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Market Opener – 20 Oct 2017
Local Markets Commentary
The Australian market opens Friday trade on mixed overnight commodities and uninspiring equities leads.
Regionally, China’s National Congress continues and Japan heads towards Sunday’sgeneral election. New Zealand’s markets in the meantime have been reacting to an uncertain parliamentary environment.
In overnight commodities trade, oil swung lower and US gold futures turned moderately higher. Iron ore (China port, 62% Fe) fell.
LME copper continued lower for a third consecutive session. Nickel and aluminium turned higher, however.
The $A remained in a relatively narrow band, after trading beyond US78.70c early yesterday evening.
Overseas Market Commentary
Major European and US equities markets mostly fell on opening overnight, before some notable recoveries.
Traders pushed through speculation on Russia’s leadership aspirations, Spain’s plans to suspend the autonomy of independence-seeking Catalonia, some heightened sensitivity on the anniversary of the 1987 markets crash, and a cocktail of corporate news and earnings reports.
Early evening AEDST, China’s central bank governor had been reported as having warned against blind economic and market optimism.
In the US, weekly new unemployment claims surprised with a 22,000 fall to the least in more than 40 years. The four-week moving average also declined by more than anticipated, 9500.
A Philadelphia region manufacturing rose by four to 27.9, against expectations of a pullback to 20.2.
In the UK, September retail sales disappointed, rising 1.2% following forecasts of a 2.1% gain.
Tonight in the US, Federal Reserve chair Janet Yellen is scheduled to speak publicly regarding post-financial crisis monetary policy.
September existing home sales are also due.
Baker Hughes, Daimler, Ericsson, General Electric, Honeywell, Procter & Gamble and Schlumberger are scheduled to report earnings.
In overnight corporate news, Adobe Systems’ improved guidance pushed the stock 12% higher, supporting some intra-session recovery in US equities trade.
Apple fell 2% on reports new iPhone 8 demand is not expected to match expectations, and that component orders would be reduced.
eBay also suffered on what was perceived as an uninspiring quarterly report.
The Australian market opens Friday trade on mixed overnight commodities and uninspiring equities leads.
Regionally, China’s National Congress continues and Japan heads towards Sunday’sgeneral election. New Zealand’s markets in the meantime have been reacting to an uncertain parliamentary environment.
In overnight commodities trade, oil swung lower and US gold futures turned moderately higher. Iron ore (China port, 62% Fe) fell.
LME copper continued lower for a third consecutive session. Nickel and aluminium turned higher, however.
The $A remained in a relatively narrow band, after trading beyond US78.70c early yesterday evening.
Overseas Market Commentary
Major European and US equities markets mostly fell on opening overnight, before some notable recoveries.
Traders pushed through speculation on Russia’s leadership aspirations, Spain’s plans to suspend the autonomy of independence-seeking Catalonia, some heightened sensitivity on the anniversary of the 1987 markets crash, and a cocktail of corporate news and earnings reports.
Early evening AEDST, China’s central bank governor had been reported as having warned against blind economic and market optimism.
In the US, weekly new unemployment claims surprised with a 22,000 fall to the least in more than 40 years. The four-week moving average also declined by more than anticipated, 9500.
A Philadelphia region manufacturing rose by four to 27.9, against expectations of a pullback to 20.2.
In the UK, September retail sales disappointed, rising 1.2% following forecasts of a 2.1% gain.
Tonight in the US, Federal Reserve chair Janet Yellen is scheduled to speak publicly regarding post-financial crisis monetary policy.
September existing home sales are also due.
Baker Hughes, Daimler, Ericsson, General Electric, Honeywell, Procter & Gamble and Schlumberger are scheduled to report earnings.
In overnight corporate news, Adobe Systems’ improved guidance pushed the stock 12% higher, supporting some intra-session recovery in US equities trade.
Apple fell 2% on reports new iPhone 8 demand is not expected to match expectations, and that component orders would be reduced.
eBay also suffered on what was perceived as an uninspiring quarterly report.