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Market Opener – 13 Oct 2017
Local Markets Commentary
The Australian market commences Friday trade ahead of influential data out of China today and the US tonight, and following select supportive overnight key commodities trade.
China is expected to release September trade figures 1.30pm AEDST.
In overnight commodities trade, US gold futures turned higher, but oil lower. LME copper continued to gain, and nickel and aluminium also rallied. Iron ore (China port, 62% Fe) swung higher after falling the past two sessions.
The $A depreciated to ~US78.20c after rising to US78.30c early yesterday evening.
Locally today, the Reserve Bank of Australia (RBA) publishes its bi-annual Financial Stability Review 11.30am AEDST.
Overseas Market Commentary
Major European and US equities markets mostly opened lower overnight and again chopped and swung amid mixed corporate results and a plethora of commentary from central bank officials.
The US administration promoted equities markets benefits of promised tax changes, bemoaned the amount of support needed by States, signed away some of the previous administration’s healthcare reforms and withdrew from the UN’s educational and cultural agency UNESCO.
Meanwhile, the euro traded at its highest against the $US in two weeks, and talk increased of the European Union’s likely refusal to progress UK separation talks ahead of a breakthrough on what the UK must pay.
European Central Bank (ECB) president Mario Draghi in the meantime claimed negative interest rates had been effective and had not impacted general bank profits.
Further the central bank’s asset purchases were likely to remain substantial until inflation improved sustainably.
Among data releases, euro zone August industrial production was reported 1.4% higher for the month, following a 0.3% rise in July and forecasts of a 0.6% gain.
US weekly new unemployment claims fell by 15,000 and the four-week average by 9500.
September producer prices rose 0.4% for the month, following a 0.2% gain in August.
Tonight in the US, September CPI growth is keenly anticipated, as are retail sales.
In other releases, the University of Michigan reveals its preliminary October consumer confidence reading, an August business inventories update is expected and Treasury publishes its September budget statement.
Companies scheduled to report earnings include Bank of America, PNC Financial Services Group and Wells Fargo.
In overnight corporate news, HSBC announced its next CEO, the current HSBC retail banking and wealth head, who will take over in February.
The UK-headquartered/Asia-focused bank also traded ex-dividend on the FTSE100, together with major supermarket chain Tesco.
JPMorgan Chase’s September quarter figures disappointed with a 21% drop in trading revenue, even while improving earnings beyond expectations.
Citigroup reported a fall in corporate and trading revenue.
Both stocks fell, as did AT&T, which reported a fall in subscriber numbers.
General Motors announced the planned closure of a Detroit facility due to slow sales for some vehicles.
Meanwhile, Austria is scheduled to hold parliamentary elections Sunday.
The Australian market commences Friday trade ahead of influential data out of China today and the US tonight, and following select supportive overnight key commodities trade.
China is expected to release September trade figures 1.30pm AEDST.
In overnight commodities trade, US gold futures turned higher, but oil lower. LME copper continued to gain, and nickel and aluminium also rallied. Iron ore (China port, 62% Fe) swung higher after falling the past two sessions.
The $A depreciated to ~US78.20c after rising to US78.30c early yesterday evening.
Locally today, the Reserve Bank of Australia (RBA) publishes its bi-annual Financial Stability Review 11.30am AEDST.
Overseas Market Commentary
Major European and US equities markets mostly opened lower overnight and again chopped and swung amid mixed corporate results and a plethora of commentary from central bank officials.
The US administration promoted equities markets benefits of promised tax changes, bemoaned the amount of support needed by States, signed away some of the previous administration’s healthcare reforms and withdrew from the UN’s educational and cultural agency UNESCO.
Meanwhile, the euro traded at its highest against the $US in two weeks, and talk increased of the European Union’s likely refusal to progress UK separation talks ahead of a breakthrough on what the UK must pay.
European Central Bank (ECB) president Mario Draghi in the meantime claimed negative interest rates had been effective and had not impacted general bank profits.
Further the central bank’s asset purchases were likely to remain substantial until inflation improved sustainably.
Among data releases, euro zone August industrial production was reported 1.4% higher for the month, following a 0.3% rise in July and forecasts of a 0.6% gain.
US weekly new unemployment claims fell by 15,000 and the four-week average by 9500.
September producer prices rose 0.4% for the month, following a 0.2% gain in August.
Tonight in the US, September CPI growth is keenly anticipated, as are retail sales.
In other releases, the University of Michigan reveals its preliminary October consumer confidence reading, an August business inventories update is expected and Treasury publishes its September budget statement.
Companies scheduled to report earnings include Bank of America, PNC Financial Services Group and Wells Fargo.
In overnight corporate news, HSBC announced its next CEO, the current HSBC retail banking and wealth head, who will take over in February.
The UK-headquartered/Asia-focused bank also traded ex-dividend on the FTSE100, together with major supermarket chain Tesco.
JPMorgan Chase’s September quarter figures disappointed with a 21% drop in trading revenue, even while improving earnings beyond expectations.
Citigroup reported a fall in corporate and trading revenue.
Both stocks fell, as did AT&T, which reported a fall in subscriber numbers.
General Motors announced the planned closure of a Detroit facility due to slow sales for some vehicles.
Meanwhile, Austria is scheduled to hold parliamentary elections Sunday.