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Before making any investment decision, you should consult your adviser.
Market Opener – 22 Nov 2017
Local Markets Commentary
The Australian market opens mid-week trade on positive overnight international equities leads and prices gains for several key commodities.
In addition, as the ASX commences today’s trade, US Federal Reserve chair Janet Yellen is scheduled to speak at the Stern Business School. Ahead of the Fed’s November policy meeting minutes due to be released tonight, the $US could swing on anything which buoys views of a 0.25% US rate rise mid-December.
Overnight, Reserve Bank of Australia (RBA) governor Philip Lowe indicated the bank expected to maintain policy status quo for the near-term, lamenting low wages growth and high debt levels.
In overnight commodities trade, US gold futures and oil turned higher. Iron ore (China port, 62% Fe) swung lower. LME copper and nickel rallied further.
The $A appreciated to ~US75.80c after trading at ~US75.40c – ~US75.50c early yesterday evening.
Locally today, a leading indicators report, skilled vacancies update, and September quarter construction sector details from the Australian Bureau of Statistics are due.
Another batch of high-profile stocks also holds AGMs.
Overseas Market Commentary
US equities markets rallied on opening overnight, helping pull major European equities indices beyond early gains, and seemingly spreading new record peak contagion.
New regulations imposed yesterday on China’s smaller online lenders again damaged some Chinese and associated stock sentiment, but health and technology shares buoyed overall outcomes.
Among US data releases, October existing home sales rose 2% for the month, following forecasts for a 0.7% improvement, but came in 0.9% lower than a year ago.
The Chicago Fed October national activity index rose to 0.65 from 0.36 in September and against forecasts of 0.2.
In the UK, the October national deficit was reported at £8B, from £7.5B a year earlier.
Meanwhile, in Greece, the European Commission approved a Greek government social support distribution totalling €1.4B.
Tonight in the US, the minutes of the Federal Reserve’s November policy meeting are keenly anticipated. Weekly new unemployment claims are also due, together with October durable goods orders and the University of Michigan’s November consumer sentiment estimate.
Deere & Co and United Utilities are among companies scheduled to report earnings.
In overnight corporate news, China’s tech star Tencent appreciated 2.4%, such that the resulting $US500B market cap rivalled Facebook’s ~$US520B.
UK airline easyJet reported 8.1% higher, £5B full-year revenue. Pre-tax profit dropped 17.3% to £408M.
US home improvement retailer Lowe’s booked 6.5% year-on-year quarterly sales growth, but the company’s stock price was pushed lower.
Campbell Soup Co dropped ~8%, in part due to disappointing full-year guidance.
US markets will be closed tomorrow night and will close early (1pm ET) Friday, due to Thanksgiving.
The Australian market opens mid-week trade on positive overnight international equities leads and prices gains for several key commodities.
In addition, as the ASX commences today’s trade, US Federal Reserve chair Janet Yellen is scheduled to speak at the Stern Business School. Ahead of the Fed’s November policy meeting minutes due to be released tonight, the $US could swing on anything which buoys views of a 0.25% US rate rise mid-December.
Overnight, Reserve Bank of Australia (RBA) governor Philip Lowe indicated the bank expected to maintain policy status quo for the near-term, lamenting low wages growth and high debt levels.
In overnight commodities trade, US gold futures and oil turned higher. Iron ore (China port, 62% Fe) swung lower. LME copper and nickel rallied further.
The $A appreciated to ~US75.80c after trading at ~US75.40c – ~US75.50c early yesterday evening.
Locally today, a leading indicators report, skilled vacancies update, and September quarter construction sector details from the Australian Bureau of Statistics are due.
Another batch of high-profile stocks also holds AGMs.
Overseas Market Commentary
US equities markets rallied on opening overnight, helping pull major European equities indices beyond early gains, and seemingly spreading new record peak contagion.
New regulations imposed yesterday on China’s smaller online lenders again damaged some Chinese and associated stock sentiment, but health and technology shares buoyed overall outcomes.
Among US data releases, October existing home sales rose 2% for the month, following forecasts for a 0.7% improvement, but came in 0.9% lower than a year ago.
The Chicago Fed October national activity index rose to 0.65 from 0.36 in September and against forecasts of 0.2.
In the UK, the October national deficit was reported at £8B, from £7.5B a year earlier.
Meanwhile, in Greece, the European Commission approved a Greek government social support distribution totalling €1.4B.
Tonight in the US, the minutes of the Federal Reserve’s November policy meeting are keenly anticipated. Weekly new unemployment claims are also due, together with October durable goods orders and the University of Michigan’s November consumer sentiment estimate.
Deere & Co and United Utilities are among companies scheduled to report earnings.
In overnight corporate news, China’s tech star Tencent appreciated 2.4%, such that the resulting $US500B market cap rivalled Facebook’s ~$US520B.
UK airline easyJet reported 8.1% higher, £5B full-year revenue. Pre-tax profit dropped 17.3% to £408M.
US home improvement retailer Lowe’s booked 6.5% year-on-year quarterly sales growth, but the company’s stock price was pushed lower.
Campbell Soup Co dropped ~8%, in part due to disappointing full-year guidance.
US markets will be closed tomorrow night and will close early (1pm ET) Friday, due to Thanksgiving.