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Research

Disclaimer: All information on this section is of a general nature.
Before making any investment decision, you should consult your adviser.

Market Opener – 13 Sep 2018

 
Local Markets Commentary
The Australian market opens today’s trade on largely positive overnight international commodities trade, ahead of key domestic data and as a swag of large-cap stocks trades ex-dividend.

Among key commodities, oil continued higher. 

US (December) gold futures picked up the pace of Tuesday’s rise.

LME copper and other key base metals rallied.

The $A was propelled to ~US71.70c after trading below US71.20c early yesterday evening.

Locally today, the Australian Bureau of Statistics (ABS) publishes August employment figures 11.30am AEST.

A consumer inflation expectations report is expected from the Melbourne Institute at the same time.

A plethora of stocks trades ex-dividend today, including BRG, FLT, GEM, IGO, MMS, MND, S32, SVW, VRT, WSA and WOW. Please see p3 for additional stocks and details.

Regionally, China’s August lending figures are anticipated by some anytime from post-ASX trade today. 

Japan’s markets will be closed Monday due to a public holiday.

Overseas Market Commentary
Marked vacillations across major European and US equities markets overnight again underscored investor jitters.

A media report citing un-named sources, claimed the US was seeking to begin new trade talks with China.

In US data releases, August producer prices slipped 0.1% for the month, the first decline in 18 months.

Forecasts were for a 0.2% rise, headline result consequently pushing the $US lower.

Year-on-year prices were 2.8% higher, against 3.2% at the end of July.

The Federal Reserve’s 12-district economic report (beige book), confirmed moderate growth but also underscored widespread import tariffs concern, to the point of disrupting capital investment across several districts. 

Euro zone July industrial production was reported 0.8% lower for the month, following a 0.7% fall in June. Year-on-year, output was down 0.1%. 

Tonight in the US, August CPI growth and weekly new unemployment claims are due, together with a monthly budget statement.

US Federal Reserve vice chair Randy Quarles and another reserve bank official are scheduled to speak publicly.

In the meantime, three eastern US States are preparing for a major hurricane, which is expected to reach the US coastline late-Thursday (US time) or early Friday. 

Elsewhere, the Bank of England and European Central Bank each convene policy meeting meetings and hold post-meeting conferences. Turkey’s central bank also meets.

Adobe, Kroger, WM Morrison (Morrison’s UK supermarket chain) and Oracle are scheduled to report earnings.

In overnight corporate news, chip manufacturer Micron was pushed ~4.5% lower on a negative analyst report.

Snap suffered a 7 drop, following a trio of unfavourable research reports.

Apple’s product launch included iPhones and watches with additional features such as increased screen size, and one watch capable of monitoring and reacting to heart health. Top-level product prices rose, and the range of new releases was smaller than at last year’s launch event. Apple subsequently settled ~1% lower for the session, as analysts lined up to predict possible slowing revenue growth.
 
13/09/2018 8:00:00 AM

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