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Market Opener – 13 Apr 2018

Local Markets Commentary
The Australian market commences Friday trade on positive overnight US equities leads, ahead of influential regional and domestic reports.

China is due to release March trade figures 1pm AEST

Locally, the Reserve Bank of Australia (RBA) publishes its six-monthly financial stability review 11.30am AEST.

In mixed overnight commodities trade, US gold futures turned and fell. WTI crude settled modestly higher and Brent slightly lower.

Iron ore (China port, 62% Fe) declined for a second consecutive session. 

LME copper and nickel swung decisively lower. Aluminium extended a robust rally.

The $A appreciated to ~US77.55c after falling to US77.40c early yesterday evening.

Overseas Market Commentary
US equities markets opened in rally mode overnight and maintained gains.

Among major European equities markets, US trade sentiment appeared to drag the DAX higher.

The FTSE 100 chopped and swung before settling flat, impacted by British pound strength, in particular against the euro. Several major stocks also traded ex-dividend.

Investors were still faced with potential US-led military action against the Syrian regime, but appeared under revision in a broader, rather than immediate time-frame, enabling more comprehensive consideration.

In addition, US administrative officials reported renewed presidential interest in the 11-nation Trans-Pacific trade deal, from which the US withdrew last year.

Meanwhile, earlier yesterday, China claimed US negotiations were currently not feasible, given the US stance. 

US March import prices were reported flat for the month, against a 0.3% rise in export prices. In February, import prices had appreciated 0.4% and export prices just 0.2%. 

In other releases, European Central Bank (ECB) policy meeting minutes indicated some concern for potentially negative impacts from US-China trade tit-for-tat and at continued relative euro strength.

Euro zone industrial production unexpectedly fell for a third consecutive month, this time by 0.8%, following a 0.6% decline in January, and against expectations of a 0.1% improvement. 

Tonight in the US, a job openings report and the University of Michigan’s initial April consumer sentiment estimate are due. 

Elsewhere, Bank of England governor Mark Carney is due to speak publicly while a visitor back home in Canada. 

Citigroup, JPMorgan Chase and Wells Fargo are among companies scheduled to report earnings or provide trading updates.

In overnight corporate news, BlackRock March quarter results, including $US3.58B revenue, exceeded expectations. 

Bed Bath & Beyond was pushed almost 20% lower on disappointing quarterly figures.
13/04/2018 8:00:00 AM

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