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Before making any investment decision, you should consult your adviser.

Market Opener – 23 Apr 2019

 
Local Markets Commentary
The Australian market opens a three-day domestic trading week following largely hesitant overnight US equities trade.

In overnight commodities trade, oil rallied.

US gold futures (June) settled slightly higher.

Iron ore (China port, 62% Fe) has also rallied, approaching $US94.5/t.

Overnight Thursday last week, LME copper swung lower. Nickel extended Wednesday’s fall. Aluminium turned higher.

Overnight, copper fell 0.6% in the US.

Meanwhile, over the weekend, swine fever in China has been confirmed as sufficiently widespread to influence international agricultural trade.

TThe $A approached ~US71.4c earlier this morning after falling to ~US71.50c from ~US71.65c overnight Thursday last week.

The ASX will be closed Thursday for ANZAC Day.

New Zealand’s markets will also be closed.

Overseas Market Commentary
US equities markets diverged overnight, during the first trading session since Friday last week, at the commencement of a major corporate earnings reporting week, and as the US confirmed the sanction waivers for eight nations still purchasing crude and condensate from Iran would end at the beginning of May.

Volumes were reported low, and while the S&P 500 and NASDAQ trended higher through the session, DJIA trade fell short of a gain at any time.

Major European markets have not traded since Thursday last week.

In overnight US data releases, the Chicago Fed national activity index improved to -0.15, from -0.31.

March existing home sales were calculated 4.9% lower for the month, following an 11.2% February gain.

Tonight in the US, March new home sales, a regional manufacturing index, and a February house price index are due. 

Stocks scheduled to report earnings or provide trading updates today and tonight include: banco Santander, Canon, Coca-Cola, eBay, Hasbro, LG, Lockheed Martin, Procter & Gamble, Snap, Texas Instruments, Twitter, United Technologies, Verizon and Wynn Resorts.

In overnight corporate news, Kraft Heinz confirmed its CEO would be replaced by an Anheuser-Busch InBev executive at the end of June.

Kimberly-Clark full year guidance and quarterly earnings pleased, pushing the stock ~5% higher. 

Halliburton revenue came in higher than expected, but the group announced it would cut spending on fracking activity.
 
23/04/2019 8:00:00 AM

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