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Market Opener – 22 Mar 2019
Local Markets Commentary
The Australian market opens Friday trade following overnight USequities gains but with price falls for key commodities andmaterial unresolved geopolitical scenarios for the UK, euro zone,US and China.In overnight commodities trade, oil seesawed lower.US gold futures (April) swung modestly higher.Iron ore (China port, 62% Fe) turned slightly higher.LME copper and other key base metals headed lower.The $A was pushed back to ~US71.10c after trading at US71.55cearly yesterday evening.Regionally today, Japan is due to report February CPI 10.30amAEDT.An initial March manufacturing PMI estimate is expected11.30am.Locally, New South Wales is preparing for a State electiontomorrow, with some pointing out implications for the nationalelection due this year.
Overseas Markets Commentary
Choppy trade featured across major European equities marketsovernight, but the FTSE was dragged decidedly higher in the finaltwo hours of trade, as the European Council deliberated onallowing the UK more time before its formal separation from theEuropean Union (EU).Key and US indices trended higher from open, buoyed by theprospect of a stay on rate rises, some encourage data releases,and a tech rally seemingly spawned by Apple recommendationsahead of next week’s new streaming service launch.Broad geopolitical scenarios continued to simmer in themeantime.
The US announced sanctions on two China-headquarteredshipping companies for supporting North Korea’s nuclearweapons development program.Further, the US administration update a list of 67 ships that hadtransferred petroleum products with North Korean vessels or hadexported coal from North Korea
The Australian market opens Friday trade following overnight USequities gains but with price falls for key commodities andmaterial unresolved geopolitical scenarios for the UK, euro zone,US and China.In overnight commodities trade, oil seesawed lower.US gold futures (April) swung modestly higher.Iron ore (China port, 62% Fe) turned slightly higher.LME copper and other key base metals headed lower.The $A was pushed back to ~US71.10c after trading at US71.55cearly yesterday evening.Regionally today, Japan is due to report February CPI 10.30amAEDT.An initial March manufacturing PMI estimate is expected11.30am.Locally, New South Wales is preparing for a State electiontomorrow, with some pointing out implications for the nationalelection due this year.
Overseas Markets Commentary
Choppy trade featured across major European equities marketsovernight, but the FTSE was dragged decidedly higher in the finaltwo hours of trade, as the European Council deliberated onallowing the UK more time before its formal separation from theEuropean Union (EU).Key and US indices trended higher from open, buoyed by theprospect of a stay on rate rises, some encourage data releases,and a tech rally seemingly spawned by Apple recommendationsahead of next week’s new streaming service launch.Broad geopolitical scenarios continued to simmer in themeantime.
The US announced sanctions on two China-headquarteredshipping companies for supporting North Korea’s nuclearweapons development program.Further, the US administration update a list of 67 ships that hadtransferred petroleum products with North Korean vessels or hadexported coal from North Korea