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Market Opener – 13 Mar 2018

Local Markets Commentary
The Australian market commences today’s trade on mixed overnight equities and negative commodities leads ahead of a US CPI update tonight and a batch of influential data out of China tomorrow

Locally pre-trade, a weekly consumer sentiment reading is due.

NAB’s monthly business survey report and January housing finance are scheduled for release 11.30am.

The ACCI and Westpac are also due to publish a manufacturing sector optimism report today.

In addition, Reserve Bank of Australia (RBA) assistant governor (financial system) is due to speak publicly 11.10am.

Several high-cap and/or high-profile stocks trade ex-dividend today. Please see pp3-4 for detailed information.

In overnight commodities trade, oil and US gold futures turned lower. 

LME copper, nickel and aluminium also fell.

In a seventh consecutive decline, iron ore (China port, 62% Fe) slipped just below $US70/t.

The $A appreciated to ~US78.70c after trading at ~US78.60c early yesterday evening.

Overseas Market Commentary
Major European and US equities markets opened higher overnight, but sentiment soon began to vacillate, indicating wariness amid several geopolitical uncertainties. 

In particular, large industrial stocks suffered in the US following threats and counter-threats regarding new US import tariffs.

In addition, some international vehicle manufacturers reportedly threatened to reduce their investment in production facilities in the US.

Among sparse data releases, a New York Fed survey revealed, as anticipated, that US consumer inflation growth expectations, had risen by 0.12% during January to 2.83%. 

Tonight in the US, February CPI is keenly anticipated.

Elsewhere, the UK chancellor will deliver the Spring budget update.

Companies scheduled to report earnings include Antofagasta and FedEx.
13/03/2018 7:00:00 AM

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