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Overseas Market Report

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Overseas Market Report -U.S. Markets End Lower Ahead of Trump Tax Reveal

Friday 21 April 2017 | Close

U.S. markets ended in the red on Friday but off their lows after President Donald Trump pledged to reveal huge tax package cuts this week to reinforce his commitment to tax reform and deregulation.

Friday 21 April 2017 | Close

Foreign Equities Close Change %Change
Dow Jones (US) 20548 -31 -0.15
S&P 500 2349 -7 -0.30
NASDAQ 5911 -6 -0.11
FTSE 100 Index 7115 -4 -0.06
DAX 30 12049 21 0.18
CAC 40 5059 -19 -0.37
Nikkei 225 (Japan) 18621 190 1.03
HKSE 24042 -15 -0.06
SSE Composite Index 3173 1 0.03
NZ 50 7197 9 0.13

Friday 21 April 2017 | Close

Commodities US$ Close Change %Change
Aluminium /t 1923 -9 -0.49
Copper /t 5594 -2 -0.04
Nickel /t 9295 -140 -1.48
Gold /oz 1284 2 0.15
Silver /oz 17.9 0.0 0.20
Oil - West Texas crude /bbl 49.6 -1.1 -2.15
Lead /t 2143 -14 -0.66
Zinc /t 2572 -46 -1.76

Friday 21 April 2017 | Close

Currency Close Pts Change % Change
$A vs $US 0.7570 0.0030 0.40
$A vs GBP 0.5903 0.0016 0.27
$A vs YEN 83.45 1.17 1.42
$A vs EUR 0.6954 -0.0077 -1.10
$A vs $NZ 1.0750 0.0027 0.25
$US vs Euro 0.9186 -0.0135 -1.45
$US vs UK 0.7797 -0.0006 -0.08
$US vs CHF 0.9932 -0.0025 -0.25

U.S. markets ended in the red on Friday but off their lows after President Donald Trump pledged to reveal huge tax package cuts this week to reinforce his commitment to tax reform and deregulation.

Investors also had one eye on the French presidential election on Sunday, which is being viewed as a test of France's political mainstream, and a barometer of French voters' desire to maintain its European Union membership.

At the closing bell, the Dow Jones was down 0.2%, the S&P 500 was down 0.3%, and the Nasdaq was 0.1% lower.

Maxim Integrated Products (MXIM) reported solid fiscal third-quarter results as the firm's recent manufacturing efficiency moves continue to pay dividends. Revenue in the March quarter was $581 million, up 5% both sequentially and year over year, and above the midpoint of the firm's forecast of $555 million to $595 million as discussed in January.

Visa (V) is guiding to net revenue growth approaching 18% for its full fiscal 2017 year, including 2.0% to 2.5% of negative impact from the strong U.S. dollar. At the same time, its minimal reinvestment needs--the company had only $317 million in capital expenditures over the last six months--ensure that its owners share in the rewards.

For Australian ADRs listed on the NYSE, BHP Billiton fell 23 cents (-0.64%) to $35.76, ResMed gained 21 cents (0.30%) to $69.84, Telstra Corporation lost 8 cents (-0.50%) to $15.93, Spark New Zealand slipped 3 cents (0.23%) to $12.74, and Westpac declined 7 cents (-0.27%) to $25.80.

At 7:45 AM (AEDT), the 10-year Treasury note yield was 2.25% and the 5-year yield was 1.77%.

European markets finished mixed on Friday.

The FTSE 100 ended 0.1% lower, the French CAC 40 fell 0.4%, while Germany's DAX ended up 0.2%.

Asian markets were also mixed.

The Hang Seng was down 0.1%, the Nikkei 225 was up 1%, while the Shanghai Composite ended flat. India's Sensex finished 0.2% lower.

Australian Market

Local Markets Expected to Open Flat

Ahead of the local open, SPI futures were unchanged at 5,838.

Friday 21 April - close. The Australian market opened higher following a strong lead from the U.S. market, and a rise in overnight commodity prices. The ASX 200 remained well above the flat line during the day, with strong gains from miners offsetting the impact of heavy sell-offs in the consumer staples sector, particularly Coca-Cola Amatil. Most sectors performed positively, with the exception of industrials, consumer staples, and telecommunication services. The Australian dollar appreciated against most major currencies but fell against the New Zealand dollar.

The All Ordinaries added 31.20 points to 5,885.60 while the S&P/ASX 200 gained 32.70 points to 5,854.10.

Coca-Cola Amatil Limited (CCL)

Coca-Cola Amatil provided a post Easter public holiday trading update. Trading in Australian Beverages for the year to date has been weaker than 2016 with all channels experiencing volume and price pressure due to competition and category trends. In February 2017, CCL announced an on-market share buyback program of $350m. It will not proceed with the on-market share buyback until opening of trading on 26 April 2017, subject to market conditions. CCL plunged $1.13 to $9.61.

Woolworths Limited (WOW)

Woolworths announced that an award has been made in the confidential arbitration between the company and Lowe's in relation to their home improvement JV. As a result, Lowe's is required to sell its shares in the JV company, Hydrox Holdings, for a value determined by a third-party independent expert as at 18 January 2016, within the range of the valid independent expert's interim valuations previously obtained by each of the company and Lowe's. WOW rose 23 cents to $26.51.

Annual General Meetings today (ASX 300)

  • No Annual General Meetings today

Companies trading ex-dividend today (ASX 300)

  • Class Limited
  • Ridley Corporation Limited

Companies trading ex-dividend next business day (ASX 300)

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