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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 – 09 Oct 2018

 
Local Markets Commentary
The Australian market commences today’s trade following vacillating overnight international equities sentiment. 

In mostly negative overnight commodities trade, oil settled lower, albeit WTI crude only slightly changed again.

US (December) gold futures fell.

Iron ore (China port, 62% Fe) recorded a small gain.

LME copper settled barely changed, aluminium dropped further, and nickel turned lower.

The $A headed towards US70.80c after falling below US70.50c early yesterday evening.

Locally today, NAB publishes its monthly business survey report 11.30am AEST.

Pre-trade, a weekly consumer sentiment reading is due.

Overseas Market Commentary
Early negative trade and significant swings featured across most major European and US equities markets overnight. 

Columbus Day observance in the US produced lighter trading volumes.

Earlier, China’s markets had dropped on resuming trade for the first time in a week.

The $US continued robust (0.36% higher against the euro), souring select US export sentiment.

The British pound pulled back again on confusion surrounding predictions out of both the European Union (EU) and the UK regarding the UK’s negotiations for agreements governing its departure from the EU.

Among new data releases, Germany’s August industrial production disappointed, slipping 0.3% for the month, following a 1.3% drop in July. 

A eurozone Sentix confidence index fell 0.6 to 11.4 

In the meantime, the European Union had confirmed aversion to Italy’s proposed budget deficits through 2021. Italian bond yields were subsequently reported at 4.5-year highs. 

Elsewhere, Pakistan revealed it would need international rescue funding and was approaching the International Monetary Fund (IMF).

Brazil’s first round of presidential elections appeared to favour a far-right candidate heading towards the second round later this month.

Tonight in the US, small business and economic optimism indices are due. 

Also tonight, updated international economic growth forecasts are anticipated from the IMF.

In overnight corporate news, Google conceded it would need to shut down social network Google+ following an up to three-year data breach the company said was identified earlier this year.

General Electric’s Baker Hughes announced it would pay $US550M for 5% of ADNOC (Abu Dhabi National Oil Company) Drilling.

In addition, deep water drilling rig specialist Ensco and Rowan appreciated 3% - 4% after revealing a planned $US12B merger.
 
9/10/2018 7:00:00 AM

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