Profit Season Begins This Week

The ASX is looking for a solid start later this morning despite poor run last week that saw the ASX 200 close 1% lower. The ASX 200 futures market was up 26 points at the close on Friday after a reasonable session on Wall Street where fears about an escalation of Donald Trump’s trade war with China failed to have an impact.

Profit reporting starts this week for the June 30 financial year, starting with Amcor (AMC) today which has also announced a company-transforming acquisition. The big name to report this week will be Commonwealth Bank (CBA), with the other three big banks on a different accounting year end.

The US economy saw a slight slowing in jobs growth in July - 157,000 new positions created, well under the expected 190,000 or so – while the jobless rate again eased to 3.9%, but wage growth was stuck at an annual 2.7% for yet another month, with some economists expecting the Fed’s expected rate rises might end for a while after the expected rise in late September.

The trade war with China will continue this week with China threatening to impose new tariffs on $US60bn of US exports - ranging from small - and medium-sized aircraft and liquefied natural gas to soybeans, oil and auto parts - after Donald Trump threatened to lift tariffs on $US250bn of Chinese imports to 25%.

Global oil prices suffered another weekly loss, extending its string of weekly losses to four out of the past five - the most for a year. The drop came after another surprise gain in US crude stocks, with stockpiles rising 3.8m barrels on rising imports. US crude prices have also been rattled by the simmering trade tensions between the US and China.

Data Releases:

-    No Significant Data

This article was written by Shannon Rivkin - Investment Director, Rivkin Securities Pty Ltd. Enquiries can be made via or by phoning +612 8302 3633.

Complex product warning

This article contains information about foreign exchange contracts, which are considered complex financial products. Please click here to read ASIC's foreign exchange trading article before considering an investment in foreign exchange contracts. 

This article contains information about CFDs, which are considered complex financial products. Please click here to read ASIC's "Thinking of trading contracts for difference?" document before considering an investment in CFDs.
comments powered by Disqus

DISCLAIMER: Rivkin aims to provide clear and simple information to those visiting our website. If any part of this disclaimer does not make sense, please phone Rivkin and ask to speak with a member of our Dealing and Relationship Management Team. Rivkin provides general advice and dealing services on securities, derivatives and superannuation (SMSF). Rivkin also provide SMSF administration and accounting services. Rivkin does not provide advice that takes into account your, or anybody else's, investment objectives, financial situation or needs. We strongly suggest that you consult an independent, licenced financial advisor before acting upon any information contained on this website. Investing in and trading securities (such as shares listed on the ASX) and/or derivatives (such as Contracts for Difference or 'CFDs') carry financial risks. CFDs carry with them various additional risks that differ from more simple securities such as fully-paid company shares. Some of these risks include not owning the underlying instrument from which a price is being derived, settling trades 'over the counter' with a financial institution rather than on a stock exchange, and using leverage to gain access to trades that may have a higher face value than your initial deposit. This risk of leverage means that it is possible to lose more than your initial investment. Our aim is to create more life choices for our clients, which means improving the wealth of clients throughout many market cycles by nurturing a relationship spanning many years. If you are not comfortable with your understanding of the risks involved before using a Rivkin product and service, please contact our office to seek further information or a Product Disclosure Statement, or make an appointment to sit with one of our friendly financial experts. It is in our interest for your Rivkin experience to be a rewarding and comfortable one. Rivkin is a trading name of Rivkin Securities ABN 87123290602, which holds Australian Financial Services Licence No. 332 802.