Local Markets Commentary

The Australian market opens on the most broadly supportive international equities and commodities leads for the past two weeks.

In overnight commodities trade, oil and LME copper rallied. US gold futures extended Friday’s gain. Iron ore turned lower.

The $A pulled lower after trading beyond US74.40c yesterday evening.

Locally today, the Reserve Bank of Australia (RBA) publishes the minutes of its 2 May policy meeting.

April motor vehicle sales are also due, and pre-trade, a weekly consumer sentiment reading will be released.

NAB and MQG are trading ex-dividend, AST and ORI are reporting and CCL convenes an AGM.

Overseas Market Commentary

Major European and US equities markets traded higher from opening overnight.

European trade vacillated amid transitionary political scenarios in France, the UK and Germany, but key US indices were never headed amid an oil price rally and strong support for cyber security stocks.

In the US, a White House official promised an infrastructure spending plan within weeks.

Meanwhile, a New York manufacturing index was reported to have dropped 6.2 to -1.0 over the past month, against expectations of a rise to 7.0.

A home builders’ sentiment index rose by two to 70.

Tonight in the US, April industrial production, building permits and housing starts are due.

CYBG, easyJet, Home Depot, Premier Foods, Staples, Vodafone, Walmart and Weibo are among companies scheduled to publish earnings or an update today or tonight.