Australia see modestly positive opening to sharemarket

Share Markets: 

US equity markets were closed on Friday for the Independence Day public holiday.

In Europe, markets had a soft tone with the Dax down 0.2%, the French CAC40 index down 0.5% and the FTSE100 flat.

The futures market points to a modestly positive open to the sharemarket in Australia this morning.

Interest rates:

It was a quiet night on Friday with US financial markets closed. German bond yields moved a little lower on the back of some disappointing factory orders data (see below).

Both 10 and 3 year bond yields edged higher in Australia on Friday. Ten year yields rose 5 basis points to 3.59% while 3 year yields rose 3 basis points to 2.59%.

Foreign Exchange:

The US dollar index ranged around a multi-day high. EUR initially fell from 1.3610 to 1.3586 but recovered in late London trade to 1.3602.

USD/JPY ranged between 101.97 and 102.11. AUD ranged between 0.9350 and 0.9370, arresting a sharp decline from last week's 0.9505 peak.

NZD ranged between 0.8730 and 0.8750 and AUD/NZD nudged higher from 1.0680 to 1.0717.

Commodities:

Oil moved lower on expectations of better supply out of Libya and Iran.

The decline was muted by the prospect of stronger demand flowing from the previous night's solid US payroll data.

Copper prices fell marginally on softer than expected German factory orders while gold was effectively flat.

Australia:

No significant data was released on Friday.

Europe:

Factory orders in Germany fell 1.7% in May following a rise of 3.1% in April. The market had been expecting a fall of 1.1%. Over the year to May, orders are up 5.5%.

United States:

Markets were closed for the US Independence Day holiday.

No significant data was released in China, New Zealand or the United Kingdom.
 



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