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Market Opener – 20 Mar 2019

 
Local Markets Commentary
The Australian market opens mid-week trade following vacillatingovernight US equities trade, and ahead of an expected Chinaresponse to new overnight US trade talks reports.Locally today, Westpac and the Melbourne Institute are due topublish their monthly leading index 11.30am AEDT.RBA assistant governor financial system Michele Bullock isscheduled to speak at an Urban Development of Australia eventin Perth, 11am AEDT.The Department of Jobs releases a job vacancies report today,ahead of Australian Bureau of Statistics (ABS) Februaryemployment statistics, due tomorrow.Stocks trading ex-dividend today include CWN and WEB. Please seepp3-4 for a comprehensive list.In overnight commodities trade, Brent and WTI crude settledmixed and only slightly changed.US gold futures (April) gained modestly.Iron ore (China port, 62% Fe) swung lower.LME copper and other key base metals rose by varying degrees.The $A slipped below US70.90c after trading at US70.95c earlyyesterday evening.
Overseas Markets Commentary
Trade across major European and US equities markets divergedovernight, sentiment across key US indices suddenly decliningmid-session.A media report claiming China was questioning US assurances inChina-US trade talks, pushed the indices at least temporarilylower and prompted the US president to repeat that negotiationswere progressing ‘well’.In the UK, the government’s senior ministers were reportedlydivided on for how long to seek a delay to the UK’s plannedAustralia – RBA assistant governor financial system MicheleBullock is speaking an Urban Development of Australia event,Perth, 11am AEDTToday’s Stock WatchHealthscope Ltd (HSO)Australia’s Foreign Investment Review Board (FIRB) will notoppose the proposed Brookfield acquisition of HSO, includingthe associated sale and leaseback of 22 properties by HSO toNorthWest Healthcare and Medical Properties Trust.HSO expects to host a scheme meeting in May or June.Unibail-Rodamco-Westfield (URW)€187.9M full year NPAT. €5.40 final and interim dividends.€53.3M net cash and equivalents.Nufarm Ltd ( NUF)$13.59M interim net loss, following an $11.96M net profit ayear ago. 8% higher, $1.58B revenue. Nil interim dividend.Wesfarmers Ltd (WES)Bunnings operational site tour presentation lodged thismorning. The presentation will also feature in a 10am AEDTwebcast briefing.Insurance Australia Group (IAG)Conducting a $A300M convertible notes offer.Platinum Asset Management (PTM)Kerr and Judith Neilson are selling a total 60M ordinary shares,representing 10% of PTM shares, under a fully-underwrittenoffer to institutional and professional investors.Mr Kerr is a PTM co-founder and controller, and he and Mrs Kerrwill retain a total 42.97% of PTM.Mr and Mrs Kerr wish to diversify their investments, and tosupport the arts and boost philanthropic interests.OFX Ltd (OFX)2H FY2019 corporate revenue growth anticipated to grow 10%.FY results 21 May. Today’s investor day presentation lodged.Synlait Milk (SM1)10% lower, $NZ37.32M interim NPAT. 7% higher, $NZ470.95Mrevenue.Fonterra Shareholders’ Fund (FSF)$NZ80M Fonterra Co-op interim NPAT. 1% lower, $NZ9.75Mrevenue. Webcast briefing commencing 11.45am AEDT.WiseTech Global (WTC)Resuming from a trading halt having completed a $300M,$20.90-per-share institutional placement. SPP at a maximum$20.90-per-share scheduled for 27 March – 11 April.WTC last traded at $23.18.State One Stockbroking Limited – Market Opener Wednesday, 20 March 2019S t a t e O n e S t o c k b r o k i n g L t d A F S L 2 4 7 1 0 0 2 | P a g ewithdrawal from the European Union (EU), with reports alsocirculating that the EU would demand a new process for any freshnegotiations, and that Germany’s leader was unlikely to supporta lengthy new timeline.In UK data releases, January average earnings were estimated3.4% higher year-on-year (against 2.1% CPI growth) and 0.1%lower than for December.Employment was calculated at a record 76.1%, and theunemployment rate at 3.9%, down 0.1%.New unemployment claims were reported to have risen by 27,000in February however, against 15.700 for January.Among other overnight releases, a euro zone March economicsentiment index improved to -2.5, from -16.6.January construction output fell 0.7% year-on-year, following a2.1% December rise.December quarter year-on-year wages growth came in flat, at2.3%.Meanwhile, Italy reported its trade surplus had tumbled to€322M during January, from €2.76B at the end of December.In the US, January factory orders rose 0.1%, at the same rate asfor December.Tonight in the US, the Federal Reserve announces outcomes fromits policy meeting (early AEDT tomorrow). New GDP and CPIpredictions are anticipated.Weekly mortgage applications are also due tonight.Elsewhere, the UK’s February CPI is keenly anticipated, following0.8% deflation reported for January.BMW, Hermes, Korea Electric Power and Man are scheduled toreport earnings and/or provide updates.Overnight, FedEx reported post-US trade, disappointing withearnings and guidance, which included a further internationalslowdown warning.

 
20/03/2019 7:00:00 AM

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