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Market Opener – 11 Oct 2019
Local Markets Commentary
The Australian market opens Friday trade following further gains on major international equities markets overnight, and some supportive key commodities trade, with commentary anticipated from administrative-level US-China trade talks underway in the US.
Locally today, no material economic indicators are scheduled for release.
Regionally, China’s September foreign direct investment (FDI) figures are anticipated anytime from today.
In overnight commodities trade, oil rallied.
US gold futures (December) swung lower.
Iron ore (Nymex CFR China, 62% Fe) seesawed to a strong finish just beyond $US93/t.
LME copper and nickel rallied. Aluminium turned to post a moderately higher close.
The $A rose to ~US 67.60c after approaching US67.55c early yesterday evening.
Locally today, no material economic indicators are scheduled for release.
Regionally, China’s September foreign direct investment (FDI) figures are anticipated anytime from today.
In overnight commodities trade, oil rallied.
US gold futures (December) swung lower.
Iron ore (Nymex CFR China, 62% Fe) seesawed to a strong finish just beyond $US93/t.
LME copper and nickel rallied. Aluminium turned to post a moderately higher close.
The $A rose to ~US 67.60c after approaching US67.55c early yesterday evening.
Overseas Market Commentary
Major European equities markets chopped and swung some but achieved ultimate overnight sessional gains. Key US equities indices extended Wednesday’s rally with relatively minor vacillations.
Reports ahead of the commencement of administrative level US-China trade talks in Washington overnight included speculation and claims regarding US-declared import taxes due to be implemented Tuesday next week, a currency agreement select licences for business dealings with Huawei.
In addition, China’s officials were reported to be planning to conduct one day of talks, rather than two, and the US president announced his intention to meet the head of China’s delegation, VP Liu He tonight.
Mr Liu was reported to have promoted the view that China was keen for an agreement ‘on matters of importance to both sides’.
Earlier, European Central Bank (ECB) September monetary policy meeting minutes revealed some dissent among the 25 members of the governing council regarding the resumption of bond purchases, up to €20B worth each month.
All members agreed some stimulus was needed, but some thought bond purchases ought be held back, and others considered they would be ineffective.
Meanwhile across the channel and beyond, Ireland’s PM notably described UK-European Union (EU) separation potential arrangement talks with the UK PM as ‘very positive’ and ‘very promising’, despite issues both the UK and EU had initially sought to resolve ahead of an EU leaders’ summit scheduled for late next week.
Among a batch of mixed key data releases, Germany’s August trade surplus fell to €16.2B from €21.6B.
Seasonally adjusted, exports fell 1.8%, following a 0.8% July increase.
Imports rose 0.5% against a 1.0% fall in July.
The UK’s August trade figures included a £1.546B trade deficit, following a £1.681B July deficit.
GDP growth averaged 0.3% over the August quarter, after slipping 0.1% during August.
GDP growth at the end of August represented 1.1% annual growth.
UK August industrial production fell 1.8% from a year earlier, and declined 0.6% for the month.
In the US, September CPI came in flat for the month, following a 0.1% August rise. Year-on-year, prices remained 1.7% higher.
Weekly new unemployment claims fell by 10,000 to 210,000.
Tonight in the US, September import and export prices, and a University of Michigan initial September consumer sentiment reading are due.
Elsewhere, a final September CPI reading is due for Germany.
US equities and commodities markets are scheduled for regular trade during Monday’s Columbus Day commemorations. Canada’s markets will be closed due to a Thanksgiving holiday.
Reports ahead of the commencement of administrative level US-China trade talks in Washington overnight included speculation and claims regarding US-declared import taxes due to be implemented Tuesday next week, a currency agreement select licences for business dealings with Huawei.
In addition, China’s officials were reported to be planning to conduct one day of talks, rather than two, and the US president announced his intention to meet the head of China’s delegation, VP Liu He tonight.
Mr Liu was reported to have promoted the view that China was keen for an agreement ‘on matters of importance to both sides’.
Earlier, European Central Bank (ECB) September monetary policy meeting minutes revealed some dissent among the 25 members of the governing council regarding the resumption of bond purchases, up to €20B worth each month.
All members agreed some stimulus was needed, but some thought bond purchases ought be held back, and others considered they would be ineffective.
Meanwhile across the channel and beyond, Ireland’s PM notably described UK-European Union (EU) separation potential arrangement talks with the UK PM as ‘very positive’ and ‘very promising’, despite issues both the UK and EU had initially sought to resolve ahead of an EU leaders’ summit scheduled for late next week.
Among a batch of mixed key data releases, Germany’s August trade surplus fell to €16.2B from €21.6B.
Seasonally adjusted, exports fell 1.8%, following a 0.8% July increase.
Imports rose 0.5% against a 1.0% fall in July.
The UK’s August trade figures included a £1.546B trade deficit, following a £1.681B July deficit.
GDP growth averaged 0.3% over the August quarter, after slipping 0.1% during August.
GDP growth at the end of August represented 1.1% annual growth.
UK August industrial production fell 1.8% from a year earlier, and declined 0.6% for the month.
In the US, September CPI came in flat for the month, following a 0.1% August rise. Year-on-year, prices remained 1.7% higher.
Weekly new unemployment claims fell by 10,000 to 210,000.
Tonight in the US, September import and export prices, and a University of Michigan initial September consumer sentiment reading are due.
Elsewhere, a final September CPI reading is due for Germany.
US equities and commodities markets are scheduled for regular trade during Monday’s Columbus Day commemorations. Canada’s markets will be closed due to a Thanksgiving holiday.