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Market Opener – 14 Sep 2018

Local Markets Commentary
The Australian market opens Friday trade ahead of influential data out of China, together with the strongest overnight US equities leads for the week, but mixed commodities price moves.

China is scheduled to publish August industrial production, fixed asset investment and retail sales figures midday AEST.

Some are anticipating FDI to also be reported today.

In overnight commodities trade, oil turned and fell. 

US (December) gold futures settled slightly lower.

LME copper continued higher, but not so nickel and aluminium.

The $A headed a little higher after trading at US71.90c early yesterday evening.

Locally today, ASB is among stocks trading ex-dividend. Please see p2 for additional stocks and details.

Over the weekend, China is expected to publish August residential property prices.

Japan is heading into a Monday public holiday weekend, so the nation’s markets will be closed Monday.

Overseas Market Commentary
US equities markets achieved their best sessional gains for the week to date overnight, opening higher and sentiment never looking seriously threatened. 

Significant chop continued across major European indices.

Earlier, China had officially welcomed an approach from the US to recommence trade talks, but a subsequent comment from the US president appeared to indicate the US move should not be interpreted as a soft shuffle.

Among US data releases, August CPI growth surprised, estimated at 0.2% for the month, the same as for July, against expectations of a 0.3% rise.

Year-on-year, CPI came in 2.7% higher, following 2.9% at the end of July. 

The figures subsequently pushed the $US lower against key currencies.

Initial weekly unemployment claims also defied forecasters, falling by 1000 against expectations of a 5000 increase. 

The European Central Bank retained its set of rates, as anticipated, president Mario Draghi subsequently indicating inflation uncertainty had diminished some and that perhaps this no longer represented one of the major risks for the region. 

The Bank of England (BoE) retained policy status quo, including a 0.75% interest rate. 

BoE governor Mark Carney appeared keen to reaffirm the bank’s perceived threat to international economic progress from the US-China trade spat, and expectations of significant economic flux in the UK should it separate from the European Union with no definitive agreements in place.

Turkey’s central bank raised its key rate by 6.25%, to 24%, the lira subsequently trading as much as 5% higher against the $US. 

Germany’s final August CPI reading remained at 0.1% growth for the month, and 2.2% year-on-year. 

Tonight in the US, a raft of economic indicators is due, including import and export prices, industrial production, retail sales, business inventories and a University of Michigan consumer sentiment reading. 

Investec, JD Wetherspoon, Jimmy Choo and Sthree are scheduled to report earnings or provide an update.

In overnight corporate news, Apple was pushed more than 2% higher, as investors digested the scope and likely growth impacts of the company’s new product offerings. 

Chip manufacturer Qualcomm appreciated 4% on plans for a $US16 buy-back.
14/09/2018 8:00:00 AM

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