The Australian market is poised to open higher later this morning, after a late rally on Wall Street fuelled by gains in oil stocks saw U.S. markets close with solid gains overnight.
The June SPI futures contract is up 15 points, at 5950.
US stocks finished stronger after big gains in petroleum stocks following Royal Dutch Shell’s takeover of BG Group.
Today the Australian Bureau of Statistics will release housing finance data for February.
Meanwhile, the tax inquiry continues in Melbourne with evidence from BHP Billiton, Rio Tinto and Fortescue Metals Group.
- SPI futures up 15 points to 5950
- AUD at 76.87 US cents, 92.77 Japanese yen, 72.20 Euro cents and 52.31 British pence
- On Wall St, S&P 500 +0.5%, Dow +0.3%, Nasdaq +0.5%
- In Europe, Stoxx 50 +1.1%, FTSE +1.1%, CAC +1.4%, DAX +1.1%
- Spot gold down $US8.21 or 0.7% to $US1194.36 an ounce
- Brent oil up $US1.09 or 2% to $US56.64 a barrel
- Iron ore adds 0.6% to $US48.34 a ton
What’s on today:
Australian February housing finance, Australia February investment lending, China March consumer price index.
Stocks to watch:
Deutsche Bank has a ‘sell’ rating on Treasury Wine Estates and a $4.00 price target.
Macquarie Wealth Management has an ‘outperform’ rating on Sirius Resources and a $3.90 price target.
Shares trading ex dividend today: Brickworks, FFI Holdings, Hillcrest Litigation Services and TPG Telecom.