Local Markets Commentary

Australian market investors will have plenty to consider today.

A barrage of corporate financial reports is anticipated as it’s the last day of August. In addition, several high-profile stocks trade ex-dividend.

Overnight international equities and commodities leads are mostly negative.

Oil continued lower. Gold fell. Copper traded lower. Iron ore turned modestly higher

The $A was pushed to ~US75.15c after trading at ~US75.50c early yesterday evening.

Among local economic indicator reports today, July financial aggregates, including private sector credit, are due 11.30am AEST. International reserves and foreign currency liquidity will be published post-ASX trade.

G20 finance ministers and central bank deputy governors are due to meet in Hangzhou, China, ahead of the G20 heads of government forum 4 -5 September.

Overseas Market Commentary

Major European and US markets mostly chopped and swung through overnight trade, amid a rising $US, falls for key commodities and mixed corporate announcements.

A buoyant Conference Board US consumer confidence reading – 101.1, against a forecast 97 and July’s 96.7 – helped support near-term US rate rise expectations.

This benefited the $US and financial stocks on both sides of the Atlantic.

Case-Shiller’s US June house price index was reported 5.1% higher year-on-year.

In Germany, the initial August CPI growth estimate came in at an annual 0.4%, the same as for July and following forecasts for a 0.5% gain.

A euro zone business confidence index dropped from 0.38 last month to 0.2. An overall economic sentiment reading came in one point lower, at 103.5.

Tonight in the US, a private sector jobs report, July pending home sales, Chicago PMI and weekly mortgage applications are due.

Air China, Baoshan Iron & Steel, Hebei Iron & Steel and Yanzhou Coal are among companies scheduled to report earnings today and tonight.

Overnight, a European Union ruling that Ireland ought collect up to €13B worth of tax from Apple sparked appeal plans by both Ireland and Apple, and pushed the stock ~1% lower.

Tech stock concerns rose, as Dublin hosts the European headquarters for Amazon, Facebook, Google and Microsoft.

Hershey dropped more than 10% after late-Monday confirmation that Mondelez had scrapped plans to add the brand to its label stable.