//When accessing bootstrap.css from stateone cdn, it also tries to load fonts from stateone cdn too and fails because of CORS violation
Research

Disclaimer: All information on this section is of a general nature.
Before making any investment decision, you should consult your adviser.

Market Opener – 05 Dec 2018

 
Local Markets Commentary
The Australian market opens mid-week trade ahead of influential domestic and regional data, following US- and UK-related anxious overnight international equities trade, and with US equities markets closed tonight.Locally today, September quarter GDP is due 11.30am AEDT. Pre-trade, AiG publishes its November services sector activity index.November vehicle sales are also expected today.Regionally, Caix in is due to report its China November services PMI 12.45pm AEDT. In overnight commodities trade, oil and US(December) gold futures continued higher.Iron ore (China port 62% Fe) added to Monday’s gain. LME copper and nickel fell. Aluminium settled flat.The $A dropped to ~US73.40c after trading at~US73.90c early yesterday evening. 

Overseas Markets Commentary
Major European and US equities markets suffered from several investor concerns overnight, most opening lower, but US indices dropping suddenly~2.5 hours into trade on responses to a Federal Reserve official’s comments.The FTSE 100 had opened higher, but immediately trended lower, with the UK government was found to be in contempt of parliament after having repeatedly refused to release the full text of legal advice on the current plan for the UK to separate from the European Union (EU).In addition, some government members voted for additional parliamentary say should the current plan be defeated.Earlier the EU Court of Justice had delivered its (nonbinding)opinion that the UK could legally reverse its decision to leave the EU without the permission of other EU members.Across the Atlantic, the US Federal Reserve’s NewYork president ventured more rate rises through 2019, citing expectations of further US economic growth.This propelled government bond prices higher, and hence yields lower, two-, five- and 10-year bond yield spread changes appearing to particularly concern. For example, five-year bond yields fell below those for two-year bonds, and two- and 10-year bond yields narrowed markedly.This is traditionally technically viewed as signalling as lowing economy, and US indices were consequently pushed significantly lower, ~2.5 hours into the session’s trade.Further, Iran again threatened to stop oil traffic through the Persian Gulf should its oil trade ultimately be impeded.In scant data releases, a UK construction PMI offered some relief, coming in a 53.4 from 53.2 in October and following forecasts of a fall to 52.5.In the meantime, the Bank of England governor Mark Carney outlined to parliamentarians the central bank’s view of the UK-EU separation plan, again admonishing against any moves that would jeopardise having firm UK-EU agreements in place,this time adding a warning that food prices could otherwise rise 10%.
 
5/12/2018 7:00:00 AM

Back to top