Originally published by CMC Markets
A stronger result from Apple (NASDAQ:AAPL) that soothed tech nerves overnight may be overwhelmed in Asia Pacific trading today. Reports from the US of a new offensive in the ongoing trade dispute could sour any investor optimism. A savage downdraft in oil prices may add weight, although resource markets may respond to mid-session data. The Australian company reporting season also kicks off today.
Reports that the US administration is contemplating a 25% tariff on $200 billion worth of imports from China could trump all other factors. The reports are unconfirmed, but the suggestion these measures may arise in the next few days should at least temper market exuberance.
Manufacturing is in focus with the release of the Caixin and Nikkei PMI this morning. Crude oil prices tanked after indications that tonight’s inventory data could reveal a build in US stockpiles, but copper rose. The market action for these key industrial commodities could re-align over the data.
The Australian corporate reporting season starts today with Rio’s aftermarket release a feature. Over the month we’ll detail the expected releases for the day, with a consensus earnings estimate. Investors should take care, as the information provided is uncertain and subject to change.
