Full market load down from overnight trade - ANZ

Analysts at ANZ offered a wrap up of markets overnight.

Key Quotes:

"US: The July JOLTS survey showed job openings at a record high of 5.871m, up 288k from June. The main rise in job openings came in professional and business services (+166k), which paints a rather different picture to the ISM non-manufacturing print for August − which showed a sharp drop.

EA: German industrial production dropped 1.5% m/m in July, the largest decline in two years. The release complemented some weakness in the PMI and IFO data recently, which suggests the German economy may be losing some momentum.

UK: In the immediate aftermath of the 23 June referendum, the economy shuddered. In July, manufacturing output fell 0.9% m/m as nine of the thirteen sectors, led by pharmaceuticals, declined. A surge in oil and gas production, nonetheless, drove industrial production into positive territory (+0.1% m/m). The August PMI data have pointed to a sharp rebound in manufacturing activity.

The BoE’s Carney testified to Parliament and said the BoE’s decision to cut rates last month had helped support the economy, that growth is a bit better than forecast, and the BoE has scope to ease policy again if needed. Despite this more positive tone, sterling drifted off during the London session.

Commodity movements were mixed. Gold prices were down modestly as the USD strengthened towards the end of the session while oil prices finished higher. Base metals rose with copper gaining amid a mine strike in Chile. It was mostly a positive session for agriculture commodities, while thermal coal and iron ore both declined."