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Asia Pacific traders may be in for a head scratching session today. In overnight action the US dollar softened as optimism about a China/US trade deal increased. This scenario generally supports commodity prices, but instead base metals fell and crude oil and iron ore plummeted.
By Michael McCarthy, chief market strategist, CMC Markets and Stockbroking
Weaker than forecast leading indicators in the US cruelled risk appetites in overnight trading. The falls came despite generally better than expected reads of activity indices in both Europe and the US, and in-line European inflation.
The release of the minutes from the monthly Federal Open Market Committee meeting confirmed a more "patient" stance. The committee discussed increased economic uncertainty about the economy and the path of interest rates this year, as well as a potential pause in running down its balance sheet.
The latest ASB Quarterly Economic Forecast reveals the world could use the Maire Kondo touch as things get messy and cause winds-of-caution to swirl both locally and globally.
Industrial commodities and European shares rose in overnight trading, following Asia Pacific markets higher. Commentators are pointing to trade optimism, but the gains merely extend recent global investor support for the region.
Heartland Group Holdings (Heartland) has reported a half year result, with continued focus on growth opportunities in the Australian Reverse Mortgage market, and small business lending via its Open for Business (O4B) platform.
Landcorp Farming Limited (known as PÄmu) has declared a net profit after tax of $29 million for the half year ended 31 December 2018. This compares to $21 million for the half year ended 31 December 2017.
By Michael McCarthy, chief market strategist, CMC Markets and Stockbroking
Benign overnight action and New Year holidays across most of Asia could see the findings of the Royal Commission of Inquiry into misconduct in the financial sector dominate trading today.
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