Local Markets Commentary

The Australian market opens mid-week trade as for yesterday - on positive international equities and mixed commodities leads.

In overnight commodities trade, US gold futures turned lower. WTI crude extended recent gains and Brent turned to settle higher. Copper swung to close slightly higher. Iron ore fell.

The $A has approached US72.60c after trading at ~US72.40c yesterday evening.

Locally today, a flurry of companies debuts on the ASX from 10.45am through 1pm AEDST.

Westpac and the Melbourne Institute publish their monthly leading economic indices report 10.30am.

November job vacancies are expected 11am.

Overseas Market Commentary

Major European and US equities markets settled higher overnight, again in lower-volume pre-holiday weekend trade as the $US traded at new 14-year highs.

The euro zone’s October current account surplus was reported at €28.4B from €27.7B in September.

Germany’s November producer prices surprised on the upside, rising 0.1% year-on-year, following a 0.4% decline in October and forecasts of a 0.2% further pull back.

In Italy, the government was preparing to seek parliamentary approval to borrow up to €20B to support the banking sector.

Tonight in the US, weekly mortgage applications and November existing home sales are due, ahead of a final September quarter GDP reading and durable goods orders tomorrow, and new home sales Friday.

Chip-maker Micron Technology is among companies listed to report earnings.

In overnight corporate news, Ford Motor Co revealed it expected to export (to the US), by late 2017, SUVs made by the company in India.

US and German markets will be closed Monday next week (26 December).

UK markets will be closed Monday and Tuesday.

Japan’s markets will be closed Friday, 23 December.

China’s markets will trade as normal.