Local Markets Commentary

The Australian market opens today’s trade following decisively positive overnight US equities trade.

In overnight commodities trade, US gold futures fell modestly and oil turned lower. Iron ore resumed a two-week long appreciation. LME copper closed slightly lower.

The $A fell to ~US76.10c after trading at ~US76.35c yesterday evening.

Locally today, a weekly consumer sentiment reading is due pre-trade.

Updates are also anticipated from several high-profile companies which are holding AGMs today. Please see p3.

Overseas Market Commentary

Corporate deals and positive earnings report sentiment buoyed most major European and US equities markets overnight.

In addition, a preliminary October composite PMI for the euro zone was reported at 53.7, a 10-month peak, and a 1.1 point improvement on September.

In the UK however, an industry trends report calculated a sales orders index at a prickly -17, from -5, and against expectations of -4.

In US data releases, the Chicago Fed national activity index improved to -0.14 from -0.72.

A 53.2 Markit initial October manufacturing PMI pleased, representing a 1.7-point stronger result than for September, following a string of disappointing regional business activity and manufacturing indices.

Tonight in the US, regional manufacturing, house price and consumer confidence indices are due.

Bank of England governor Mark Carney is speaking in the UK parliament and European Central Bank governor Mario Draghi publicly in Berlin.

In addition, the UK’s September quarter GDP is keenly anticipated.

AT&T, Caterpillar, General Motors, Lockheed Martin, Merck & Co are among companies scheduled to report.

Overnight, Philips reported an 18% higher September quarter profit.

Kimberly-Clark (Kleenex, Huggies) leaked some, on reduced sales guidance.