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Before making any investment decision, you should consult your adviser.
Market Opener – 23 Apr 2018
Local Markets Commentary
The Australian market commences an interrupted week’s trade with scant support from international equities and commodities trade overnight Friday, ahead of a batch of key economic indicators and events through the week.
In overnight Friday commodities trade, US gold futures continued lower. Oil settled a little higher.
Iron ore (China port, 62% Fe) turned and fell.
LME copper settled little changed. Nickel and aluminium extended Thursday’s falls.
The $A was pushed a little higher to ~US 76.70c after dropping to ~76.60c Friday evening.
Regionally today, Japan’s initial April manufacturing PMI is anticipated 10.30am AEST.
Locally, a weekly capital cities residential property price report is due pre-trade.
Overseas Market Commentary
Most major European and US equities markets headed lower early or on opening overnight Friday, trade largely impacted by reactions to corporate news and political and oil market commentary.
In the UK, the British pound continued lower, supporting the FTSE 100 to again defy movements across other markets.
Germany’s March producer prices surprised, pushing the euro lower after being reported 0.1% higher for the month and 1.9% higher year-on-year. Coming after a 0.1% slip in February, the slight gain both disappointed and undershot forecasts.
The euro also declined when European Central Bank president Mario Draghi repeated his view that trade protectionist policies potentially threatened economies within the euro zone and that that was one reason any monetary policy change would continue to be considered with caution.
In the meantime, a euro zone consumer confidence reading pleased, rising by 0.4 against expectations of a 0.6 decline.
Tonight in the US, the Chicago Fed national activity index, existing home sales and Markit’s initial April PMI estimates are due.
Elsewhere, April PMI releases also begin.
Alphabet (Google parent), Aluminium Corporation of China, Barrick Gold, Halliburton, Kimberly-Clark, Philips Electronics and UBS are scheduled to report earnings or provide updates.
In overnight Friday corporate news, Canada’s online gaming specialist Stars Group was reported to be outlaying $US4.7B in cash and scrip for Sky Betting & Gaming.
US regulators confirmed Wells Fargo would be required to pay $US1B worth of penalties following vehicle insurance and mortgage fee investigations.
Apple dropped ~4%, dragging down tech sector sentiment, in further reaction to slowdown claims by component manufacturers.
General Electric bettered quarterly profit expectations and was pushed almost 4% higher.
Footware manufacturer Skechers slid 27% after undershooting both profit and sales.
In the UK, Reckitt Benckiser fell ~3% on disappointing sales figures.
The Australian market commences an interrupted week’s trade with scant support from international equities and commodities trade overnight Friday, ahead of a batch of key economic indicators and events through the week.
In overnight Friday commodities trade, US gold futures continued lower. Oil settled a little higher.
Iron ore (China port, 62% Fe) turned and fell.
LME copper settled little changed. Nickel and aluminium extended Thursday’s falls.
The $A was pushed a little higher to ~US 76.70c after dropping to ~76.60c Friday evening.
Regionally today, Japan’s initial April manufacturing PMI is anticipated 10.30am AEST.
Locally, a weekly capital cities residential property price report is due pre-trade.
Overseas Market Commentary
Most major European and US equities markets headed lower early or on opening overnight Friday, trade largely impacted by reactions to corporate news and political and oil market commentary.
In the UK, the British pound continued lower, supporting the FTSE 100 to again defy movements across other markets.
Germany’s March producer prices surprised, pushing the euro lower after being reported 0.1% higher for the month and 1.9% higher year-on-year. Coming after a 0.1% slip in February, the slight gain both disappointed and undershot forecasts.
The euro also declined when European Central Bank president Mario Draghi repeated his view that trade protectionist policies potentially threatened economies within the euro zone and that that was one reason any monetary policy change would continue to be considered with caution.
In the meantime, a euro zone consumer confidence reading pleased, rising by 0.4 against expectations of a 0.6 decline.
Tonight in the US, the Chicago Fed national activity index, existing home sales and Markit’s initial April PMI estimates are due.
Elsewhere, April PMI releases also begin.
Alphabet (Google parent), Aluminium Corporation of China, Barrick Gold, Halliburton, Kimberly-Clark, Philips Electronics and UBS are scheduled to report earnings or provide updates.
In overnight Friday corporate news, Canada’s online gaming specialist Stars Group was reported to be outlaying $US4.7B in cash and scrip for Sky Betting & Gaming.
US regulators confirmed Wells Fargo would be required to pay $US1B worth of penalties following vehicle insurance and mortgage fee investigations.
Apple dropped ~4%, dragging down tech sector sentiment, in further reaction to slowdown claims by component manufacturers.
General Electric bettered quarterly profit expectations and was pushed almost 4% higher.
Footware manufacturer Skechers slid 27% after undershooting both profit and sales.
In the UK, Reckitt Benckiser fell ~3% on disappointing sales figures.