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Market Opener – 12 Feb 2018

Local Markets Commentary
The Australian market opens a new week’s trade following mixed overnight Friday international equities trade and largely negative commodities trade, and ahead of regional trade disruption from the Lunar New Year and Spring Festival season which officially commences Thursday.

In addition, locally this week, domestic major reporting and dividend season warms. 

A banking sector royal commission also commences, disclosures seen as risking industry sentiment.

In overnight Friday commodities trade, US gold futures slipped. Oil continued to slide.

Iron ore (China port, 62% Fe), LME copper and other key base metals fell. 

The $A reached US78.15c after trading above US77.95c early Friday evening.

In local data releases today, a weekly capital city residential property price report is due pre-trade. 

Regionally, Japan’s markets are closed today, due to a public holiday.

Overseas Market Commentary
Major European and US equities markets trade diverged overnight Friday, although waxing and waning sentiment proved a common feature. 

In the US, a funding bill was approved by both houses of parliament and the president for two years. 

Among data releases, December wholesale inventories were reported 0.4% higher for the month, double the rate of increase for November.

Earlier, the UK’s December trade deficit was calculated at £13.58B from £12.46B in November.

Industrial production fell 1.3% for the month after improving 0.3% in November. 

Manufacturing output grew 0.3% for the month, and 1.4% year-on-year, after 0.2% and 3.8% respective figures for November.

Tonight in the US, a monthly budget statement and consumer inflation expectations are due. 

Heineken and Michelin are among companies scheduled to report earnings or provide trading updates today or tonight. 

In overnight Friday corporate news, chip manufacturer Nvidia Corp was pushed 6% higher, following better-than-anticipated December quarter revenue and profit. 

Fellow chip makers Qualcomm and Broadcom each appreciated 2.5%, after Qualcomm said it was prepared to continue to talk with rejected suitor Broadcom.
12/02/2018 7:02:00 AM

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