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Market Opener – 21 May 2018
Local Markets Commentary
The Australian market opens a new week’s trade on largely uninspiring overnight Friday international equities and commodities trade.
Since then, the US and China have essentially confirmed no definitive result from last week’s trade talks in Washington. The US has talked of a trade war being ‘on hold’ and of an agreed framework for future negotiations.
In overnight Friday commodities trade, oil settled lower.
US gold futures rose a little.
Iron ore (China port, 62% Fe) was reported to have fallen for a second consecutive session.
LME copper turned lower. Nickel extended gains. Aluminium continued to fall.
The $A effectively trod water after trading at US75.10c early Friday evening, but has appreciated this morning.
Regionally today, Japan’s April trade balance is expected 9.50am AEST.
Locally, a weekly capital city residential property price report is also due pre-trade.
Overseas Market Commentary
Choppy trade featured across major European and US equities markets overnight Friday, amid falling oil prices, China’s denial of media reports of a trade gap deal from US-China trade talks, and a new proposed deal between parties attempting to form a sustainable coalition government in Italy.
Since then, the US and China have confirmed they will keep discussing US energy and agricultural exports, in particular, in an attempt to arrive at an agreed trade position. Later, the US offered that a trade war was ‘on hold’ and that at least a framework had been agreed by the conclusion of last week’s talks in Washington.
Among data releases, Germany’s producer prices rose 0.5% during April, following a flat result for March. Year-on-year the PPI came in 2.0% higher.
The euro zone’s trade surplus rose €8B to €26.9B during March.
Political angst in Italy pushed the euro lower against the $US, pushing the $US index to five-month highs.
Tonight in the US, the Chicago Fed national activity index is due.
In overnight Friday corporate news, AstraZeneca reported a 37% quarterly profit drop.
Campbell Soup also left a sour taste, pushed 12% lower after Thursday’s quarterly report and a Friday announcement that the CEO had stepped down.
Markets in Germany are scheduled to remain closed tonight, due to a public holiday.
The Australian market opens a new week’s trade on largely uninspiring overnight Friday international equities and commodities trade.
Since then, the US and China have essentially confirmed no definitive result from last week’s trade talks in Washington. The US has talked of a trade war being ‘on hold’ and of an agreed framework for future negotiations.
In overnight Friday commodities trade, oil settled lower.
US gold futures rose a little.
Iron ore (China port, 62% Fe) was reported to have fallen for a second consecutive session.
LME copper turned lower. Nickel extended gains. Aluminium continued to fall.
The $A effectively trod water after trading at US75.10c early Friday evening, but has appreciated this morning.
Regionally today, Japan’s April trade balance is expected 9.50am AEST.
Locally, a weekly capital city residential property price report is also due pre-trade.
Overseas Market Commentary
Choppy trade featured across major European and US equities markets overnight Friday, amid falling oil prices, China’s denial of media reports of a trade gap deal from US-China trade talks, and a new proposed deal between parties attempting to form a sustainable coalition government in Italy.
Since then, the US and China have confirmed they will keep discussing US energy and agricultural exports, in particular, in an attempt to arrive at an agreed trade position. Later, the US offered that a trade war was ‘on hold’ and that at least a framework had been agreed by the conclusion of last week’s talks in Washington.
Among data releases, Germany’s producer prices rose 0.5% during April, following a flat result for March. Year-on-year the PPI came in 2.0% higher.
The euro zone’s trade surplus rose €8B to €26.9B during March.
Political angst in Italy pushed the euro lower against the $US, pushing the $US index to five-month highs.
Tonight in the US, the Chicago Fed national activity index is due.
In overnight Friday corporate news, AstraZeneca reported a 37% quarterly profit drop.
Campbell Soup also left a sour taste, pushed 12% lower after Thursday’s quarterly report and a Friday announcement that the CEO had stepped down.
Markets in Germany are scheduled to remain closed tonight, due to a public holiday.