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Local and then general

The tail end of corporate reporting draws Australian investors’ attention early this week. A softening USD and surging oil prices could also influence market action ahead of important global activity data and US non-farm payrolls later in the week.

Neither the ECB’s Draghi or the Fed’s Yellen signalled markets with their Jackson Hole addresses. The lack of Draghi dovishness or Yellen hawkishness saw the Euro grind higher and the USD index approach its lowest point in three years. Equity markets were nonplussed and finished flat to down. Despite this mildly negative lead Australian futures are set to start higher as the weaker US dollar lifted commodity prices.

Lend Lease and Japara Healthcare lead reports today. Around 23 major companies are yet to reveal their results promising analysts a busy finish to reporting this week. Sales and earnings growth so far have averaged out in double digits but failed to meet investor expectations. The disappointment may see the major Australia 200 index testing recent floor levels around 5700. A failure at that point could open selling floodgates.

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