Local Markets Commentary

The Australian market is expected to commence normal trade on time.

US equities leads are lacklustre, but in overnight commodities trade, both oil and gold swung higher. Copper turned lower. Iron ore also settled lower.

The $A effectively marked time after trading at ~US75.4c early yesterday evening.

Locally today, the RBA releases the minutes of its 6 September policy meeting 11.30am AEST. The ABS also publishes a June quarter residential property price report.

Pre-trade, a weekly consumer sentiment reading is due. CBA has released a monthly business sales report this morning, suggesting increased spending through to the end of the year.

Companies trading ex-dividend include CWY and SIP.

The Bank of Japan commences a monetary policy meeting today, from which outcomes will be announced tomorrow afternoon AEST.

Overseas Market Commentary

Higher oil prices supported major European equities markets overnight, but US trade vacillated.

In the euro zone, the July current account surplus came in at €21B, from €29.6B in June.

Meanwhile, Germany’s Bundesbank (central bank) predicted September quarter GPD would slow, reversing an earlier position.

In the US, the NAHB’s housing market index broke free of a string of relatively flat figures, rising to 65 from August’s 59.

Tonight in the US, August housing starts and building permits are due.

FedEx and Adobe Systems are among companies scheduled to report.

Meanwhile, a seven-day UN leaders’ summit commences in New York.