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Market Opener – 14 Aug 2018

 
Local Markets Commentary
The Australian market commences today’s trade ahead of a trio of key data releases from China, with trading updates from big-four banks ANZ and NAB, following broadly negative overnight international trade leads.

In addition, several large-cap domestic stocks report full year earnings today.

Also locally today, a weekly consumer sentiment report is expected pre-trade.

NAB’s monthly business conditions and confidence survey report is due 11.30 am AEST.

MFG, RKN and SCG also trade ex-dividend today. Details can be found on p4.

Regionally, China’s July industrial production, fixed assets investment and retail sales figures are expected midday AEST.

In overnight commodities trade, oil turned lower. 

US gold futures fell.

LME copper and nickel continued to decline. Aluminium pulled back.

The $A has effectively marked time after trading below US72.75c early yesterday evening.

Overseas Market Commentary
Most major European and US equities markets headed lower overnight in early or by mid-session trade, sentiment sapped by speculation surrounding the consequences of any further economic instability in Turkey.

The Turkish lira swung some but remained near record lows against the $US.

The euro traded at 13-month lows and the British pound remained near this year’s lows.

Currencies across Argentina, India, Mexico, Russia and South Africa continued out of favour, Argentina’s central bank opting to lift a key rate to 45%.

Among stocks, the financial sector suffered in particular. 

Tonight in the US, July import and export prices plus a small business optimism index are due.

Companies scheduled to report earnings include Antofagasta, CAR Inc (Interim), Home Depot, Noble Group (interim) and RWE.

In overnight corporate news, Germany’s Bayer dropped more than 10% following a court decision late last week that two Monsanto weedkillers were responsible for a man’s cancer. Bayer acquired Monsanto in June.

Meanwhile, Apple and Amazon were each pushed to new record peaks.

Netflix fell more than 1% after announcing its CFO of eight years was planning to leave the company.

In other stock-related news, US defence legislation signed overnight by the US president, included a $US7.6B spend on F-35 joint strike fighter craft manufactured by Lockheed Martin.
 
14/08/2018 8:00:00 AM

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