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Market Opener – 10 Oct 2017

Local Markets Commentary
The Australian market opens today’s trade with scant support from overnight international equities trade, but price gains for some key commodities. 

In commodities trade, US gold futures picked up the pace of Friday’s gain. Oil turned higher. Iron ore (China port, 62% Fe) rose for a second consecutive session. LME copper settled essentially flat, but nickel rallied.

The $A appreciated slightly after falling to ~US77.50c early yesterday evening. 

Locally today, NAB publishes its monthly business survey report 11.30am AEDST.

Pre-trade, a weekly consumer sentiment report is due.

Reserve Bank of Australia (RBA) deputy governor Guy Debelle is also due to speak at a forex global conduct conference in Hong Kong via video link from Sydney 2.20pm AEDST.

In addition, three companies will complete their ASX listings today.

Regionally, China’s September lending figures are expected anytime from today.

Late yesterday, China reported foreign reserves had grown by more than anticipated, $US17B to $US3.109 trillion during September, after a $US10.5B rise in August.

In the meantime, a Chinese media article has reported People’s Bank of China governor Zhou Xiaochuan as promoting a more open Chinese economy.

Overseas Market Commentary
Major European equities markets chopped overnight.

US key indices closed near session lows following light trade during Columbus Day. 

Turkey-exposed stocks and the lira fell amid a US-Turkey diplomatic spat. 

Earlier yesterday, economic data for China came in mixed against expectations. 

In Germany, August industrial production was reported to have jumped 2.6% for the month following a 0.1% pullback for July. Year-on-year, industrial output came in 4.7% higher.

UK leadership and the likely progress and direction of talks with the European Union (EU) regarding leaving the union continued to weigh in the UK. A lift in the British pound also dampened enthusiasm for exporters.

Tonight in the US, economic and small business optimism reports are due.

Companies scheduled to report earnings include BlackRock and Domino’s Pizza.

In overnight corporate news, UK-headquartered defence specialist BAE Systems was reported to be planning to reduce employee numbers by 1000.

A warning in a research report on General Electric sent that stock 3.5% lower, as the company revealed a board appointment.
10/10/2017 6:48:00 AM

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