The Aussie market appears poised to snap its five session losing streak today, following gains in oil prices and US and European sharemarkets on Friday night.
The March SPI futures contract is up 76 points, at 5307.
Wall Street stocks gained one per cent as oil prices rebounded, snapping a five-day losing streak that had left the equity market looking oversold to some investors.
- SPI futures up 76pts at 5307.
- AUD at 82.24 US cents, 96.62 Japanese yen, 71.13 Euro cents and 54.28 British pence
- On Wall St, S&P 500 +1.3%, Dow +1.1%, Nasdaq +1.4%
- Wall St will be closed on Monday in the US for a holiday.
- In Europe, Stoxx 50 +1.4%, FTSE +0.8%, CAC +1.3%, DAX +1.4%
- Spot gold up $US17.70 or 1.4% to $US1280.45 an ounce.
- Brent oil up $US1.71 or 3.5% to $US49.98 per barrel.
- Iron ore is flat at $US68.61 per metric tonne
What’s on today:
TD Securities inflation index, December new motor vehicle sales, UK January house prices.
Stocks to watch:
JPMorgan has a ‘neutral’ recommendation on Woodside Petroleum and a $35.06 price target.
Deutsche Bank has a ‘buy’ recommendation on News Corporation and a $23 price target.
On Friday, shares in Beadell surged 10.6pc.