Research

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

Market Opener - 23 Aug 2017

 
Local Markets Commentary

The Australian market commences mid-week trade in the midst of a cyclone of domestic corporate reports, and following decisive overnight international equities rallies.

In overnight commodities trade, US gold futures turned lower and oil higher. Iron ore (China port 62% Fe) was pushed modestly lower. LME copper settled slightly lower, but nickel rallied further.

The $A traded in a narrow range after falling to US79.05c early yesterday evening.

Locally today, AGL, AMP, MYS and PGH trade ex-dividend. A job vacancies report is also due late-morning.

Regionally, an initial August manufacturing PMI is due out of Japan 10.30am AEST.

Overseas Market Commentary

Major European and US equities markets headed higher overnight, sentiment picking up across several sectors.

In the US, new North Korea nuclear weapons-related sanctions were announced against select companies and individuals in both North Korea and China.

In the meantime, a US banking regulator report revealed June quarter sector earnings rose 10.7% year-on-year, to $US48.3B.

Tonight in the US, July new home sales, initial August Markit PMIs and weekly mortgage applications are due.

Elsewhere, European Central Bank (ECB) president Mario Draghi is delivering a keynote address at an economic science forum. Overnight tomorrow he will also address the annual Jackson Hole central banker-hosted conference.

In overnight corporate news, Chevron Corp announced its CEO was planning to step down.

Ford Motor Co revealed plans for an electric vehicle manufacturing JV in China.

 
23/08/2017 7:52:09 AM

Back to top