Intel ultimately settled ~2% lower on an analyst downgrade. Several downgrades across the chip manufacturing sector were issued by two groups.
The Australian market opens midweek trade following vacillating overnight international equities and trade sentiment, ahead of an anticipated US rate rise tonight and key international data tomorrow and Friday.
In overnight commodities trade, oil continued higher, Brent crude trading beyond $US82.50/bbl.
US (December) gold futures again settled a little higher.
Iron ore (62% Fe, China port) recorded a slight rise.
LME copper continued lower, nickel settled essentially flat, and aluminium swung higher.
The $A appreciated to ~US72.50c after trading at ~US72.40c early yesterday evening.
Locally today, BKL is among companies trading ex-dividend. Please see p3 for additional stocks and details.
Regionally, New Zealand has this morning reported a $NZ1.48B August trade deficit (a record monthly high), against expectations of $NZ925M
Overseas Market Commentary
Mixed openings and choppy trade featured across major European and US equities markets overnight, with plenty of international geopolitical commentary and developments to consider.
US officials complained that talking trade with China and Canada was difficult, claiming each was too intransigent.
This followed a bullying accusation the previous day from China, and after the US touted a trade agreement with South Korea and talks with Japan late-week.
The US president addressed other United Nations (UN) world leaders at the UN General Assembly, decrying past ‘trade abuse’ that the US would no longer tolerate, at the same time trading accusations with Iran.
Meanwhile in Argentina, the nation’s central bank president, appointed three months ago, resigned.
In overnight data releases, US residential property prices rose 5.9% in July according to Case-Shiller, slowing from a 6.4% increase in June.
In the meantime, the FHFA calculated a 0.2% gain in its July home price index, from a 0.3% rise in June.
The Conference Board’s US consumer sentiment index climbed to 138.4 from 134.7 last month, and was heralded for its approach to the record 144.7 recorded in September 2000.
The Richmond Fed manufacturing index did achieve a record peak, coming in at 29, five points higher for the month. Shipments and new orders supported the gain, but not so the employment component.
Tonight in the US, the Federal Reserve announces outcomes from its policy meeting, ahead of a press conference.
Tonight’s data releases include August new home sales and weekly mortgage applications.
Commentary out of the United Nations General Assembly is also likely to attract further attention.
A trading update is expected from PZ Cussons.
In overnight corporate news, Banco Santander appeared to catch the financial sector off-guard with the appointment of UBS investment banking head Andrea Orcel as CEO.
Michael Kors confirmed it was purchasing Versace, and would pay $2.1B. To assuage some purists, Michael Kors pointed out Donatella Versace would still head Versace creations.
Pharmaceuticals manufacturer Novartis announced facility closures and ~2500 associated job cuts over two-four years, with a view to boosting operating profit margins amid a lower price environment, including in the key US market.
Facebook suffered early on the resignations of the two founders of Instagram.
Intel ultimately settled ~2% lower on an analyst downgrade. Several downgrades across the chip manufacturing sector were issued by two groups.