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Market Opener – 14 Oct 2019
Local Markets Commentary
The Australian market commences a new week’s trade following several international developments since last week’s Australian trade, including a reported verbal trade pact between the US and China Friday, and with China trade figures due today and inflation data tomorrow, and.
The US-China interim trade accord is said to include the pushing back of additional US import tariffs on goods from China, initially scheduled to commence tomorrow tonight.
In other geopolitical developments, China’s president Xi Xinping has issued a public warning against moves for Hong Kong autonomy.
Separately, the US is reported to be withdrawing up to 1000 military from across northern Syria more rapidly than anticipated.
Broader Middle East tensions have continued to simmer with a reported missile attack on an Iranian oil tanker in the Red Sea, off the coast of Saudi Arabia.
In the meantime, Japan is suffering a further weather-related community, business and economic hit, this time from typhoon Hagibis.
Among today’s regional data releases, China is expected to release September trade statistics 1.30pm AEDT.
Locally today, the Reserve Bank of Australia (RBA) publishes a monthly report on debit and credit card transactions.
BXB and TPM are among stocks trading ex-dividend today. Please see p4 for a detailed list.
In overnight Friday commodities trade, oil picked up the pace of Thursday’s rally.
US gold futures (December) extended Thursday’s decline.
Iron ore (Nymex CFR China, 62% Fe) settled slightly lower.
LME copper turned to settle a few cents/tonne down. Nickel continued to gain. Aluminium fell.
The $A ultimately changed little after trading at ~US67.95c early Friday evening.
The US-China interim trade accord is said to include the pushing back of additional US import tariffs on goods from China, initially scheduled to commence tomorrow tonight.
In other geopolitical developments, China’s president Xi Xinping has issued a public warning against moves for Hong Kong autonomy.
Separately, the US is reported to be withdrawing up to 1000 military from across northern Syria more rapidly than anticipated.
Broader Middle East tensions have continued to simmer with a reported missile attack on an Iranian oil tanker in the Red Sea, off the coast of Saudi Arabia.
In the meantime, Japan is suffering a further weather-related community, business and economic hit, this time from typhoon Hagibis.
Among today’s regional data releases, China is expected to release September trade statistics 1.30pm AEDT.
Locally today, the Reserve Bank of Australia (RBA) publishes a monthly report on debit and credit card transactions.
BXB and TPM are among stocks trading ex-dividend today. Please see p4 for a detailed list.
In overnight Friday commodities trade, oil picked up the pace of Thursday’s rally.
US gold futures (December) extended Thursday’s decline.
Iron ore (Nymex CFR China, 62% Fe) settled slightly lower.
LME copper turned to settle a few cents/tonne down. Nickel continued to gain. Aluminium fell.
The $A ultimately changed little after trading at ~US67.95c early Friday evening.
Overseas Market Commentary
US equities markets jumped on opening overnight Friday, buoyed by claims of verbal US-China accord during trade talks in Washington.
Major European equites indices mostly trended higher from early trade.
In overnight Friday data releases, Germany’s September CPI growth was confirmed in a final reading as flat for the month and 1.2% higher year-on-year.
In the US data releases, September import prices rose 0.2% for the month and were 1.6% lower year-on-year.
Export prices fell 0.2% for the month and also were 1.6% lower than a year earlier.
A University of Michigan preliminary October consumer confidence reading rose to 96 from 93.2 for September.
Tonight in the US, no data releases are due, due to Columbus Day. Tomorrow night, key corporate reports are due.
Meanwhile, the International Monetary Fund (IMF) commences its annual meeting week, during which new forecasts will be revealed.
Elsewhere, the euro zone reports August industrial production and the European Union (EU) and UK continue to negotiate plans for the UK’s EU departure, scheduled for 31 October.
Both sides have been targeting some resolution by the end of an EU summit scheduled for Thursday and Friday this week.
US equities and commodities markets are scheduled for regular trade during tonight’s Columbus Day commemorations. Bond markets will not trade, however.
Canada’s markets will be closed due to a Thanksgiving holiday.
Major European equites indices mostly trended higher from early trade.
In overnight Friday data releases, Germany’s September CPI growth was confirmed in a final reading as flat for the month and 1.2% higher year-on-year.
In the US data releases, September import prices rose 0.2% for the month and were 1.6% lower year-on-year.
Export prices fell 0.2% for the month and also were 1.6% lower than a year earlier.
A University of Michigan preliminary October consumer confidence reading rose to 96 from 93.2 for September.
Tonight in the US, no data releases are due, due to Columbus Day. Tomorrow night, key corporate reports are due.
Meanwhile, the International Monetary Fund (IMF) commences its annual meeting week, during which new forecasts will be revealed.
Elsewhere, the euro zone reports August industrial production and the European Union (EU) and UK continue to negotiate plans for the UK’s EU departure, scheduled for 31 October.
Both sides have been targeting some resolution by the end of an EU summit scheduled for Thursday and Friday this week.
US equities and commodities markets are scheduled for regular trade during tonight’s Columbus Day commemorations. Bond markets will not trade, however.
Canada’s markets will be closed due to a Thanksgiving holiday.