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Last minute calibrations

As markets head into the US election a final recalibration of risk is in train. After 8 weak sessions in a row, the bounce back on candidate Clinton’s FBI clearance has stocks moving ahead and safe havens sagging. Local AGMs, company profit reporting and important China data are all likely to take a back seat until this global risk event is concluded.

Asia Pacific markets were the first to adjust to the political shift, and may trade more modestly today after roaring back to life yesterday. However, the 1.5% to 2% gains on European and US exchanges should see the positive momentum continue. While gold slipped around US $20 an ounce, copper, iron ore, oil and coal all moved ahead, meaning resource stocks may be among today’s best performers.

CBA reports its first quarter results today. Margin impacts and loan book growth are an area of investor focus, and these two measures could drive the share price. AGM commentary from Newcrest Mining, the REA Group and Bionomics is also likely to influence. China trade data is forecast to show further falls in exports, despite further Yuan depreciation, although the numbers could drop on any day this week

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