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Market Opener – 16 Apr 2018

Local Markets Commentary
The Australian market opens a new week’s trade following air strikes by the US, France and the UK against targets in Syria post-US trade Friday.

This elicited sharp talk and further threats from Russia and strong accusations from Iran.

Earlier, US equities markets had traded lower.

In mixed overnight Friday commodities trade, US gold futures and oil ultimately gained.

Iron ore (China port, 62% Fe) turned higher. 

LME copper settled slightly higher. Nickel rallied. Aluminium swung lower.

The $A fell to ~US 77.65c after trading above US 78.0c early Friday evening.

Local today, a weekly capital city residential property price report is due pre-trade.

The Australian Bureau of Statistics (ABS) publishes February lending finance 11.30am AEST.

Overseas Market Commentary
Geopolitical tensions, subsequent cautionary positioning ahead of the weekend, earnings reports from major stocks and some sobering data appeared the major influences on major European and US equities trade overnight Friday. 

In the US, the University of Michigan’s initial April consumer sentiment reading fell to 97.8, the accompanying report citing fears of US administrative policy impacts on the nation’s economic prospects.

Tonight in the US, March retail sales, final February business inventories, a home builders’ sentiment index and a New York business activity index are due. 

In overnight Friday corporate news, JP Morgan Chase reported a 35% higher, $US 8.7B record quarterly profit but was pushed more than 2.5% lower.

Citigroup also each exceeded quarterly results expectations but declined 1.5%. 

Wells Fargo likewise bettered profit expectations, but dropped more than 3% after revealing it faced up to $US 1B worth of additional penalties due to investigations into matters including mortgage fees and car insurance.

Post-US trade, the US president effected an executive order for a task force investigation into the finances and operational practice of the US Postal Service.
16/04/2018 8:05:00 AM

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