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Reversal Day

Weakness in global shares and a fall in copper could see Australian stocks under pressure in trading today. A bounce in crude may help stem losses as companies push to complete the AGM season ahead of tomorrow’s deadline.

The USD remains the key to market action. A corrective fall in the world’s reserve currency moved everything from bonds to commodities to indices. Most commodities rallied. Both precious and base metals rose, supporting the idea that the falling USD is the driver. Bonds also rallied, reversing recent steep declines, and shares slipped as investors positioned ahead of OPEC’s meeting tomorrow and US non-farm payrolls on Friday.

Top 200 companies facing shareholders today include Vocus, Mayne Pharma, Brickworks and Northern Star. Tomorrow brings the official end of AGMs for companies with June 30 balance dates, when 8 top 200 listings will slide under the bar. Company specific news is now less of an influence and local performance will likely be driven by macro and global factors into 2017.

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