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Research

Disclaimer: All information on this section is of a general nature.
Before making any investment decision, you should consult your adviser.

Market Opener – 08 Oct 2019

 
Local Markets Commentary
The Australian market commences today’s trade with and a trio of material domestic reports plus new data anticipated for China today, ahead of public speeches by the heads of the Bank of England later today and US Federal Reserve early tomorrow morning.

Regionally, Caixin is expected to release its September services PMI for China 12.45pm AEDT.

In addition, Bank of England governor Mark Carney is scheduled to speak on climate change at a conference in Tokyo 3pm AEDT.

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

NAB is scheduled to publish its monthly business conditions and confidence survey report 11.30am AEDT.

The ANZ monthly job advertisements report is also due then.

Several high-profile companies trade ex-dividend from today through the end of the week. Please see p3 for a detailed list.

In overnight commodities trade, WTI crude settled US6c/bbl lower and Brent down US2c/bbl.

US gold picked up the pace of Friday’s slight slip.

Iron ore (Nymex CFR China, 62% Fe) turned to record a modest rise.

LME copper swung higher and nickel slightly lower. Aluminium rallied from Friday’s flat close.

The $A settled to trade within a relatively narrow range after dropping below US67.35c from beyond US67.50c early yesterday evening.

China’s markets open for trade today for the first time in a week.

Overseas Market Commentary
Vacillating trade featured across major European and US equities markets overnight, with no shortage of scenarios to consider.

The US administration confirmed US-China trade talks would commence Thursday, as planned, despite mixed speculation regarding expectations.

A US economic advisor promoted optimism on achieving progress this week, despite weekend reports the China delegation, headed by VP Liu He remained opposed to key US demands.

A surprise US administration announcement regarding a pending invasion of north east Syria by Turkey and an associated US withdrawal from the area also produced plenty of commentary.

The US president subsequently warned Turkey of economic consequences pending actions.

Iraq’s deadly protests also kept regional tensions, and potential broader implications, in focus.

In the meantime, UK and European Union (EU) officials confirmed teleconferences at the commencement a new round of formal negotiations regarding plans for the UK to separate from the EU 31 October.

Among scant overnight data releases, Germany’s August factory orders were calculated 0.6% lower for the month, following a 2.1% July drop, and 6.7% down year-on-year.

A Sentix consumer sentiment reading tumbled to -16.8 from -11.1.

US September consumer credit fell to $US17.9B from $US23.05B.

Tonight in the US, US Federal Reserve chairman Jerome Powell is scheduled to speak at the National Association for Business Economists annual conference in Denver, but post-US trade.

Earlier, September producer prices, a small business optimism index and monthly budget statement are due.

Elsewhere, UK and European Union (EU) officials are vowing to continue talks ahead of a targeted announcement of any progress on UK-EU separation plans by week’s end.

Companies scheduled to report earnings and/or provide updates include Domino’s Pizza, Levi Strauss, Peabody Energy and Yum! Brands.
 
8/10/2019 7:00:00 AM

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