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Market Opener – 19 Mar 2018
Local Markets Commentary
The Australian market commences a new week’s trade on mostly negative overnight Friday commodities trade and largely lacklustre equities leads, amid international geopolitical uncertainty.
Since overnight Friday trade, the dismissal of deputy of the US FBI and the potential dismissal of the US president’s national security adviser have been reported.
Russia has ordered the expulsion of 23 UK diplomats and closure of the UK consulate in St Petersburg, and, as expected president Vladimir Putin secured re-election for another six years in a national poll.
In overnight Friday commodities trade, oil continued higher. US gold futures settled lower.
LME copper extended its latest pullback.
Iron ore (China port, 62% Fe) dropped, following two consecutive sessions of gains which came after almost two weeks of falling prices.
The $A fell to ~US77.15c after trading at ~US77.95c early Friday evening.
Among data releases during ASX trade, China is scheduled to reveal February residential property prices 12.30pm AEDST.
Locally pre-trade, a weekly capital city residential property price report is due.
Several large-cap and/or high-profile stocks trade ex-dividend today. Please see pp3-4 for detailed information.
Meanwhile, G20 finance ministers are set to officially commence two days of talks in Buenos Aires, Argentina from tonight.
Overseas Market Commentary
Major European and US equities markets mostly achieved ultimate gains overnight Friday, amid a rash of mixed data releases and ongoing geopolitical uncertainty, ahead of an expected US rate rise this week.
The euro zone’s final February CPI reading confirmed 0.2% growth for the month and 1.1% year-on-year, against a 0.9% drop for January.
December quarter euro one wages were reported to have improved 1.7%, following a 1.6% rise during the September quarter.
Among mixed US data releases, February industrial production rose 1.1% for the month, following forecasts of a 0.3% gain and after a 0.1% pull back during January.
Housing starts dropped 7.0% for the month, after a 9.7% jump in January. Against February 2017, the number of housing starts fell 4.0%.
Building permits fell 5.7% for the month, but the tally represented a 6.5% improvement on February 2017.
An initial March University of Michigan consumer sentiment reading came in at 102.0, after February’s final 99.7 and forecasts of 99.3.
January job openings report estimated 6.31M job opportunities against 5.7M in December.
The Australian market commences a new week’s trade on mostly negative overnight Friday commodities trade and largely lacklustre equities leads, amid international geopolitical uncertainty.
Since overnight Friday trade, the dismissal of deputy of the US FBI and the potential dismissal of the US president’s national security adviser have been reported.
Russia has ordered the expulsion of 23 UK diplomats and closure of the UK consulate in St Petersburg, and, as expected president Vladimir Putin secured re-election for another six years in a national poll.
In overnight Friday commodities trade, oil continued higher. US gold futures settled lower.
LME copper extended its latest pullback.
Iron ore (China port, 62% Fe) dropped, following two consecutive sessions of gains which came after almost two weeks of falling prices.
The $A fell to ~US77.15c after trading at ~US77.95c early Friday evening.
Among data releases during ASX trade, China is scheduled to reveal February residential property prices 12.30pm AEDST.
Locally pre-trade, a weekly capital city residential property price report is due.
Several large-cap and/or high-profile stocks trade ex-dividend today. Please see pp3-4 for detailed information.
Meanwhile, G20 finance ministers are set to officially commence two days of talks in Buenos Aires, Argentina from tonight.
Overseas Market Commentary
Major European and US equities markets mostly achieved ultimate gains overnight Friday, amid a rash of mixed data releases and ongoing geopolitical uncertainty, ahead of an expected US rate rise this week.
The euro zone’s final February CPI reading confirmed 0.2% growth for the month and 1.1% year-on-year, against a 0.9% drop for January.
December quarter euro one wages were reported to have improved 1.7%, following a 1.6% rise during the September quarter.
Among mixed US data releases, February industrial production rose 1.1% for the month, following forecasts of a 0.3% gain and after a 0.1% pull back during January.
Housing starts dropped 7.0% for the month, after a 9.7% jump in January. Against February 2017, the number of housing starts fell 4.0%.
Building permits fell 5.7% for the month, but the tally represented a 6.5% improvement on February 2017.
An initial March University of Michigan consumer sentiment reading came in at 102.0, after February’s final 99.7 and forecasts of 99.3.
January job openings report estimated 6.31M job opportunities against 5.7M in December.