Surging oil prices and solid US corporate earnings offer a positive start ahead of a trading session packed with potential market movers.
Surging oil prices and solid US corporate earnings offer a positive start ahead of a trading session packed with potential market movers. Australian employment data, local corporate AGMs and investor days, the third US presidential candidate’s debate and an interest rate decision from the ECB suggest investors will have a lot to think about over the next twenty-four hours.
Energy shares led the way in US trading after crude stockpiles fell further, wiping out all of the reserves accumulated since January. Australian oil and gas plays may roar back to life after 6 days of selling. BHP’s AGM and Rio’s, South32’s and Fortescue’s quarterly production numbers may add additional impetus to resources. Crown at its AGM this morning announced a plan to spin a property trust, potentially supporting the share price as it offers an easier operating company for James Packer to privatise.
Other companies speaking with investors today include Lend Lease, Amcor, Southern Cross Media, Spotless, Australian Pharmaceuticals, Sydney Airports, Investa and Westfield.
The presidential debate is a must watch for investors in the Asia Pacific region. There are at least two points of acute market interest. One of the six topics is the US economy, and any clarification of policy in this area could influence trading today. Secondly, a clear win for either candidate is important. Markets are likely to buy Clinton and sell Trump.
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