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Market Opener – 04 Sep 2018
Local Markets Commentary
The Australian market commences today’s trade as the Reserve Bank of Australia (RBA) convenes a monetary policy meeting, ahead of a public statement 2.30 pm AEST.
In addition today, a domestic weekly consumer sentiment reading is due pre-trade.
At 11.30 am, the Australian Bureau of Statistics (ABS) is expected to publish June quarter current account and net exports figures.
High-profile companies across several sectors trade ex-dividend today, also. Please see p3 for details.
A public holiday in the US meant there was no overnight US equities and limited US commodities trade.
In overnight commodities trade, Brent crude headed higher.
LME gold futures settled slightly lower.
Iron ore (China port, 62% Fe) turned lower.
LME copper and nickel settled slightly down. Aluminium fell decisively.
The $A traded lower, but within in a relatively narrow range, after appreciating to US72.15c early yesterday evening.
Overseas Market Commentary
Major European equities markets diverged overnight, the FTSE 100 appreciating on opening and soon heading yet higher, and the DAX trading lower from the upset ahead of notably choppy trade.
US equities did not trade due to a public holiday.
A range of currencies weakened against the $US. These included the euro (0.11%), the British pound (0.8%), Turkey’s lira (~2%) and Argentina’s peso (~4%).
The British pound also fell again against the euro, by 0.8%, this mostly attributed to internal and external criticism of the government’s proposals governing arrangements for separating from the European Union.
Among data releases, the euro zone’s August manufacturing PMI was reported at 54.6, from 55.1 in July. While strong, the reading represented an ~two-year low.
Germany’s manufacturing PMI influenced the decline, finalised at 55.9, from 56.9 for July, and 56.1 in the initial August estimate.
A UK August manufacturing PMI fell one point for the month to 52.8. This was mostly attributed to a fall in the export orders component.
Tonight in the US, ISM’s influential manufacturing index is due for August, together with Markit’s final alternative reading, a construction spending update and August vehicle sales.
The Federal Reserve’s Chicago president is also expected to speak publicly on normalising policy.
Companies due to report earnings or provide updates include Ryanair and marketing major WPP.
In overnight corporate news, WPP confirmed a long-term employee, the group’s interim COO, as CEO.
The Australian market commences today’s trade as the Reserve Bank of Australia (RBA) convenes a monetary policy meeting, ahead of a public statement 2.30 pm AEST.
In addition today, a domestic weekly consumer sentiment reading is due pre-trade.
At 11.30 am, the Australian Bureau of Statistics (ABS) is expected to publish June quarter current account and net exports figures.
High-profile companies across several sectors trade ex-dividend today, also. Please see p3 for details.
A public holiday in the US meant there was no overnight US equities and limited US commodities trade.
In overnight commodities trade, Brent crude headed higher.
LME gold futures settled slightly lower.
Iron ore (China port, 62% Fe) turned lower.
LME copper and nickel settled slightly down. Aluminium fell decisively.
The $A traded lower, but within in a relatively narrow range, after appreciating to US72.15c early yesterday evening.
Overseas Market Commentary
Major European equities markets diverged overnight, the FTSE 100 appreciating on opening and soon heading yet higher, and the DAX trading lower from the upset ahead of notably choppy trade.
US equities did not trade due to a public holiday.
A range of currencies weakened against the $US. These included the euro (0.11%), the British pound (0.8%), Turkey’s lira (~2%) and Argentina’s peso (~4%).
The British pound also fell again against the euro, by 0.8%, this mostly attributed to internal and external criticism of the government’s proposals governing arrangements for separating from the European Union.
Among data releases, the euro zone’s August manufacturing PMI was reported at 54.6, from 55.1 in July. While strong, the reading represented an ~two-year low.
Germany’s manufacturing PMI influenced the decline, finalised at 55.9, from 56.9 for July, and 56.1 in the initial August estimate.
A UK August manufacturing PMI fell one point for the month to 52.8. This was mostly attributed to a fall in the export orders component.
Tonight in the US, ISM’s influential manufacturing index is due for August, together with Markit’s final alternative reading, a construction spending update and August vehicle sales.
The Federal Reserve’s Chicago president is also expected to speak publicly on normalising policy.
Companies due to report earnings or provide updates include Ryanair and marketing major WPP.
In overnight corporate news, WPP confirmed a long-term employee, the group’s interim COO, as CEO.