Disclaimer: All information on this section is of a general nature.
Before making any investment decision, you should consult your adviser.
Market Opener – 24 Oct 2018
Local Markets Commentary
The Australian market commences mid-week trade on negative overnight equities and mixed commodities trade leads, and with several high-profile domestic corporate updates in hand.
In overnight commodities trade, oil tumbled.
US (December) gold futures and other precious metals rallied.
Iron ore (China port, 62% Fe) recorded a second consecutive sessional gain.
LME copper and nickel turned and fell.
The $A traded within a relatively narrow range after being propelled beyond ~US70.85c early yesterday evening.
Locally today, a September skilled vacancies report is expected.
Also today, several more large-cap stocks hold AGMs and/or report quarterly operational statistics. BOQ and REX are among stocks trading ex-dividend. Please see pp3 – 5 for detailed lists.
Regionally, Japan’s initial October manufacturing PMI estimate (11.30am AEDT) could prove influential if significantly different from September.
Overseas Market Commentary
Major European and US equities markets fell hard early overnight, but key US indices began trending higher before mid-session.
Geopolitical issues continued, reportedly intensifying in Europe, the UK and the Taiwan Strait, sobering data was released on both sides of the Atlantic, and US corporates were reported to be feeling some bite from this year’s ratcheting of some trade tariffs.
The European Commission officially rejected Italy’s budget draft. This meant that should the budget be approved by the Italian parliament as is, the nation would face regulatory penalties, increasing national debt.
During US trade however, investors appeared in the mood to snap up select stocks at perceived bargain levels.
Among new data releases, a UK December quarter business optimism index was calculated at -16 from -3 last month.
Germany reported producer prices had risen by 0.5% during September pushing the year-on-year gain to 3.2%.
A consumer confidence reading covering the entire euro zone came in at -2.7 from -2.9.
In the US, the closely-watched Richmond Fed manufacturing index tumbled from 29 to 15.
Meanwhile, Saudi Arabia heralded an investment conference, boycotted by not a few companies and international government representatives, but nonetheless reported to have delivered $US50B worth of deals.
Tonight in the US, the Federal Reserve’s region-by-region economic summaries are keenly anticipated, within what is known as the ‘beige book’, ahead of a preliminary national September quarter GDP reading Friday.
August house prices, September new home sales, Markit’s initial October PMI estimates and weekly mortgage applications are also due.
In addition, three Federal Reserve officials are scheduled to speak publicly.
In overnight corporate news, Dyson revealed it was planning to manufacture electric vehicles, under design in the UK, in Singapore.
Also pre-US trade, Caterpillar issued a warning n higher steel import taxed and fright increase, citing an $40M impact during the September quarter.
In addition, 3M reduced earnings guidance, citing higher trade taxes and China’s slowing economy.
Lockheed Martin provided some relief, boosting full-year sales guidance by $IS1.4B to $US53B.
A plethora of companies is scheduled to reveal earnings or provide updates later today or tonight include. These include: Antofagasta, AT&T, Barclays, Barrick Gold, Boeing, Deutsche Bank, Ford Motor, Microsoft, Northrop Grumman, Vale and Visa.
The Australian market commences mid-week trade on negative overnight equities and mixed commodities trade leads, and with several high-profile domestic corporate updates in hand.
In overnight commodities trade, oil tumbled.
US (December) gold futures and other precious metals rallied.
Iron ore (China port, 62% Fe) recorded a second consecutive sessional gain.
LME copper and nickel turned and fell.
The $A traded within a relatively narrow range after being propelled beyond ~US70.85c early yesterday evening.
Locally today, a September skilled vacancies report is expected.
Also today, several more large-cap stocks hold AGMs and/or report quarterly operational statistics. BOQ and REX are among stocks trading ex-dividend. Please see pp3 – 5 for detailed lists.
Regionally, Japan’s initial October manufacturing PMI estimate (11.30am AEDT) could prove influential if significantly different from September.
Overseas Market Commentary
Major European and US equities markets fell hard early overnight, but key US indices began trending higher before mid-session.
Geopolitical issues continued, reportedly intensifying in Europe, the UK and the Taiwan Strait, sobering data was released on both sides of the Atlantic, and US corporates were reported to be feeling some bite from this year’s ratcheting of some trade tariffs.
The European Commission officially rejected Italy’s budget draft. This meant that should the budget be approved by the Italian parliament as is, the nation would face regulatory penalties, increasing national debt.
During US trade however, investors appeared in the mood to snap up select stocks at perceived bargain levels.
Among new data releases, a UK December quarter business optimism index was calculated at -16 from -3 last month.
Germany reported producer prices had risen by 0.5% during September pushing the year-on-year gain to 3.2%.
A consumer confidence reading covering the entire euro zone came in at -2.7 from -2.9.
In the US, the closely-watched Richmond Fed manufacturing index tumbled from 29 to 15.
Meanwhile, Saudi Arabia heralded an investment conference, boycotted by not a few companies and international government representatives, but nonetheless reported to have delivered $US50B worth of deals.
Tonight in the US, the Federal Reserve’s region-by-region economic summaries are keenly anticipated, within what is known as the ‘beige book’, ahead of a preliminary national September quarter GDP reading Friday.
August house prices, September new home sales, Markit’s initial October PMI estimates and weekly mortgage applications are also due.
In addition, three Federal Reserve officials are scheduled to speak publicly.
In overnight corporate news, Dyson revealed it was planning to manufacture electric vehicles, under design in the UK, in Singapore.
Also pre-US trade, Caterpillar issued a warning n higher steel import taxed and fright increase, citing an $40M impact during the September quarter.
In addition, 3M reduced earnings guidance, citing higher trade taxes and China’s slowing economy.
Lockheed Martin provided some relief, boosting full-year sales guidance by $IS1.4B to $US53B.
A plethora of companies is scheduled to reveal earnings or provide updates later today or tonight include. These include: Antofagasta, AT&T, Barclays, Barrick Gold, Boeing, Deutsche Bank, Ford Motor, Microsoft, Northrop Grumman, Vale and Visa.