The ASX 200 is down 16 points in mid-morning trade despite big Dow move (S&P ↑7). Banks winners, Gold and Materials dragging. NEA and NBL profit numbers, Chinese trade today. Next week: Q prodn, RBA minutes and jobs.  #ausbiz


  • Chinese data – Balance of Trade, Imports/Exports, FDI (YTD)
  • Japanese data – Industrial Production, Capacity Utilization


  • European data – Industrial Production
  • US economic data – Core PPI, PPI


  • Nearmap (NEA) – FY results. Record growth of 36% in ACV to $90.2m (from $66.2m in FY18). Growth in North America 76%. Cashflow of $0.3m, in line with guidance.


  • Noni B (NBL) – Trading Update – Underlying EBITDA of approx. $45m in-line with guidance and +21% on prior year. Key highlights for the 12 months ended 30 June 2019 were: Total sales grew to approx. $864 million; The Group’s store network ended on 1,379 stores after a net movement of -47 stores; Online sales as a proportion of total sales continued to grow, representing 9.8% of total sales; Like-for-like sales for the period ended at -4.3%, in line with management and integration plan expectations.
  • New Hope Corporation (NHC) – Expected to receive judgement from the New South Wales Supreme Court judgment in the proceedings the Company and relevant subsidiaries commenced against Wiggins Island Coal Export Terminal Pty Ltd and others.
  • Lynas Corp (LYC) – Awarded gold medal in the EcoVadis CSR assessment (performance across the environment, labour and human rights, ethics and sustainable procurement), placing it in the top 5% of those evaluated.
  • Charter Hall (CHC) – Has acquired the global HQ of Telstra at 242 Exhibition Street at the “Paris end” of Melbourne’s CBD, for a total consideration of $830m.



  • Domestic data – RBA meeting minutes, Westpac leading index, employment data (exp 29K, 5.1% unemployment)
  • China – GDP, retail sales and industrial production
  • Japanese trade data and inflation
  • Europe – inflation
  • US economic data – retail sales, industrial production, housing starts, building permits, and leading indicators



  • Quarterly production reports – Rio Tinto (RIO), BHP Group (BHP), South 32 (S32), Woodside Petroleum (WPL), Santos (STO), traffic figures from Sydney Airport (SYD)
  • Earnings – Galaxy Resources (GXY), CIMIC Group (CIM)




US EQUITIES – S&P500 +7 (+0.23%), Dow Jones +228 (+0.85%), NASDAQ -6 (-0.08%)

Main themes

  • Continued rate cut optimism, although tempered somewhat by strong CPI data.
  • Health insurers and companies with exposure to pharmacy benefit management benefited from the White House abandoning its proposal to eliminate rebates from government drug plans

EUROPEAN MARKETS – Mostly lower. STOXX600 -0.12%, UK FTSE -0.28%, German DAX -0.33%, French CAC -0.28%,


  • The USD is lower at 97.08.
  • The Aussie dollar is stronger at US69.77

BONDS – 2-yr: +3 bps to 1.85%, 3-yr: +3 bps to 1.83%, 5-yr: +5 bps to 1.88%, 10-yr: +6 bps to 2.12%, 30-yr: +7 bps to 2.64%


  • Oil – WTI futures was down US23c or 0.4% to US$60.20. A storm expected in the Gulf of Mexico led to oil producers halting around a third of their production and evacuating rigs. OPEC released its first 2020 forecasts, estimating demand of 29.27mbpd, down 1.34mbpd from this year.
  • Gold was up 1.1% to $1,415.40 after Powell’s comments and a drop in the US dollar.
  • Iron Ore – CommSec has iron ore down US$1.95 or 1.6% to US$119.25 a tonne.
  • LME metals – Strong increases. Cu -0.35%, Ni +0.81%, Al -1.62%.


  • US economic data – June CPI 0.1% (consensus 0.0%; prior 0.1%), Core CPI 0.3% (consensus 0.2%; prior 0.1%), weekly Initial Claims 209,000 (consensus 222,000; prior 222,000), and Continuing Claims 1.723m (prior 1.696m)
  • Fed Speak – New York Fed President John Williams said he expects 2019 US growth around 2.25%, and that the growth outlook outside the US has dimmed.
  • European-US trade – German Economy Minister Peter Altmaier will meet with US Trade Representative Robert Lighthizer today while Germany’s Coordinator of Transatlantic Cooperation, Peter Beyer, said that Europe should prepare for US tariffs on “several fronts.” French Finance Minister, Bruno Le Maire, continued arguing in favor of imposing a digital tax on big tech companies.
  • European data – German June CPI 0.3% (as expected, last 0.3%), +1.6%yoy (as expected, last 1.6%); French June CPI +0.3% (expected 0.2%; last 0.2%) to be 1.2% yoy (as expected, last 0.9%).

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