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Risk on to start the week

The US economy has returned to its job creating best, judging from the non-farm payrolls data released on Friday night. In response to the strength in employment, US shares hit all-time highs, industrial commodities rallied, and gold and bonds fell. The strength should lift Asia Pacific markets at the open, although a full suite of company reports this week may hold back local volumes.

The data feast continues this week as China releases trade, retail sales and industrial production numbers, bringing commodity prices into focus. In the US inventories, retail sales and producer prices could spark market moves. Friday night’s rally suggests investors are more likely to respond to any indications of economic strength rather than worry about the potential for less stimulus or quicker interest rate rises.

 Bendigo Bank has set a positive tone for companies reporting this week with a modest lift in top line profits, slightly better than forecast. The season hits full stride this week. Key reports from a broader economic view include Transurban, carsales.com.au, AGL and Telstra. The risk on mood could see the Australia 200 index test the 2016 highs over the course of the week.

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