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Market Opener - 09 Aug 2017

Local Markets Commentary

The Australian market commences mid-week trade on mixed international equities and commodities leads, ahead of further key regional data.

In overnight commodities trade, oil extended Monday’s pullback. US gold futures continued a little higher. Iron ore turned lower but remained above $US75.3/t. LME copper and other key base metals rallied.

The $A was pushed towards US79.10c, after trading at ~US79.30c early yesterday evening.

Regionally today, China is due to release July CPI and producer prices 11.30am AEST.

Locally, the Melbourne Institute and Westpac publish a monthly consumer sentiment report, 10.30am AEST.

The final day of the Diggers & Dealers forum will deliver further resources sector announcements and updates.

Overseas Market Commentary

Major European and US equities markets diverged overnight.

North Korea weapons and sanctions impact commentary from Japan and China concerned, while the US and North Korea traded barbs, before, through and after US trade.

Earlier, China’s July export and import growth had surprised on the downside.

Germany’s June trade surplus followed late yesterday. This rose a further €0.9B to €21.2B, but forecasters were flummoxed on a 0.7% year-on-year exports gain, down from 14.1% in May, and 3.6% annual imports growth, following 16.3% for May.

Among US data releases, a job opportunities report estimated 6.16M opportunities in June, following 5.7M in May.

A general economic optimism index (IBD/TIPP) rose 2.3 points to 52.5, while a July small business optimism reading (NFIB) came in at 105.2, following 103.6 in June.

Tonight in the US, a June quarter productivity report, June wholesale inventories and weekly mortgage applications are due.

Autohome, Bridgestone, Eon, Legal & General, Mitsui Mining & Smelting, Shiseido, Twenty-First Century Fox and Weibo are among companies scheduled to report earnings later today and tonight.

In overnight corporate news, Disney revealed video streaming plans.

Blackstone announced a proposed purchase of a majority holding in a real estate portfolio held by (rescued) Banco Popular Espanol.

Nissan revealed it was offloading its holding in a battery business JV, to China investment firm GSR.

9/08/2017 8:00:17 AM

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