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Market Opener – 17 Sep 2019

Local Markets Commentary
The Australian market commences today’s trade with Reserve Bank Policy (RBA) meeting minutes due late morning, as key northern hemisphere geopolitical scenarios impacting perceptions of broader international economic growth prospects continue to spawn commentary and speculation.

Locally today, the RBA publishes the minutes of its 3 September policy meeting 11.30am AEST.

The Australian Bureau of Statistics (ABS) releases a June quarter capital city residential property price report, also at 11.30am.

Pre-trade, a weekly consumer sentiment reading is due.

Regionally today, China’s August house price index is expected, 11.30am AEST.

In overnight commodities trade, oil was propelled higher.

US gold futures (December) rallied.

Iron ore (Nymex CFR China, 62% Fe) was pushed a little lower.

LME copper and aluminium swung lower. Nickel continued to fall.

The $A essentially marked time after trading at ~US68.85c early yesterday evening.

Overseas Market Commentary
Low risk sentiment featured during overnight major European and US equities markets trade, all key indices falling on opening and most never looking like achieving an even intra-sessional gain.

The weekend oil facility attacks in Saudi Arabia, and potential implications, remained forefront.

In addition, earlier yesterday, China had reported softer-than-anticipated industrial production, retail sales and fixed asset investment growth.

Oil soared, bond yields slipped and gold interest rallied.

The US president, ever keen to reduce oil prices, meanwhile approved the use of US emergency crude stores. This pushed the $US higher.

In the UK, the PM met with key European Union (EU) officials, but post commentary from each side differed on the amount of progress achieved.

Both sides however confirmed they did not want the UK to leave the European Union (EU) without arrangements in place agreed by the EU and UK parliament.

Some EU leaders claim no change to the deal, including a controversial UK-Ireland border provision, agreed between the EU and previous UK PM Theresa May will be entertained.

Other EU representatives accuse the UK of not offering any viable alternatives.

In scant overnight data releases, the US New York Fed Empire State manufacturing index dropped to 2.0 from 4.8.

Tonight in the US, the Federal Reserve commences a two-day policy meeting from which outcomes are due to be announced early Thursday AEST.

Tonight’s US data releases include August industrial production and a monthly home builders’ housing market index.

Elsewhere, the UK PM is expected to continue to promote his case that a deal palatable with the EU and also the UK parliament is possible to achieve.

Companies scheduled to report earnings later today and tonight include Adobe, FedEx, Korea Electric Power and POSCO.

In overnight corporate news, industrial action at General Motors pushed the stock ~4% lower.
17/09/2019 8:00:00 AM

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