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Before making any investment decision, you should consult your adviser.
Market Opener – 15 Aug 2018
Local Markets Commentary
The Australian market opens mid-week trade with several major stocks reporting earnings, as a quintet of large-cap stocks trades ex-dividend.
Overnight commodities leads are largely negative but US equities turned higher.
Locally today, West pac and the Melbourne Institute publish their monthly consumer confidence report 10.30 am AEST.
The Australian Bureau of Statistics (ABS) releases the June quarter wage price index 11.30 am and the Department of Jobs an employment indicator, ahead of tomorrow’s July workforce figures.
Also today, CBA, GMA, RMD, SUN and TAH trade ex-dividend. Details can be found on p4.
Regionally, China’s July residential property price report is anticipated 11.30 am AEST.
In overnight commodities trade, oil slipped a little further.
US gold futures settled slightly higher.
LME copper and other base metals fell in unison.
The $A headed to ~US72.40c after falling below US72.60c early yesterday evening.
Overseas Market Commentary
Major European and US equities markets opened higher overnight, but key European indices were unable to retain initial gains.
The resources sector dragged on the FTSE 100, after a batch of data out of China earlier yesterday failed to match forecasts.
Among currencies, Turkey’s lira recouped up to 6% against the $US and the British pound traded at ~$US1.28.
Among several key data releases, Germany’s initial June quarter GDP reading represented 2.0% year-on-year growth.
The nation’s final July CPI growth estimate remained at 2.1% on an annual basis.
A ZEW economic sentiment index improved to -13.7 from -24.7.
The euro zone’s June quarter GDP reading came in at 0.4% growth for the three months and 2.2% year-on-year.
June industrial production rose 2.5% year-on-year.
In the UK, June quarter average earnings grew 2.7% year-on-year. Productivity rose by 1.5%. Unemployment fell by 0.2% to 4.0%.
US July import prices were estimated unchanged for the month, following a 0.1% slip in June.
Export prices rose 4.3% year-on-year, but sectors varied widely. For the month, export prices fell 0.5% after rising 0.2% in June.
Tonight in the US, July industrial production and retail sales, June business inventories, June quarter productivity, a New York region business activity index, home builders’ sentiment index and weekly mortgage applications are due.
Companies scheduled to report earnings include Balfour Beatty, Cisco Systems, US retailer Macy’s, Tencent and Triumph.
In overnight corporate news, home improvement specialist Home Depot’s key quarterly figures exceeded expectations and full year sales guidance received a boost, but the stock settled slightly lower.
Chile copper producer Antofagasta dropped 7% on the FTSE 100 after reporting a 16% drop in interim core earnings.
Food retailer Kroger meanwhile revealed it would sell on an Alibaba site.
The Australian market opens mid-week trade with several major stocks reporting earnings, as a quintet of large-cap stocks trades ex-dividend.
Overnight commodities leads are largely negative but US equities turned higher.
Locally today, West pac and the Melbourne Institute publish their monthly consumer confidence report 10.30 am AEST.
The Australian Bureau of Statistics (ABS) releases the June quarter wage price index 11.30 am and the Department of Jobs an employment indicator, ahead of tomorrow’s July workforce figures.
Also today, CBA, GMA, RMD, SUN and TAH trade ex-dividend. Details can be found on p4.
Regionally, China’s July residential property price report is anticipated 11.30 am AEST.
In overnight commodities trade, oil slipped a little further.
US gold futures settled slightly higher.
LME copper and other base metals fell in unison.
The $A headed to ~US72.40c after falling below US72.60c early yesterday evening.
Overseas Market Commentary
Major European and US equities markets opened higher overnight, but key European indices were unable to retain initial gains.
The resources sector dragged on the FTSE 100, after a batch of data out of China earlier yesterday failed to match forecasts.
Among currencies, Turkey’s lira recouped up to 6% against the $US and the British pound traded at ~$US1.28.
Among several key data releases, Germany’s initial June quarter GDP reading represented 2.0% year-on-year growth.
The nation’s final July CPI growth estimate remained at 2.1% on an annual basis.
A ZEW economic sentiment index improved to -13.7 from -24.7.
The euro zone’s June quarter GDP reading came in at 0.4% growth for the three months and 2.2% year-on-year.
June industrial production rose 2.5% year-on-year.
In the UK, June quarter average earnings grew 2.7% year-on-year. Productivity rose by 1.5%. Unemployment fell by 0.2% to 4.0%.
US July import prices were estimated unchanged for the month, following a 0.1% slip in June.
Export prices rose 4.3% year-on-year, but sectors varied widely. For the month, export prices fell 0.5% after rising 0.2% in June.
Tonight in the US, July industrial production and retail sales, June business inventories, June quarter productivity, a New York region business activity index, home builders’ sentiment index and weekly mortgage applications are due.
Companies scheduled to report earnings include Balfour Beatty, Cisco Systems, US retailer Macy’s, Tencent and Triumph.
In overnight corporate news, home improvement specialist Home Depot’s key quarterly figures exceeded expectations and full year sales guidance received a boost, but the stock settled slightly lower.
Chile copper producer Antofagasta dropped 7% on the FTSE 100 after reporting a 16% drop in interim core earnings.
Food retailer Kroger meanwhile revealed it would sell on an Alibaba site.