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Before making any investment decision, you should consult your adviser.
Market Opener – 19 Feb 2018
Local Markets Commentary
The Australian market opens a new week’s trade during a Monday public holiday weekend in the US, but on one of the busiest weeks of the domestic financial reporting season.
In overnight Friday commodities trade, US gold futures settled slightly higher. Oil gained.
In mixed LME trade, copper continued higher and aluminium swung so, but nickel turned and was pushed decidedly lower.
The $A fell to ~US79.05c after trading at ~US79.85c early Friday evening.
Locally today, a weekly capital city residential property prices report is due 9.30am AEDST.
BLD trades ex-dividend.
Regionally, Japan is due to publish January trade figures 10.50am AEDST.
Overseas Market Commentary
Major European and US equities markets diverged overnight Friday, amid a batch of data releases ahead of a US Monday public holiday weekend, accompanied by an apparently unscheduled political-related announcement.
US indices had trended higher earlier, but a grand jury indictment of 13 Russian nationals and three entities for alleged interference in the US 2016 presidential election reversed sentiment mid-session.
This, ahead of a US Monday public holiday weekend. Hence, positioning was cited as a major influence on second-half trade following the indictment announcement.
In addition, a set of US economic indicators had come in mixed.
January import prices were reported 1.0% higher for the month, following a 0.2% rise in December. Export prices rose 0.8% after a 0.1% December gain.
January housing starts and building permits rose 9.7% and 7.4% respectively for the month, following 6.9% and 0.2% respective falls during December.
The University of Michigan’s initial February consumer sentiment reading improved to 99.9, following 95.7 for January and predictions of a 0.2-point slip.
Earlier, UK retail sales had surprised on the downside, rising just 0.1% for the three months to 31 January. For January, the rise was also 0.1%, following a 1.4% drop in December and forecasts of a 0.5% improvement. Year-on-year, sales were up 1.6%.
In Germany, January wholesale prices were calculated 0.9% higher for the month producing a 2.0% year-on-year rise.
No major economic indicators are scheduled for release tonight
In overnight Friday corporate news, Roche revealed it would outlay $US1.9B for the 87.4% balance holding in oncology software firm Flatiron Health.
Coca-Cola reported a December quarter loss and attributed it to a $US3.6B tax charge associated with the change in US tax laws.
China’s markets are closed through Wednesday due to Spring Festival holidays.
Hong Kong’s and Singapore’s remain closed today.
US equities markets will not trade tonight, due to a public holiday. Commodities markets will operate, however.
The Australian market opens a new week’s trade during a Monday public holiday weekend in the US, but on one of the busiest weeks of the domestic financial reporting season.
In overnight Friday commodities trade, US gold futures settled slightly higher. Oil gained.
In mixed LME trade, copper continued higher and aluminium swung so, but nickel turned and was pushed decidedly lower.
The $A fell to ~US79.05c after trading at ~US79.85c early Friday evening.
Locally today, a weekly capital city residential property prices report is due 9.30am AEDST.
BLD trades ex-dividend.
Regionally, Japan is due to publish January trade figures 10.50am AEDST.
Overseas Market Commentary
Major European and US equities markets diverged overnight Friday, amid a batch of data releases ahead of a US Monday public holiday weekend, accompanied by an apparently unscheduled political-related announcement.
US indices had trended higher earlier, but a grand jury indictment of 13 Russian nationals and three entities for alleged interference in the US 2016 presidential election reversed sentiment mid-session.
This, ahead of a US Monday public holiday weekend. Hence, positioning was cited as a major influence on second-half trade following the indictment announcement.
In addition, a set of US economic indicators had come in mixed.
January import prices were reported 1.0% higher for the month, following a 0.2% rise in December. Export prices rose 0.8% after a 0.1% December gain.
January housing starts and building permits rose 9.7% and 7.4% respectively for the month, following 6.9% and 0.2% respective falls during December.
The University of Michigan’s initial February consumer sentiment reading improved to 99.9, following 95.7 for January and predictions of a 0.2-point slip.
Earlier, UK retail sales had surprised on the downside, rising just 0.1% for the three months to 31 January. For January, the rise was also 0.1%, following a 1.4% drop in December and forecasts of a 0.5% improvement. Year-on-year, sales were up 1.6%.
In Germany, January wholesale prices were calculated 0.9% higher for the month producing a 2.0% year-on-year rise.
No major economic indicators are scheduled for release tonight
In overnight Friday corporate news, Roche revealed it would outlay $US1.9B for the 87.4% balance holding in oncology software firm Flatiron Health.
Coca-Cola reported a December quarter loss and attributed it to a $US3.6B tax charge associated with the change in US tax laws.
China’s markets are closed through Wednesday due to Spring Festival holidays.
Hong Kong’s and Singapore’s remain closed today.
US equities markets will not trade tonight, due to a public holiday. Commodities markets will operate, however.