Local Markets Commentary

The Australian market opens today’s trade amid a barrage of corporate reports and with several stocks, including CPU, IPH, ISU, REA and WES, trading ex-dividend.

Overnight international equities leads will offer no support but some key commodities will buoy select stocks.

US gold futures turned higher overnight. Oil fell. LME copper swung higher. Iron ore (China port 62% Fe) further extended its current really, approaching $US80/t.

The $A was pushed higher after slipping below ~US79.15c early yesterday evening.

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

Overseas Market Commentary

Major European and US equities markets swung and/or chopped overnight, in the absence of major data or corporate reports, during late-summer trade, and as the $US and oil prices declined.

In addition, in the US, a solar eclipse crossed the nation, and evening television scheduled time for president Trump to deliver an update on the administration’s Afghanistan policy.

North Korea had earlier berated nations participating in scheduled, annual military exercises hosted by South Korea.

Tonight in the US, June house prices and a regional manufacturing index are due.

Meanwhile, central bankers are preparing remarks on the roles of monetary and fiscal policy in supporting global economic growth, ahead of the US Federal Reserve Kansas City division-hosted annual forum at Jackson Hole, Wyoming.

The talk-fest between business, central bankers, international finance sector professionals, regulators and others is due to commence Thursday. Fed chair Janet Yellen and European Central Bank president Mario Draghi are scheduled to deliver the early key addresses.

In overnight corporate news, France’s Total revealed it was planning to outlay $US4.95B to acquire the oil and gas division of Denmark’s AP Moeller-Maersk, conditional on approvals.

Earlier, China’s Great Wall Motor outlined its interest in Fiat Chrysler Automobiles.