The Australian market looks set to open higher later this morning, after Wall Street rose overnight following strong gains in Asian and European equity markets.
The September SPI futures contract is up 30 points, at 5437.
In local economic news on today, the Australian Bureau of Statistics releases May’s housing finance data.
No major equities news is expected.
– SPI futures up 30pts to 54370
– AUD at 74.46 US cents, 90.43 Japanese yen, 67.59 Euro cents and 48.48 British pence
– On Wall St, S&P 500 +0.2%, Dow +0.2%, Nasdaq +0.3%
– In Europe, Stoxx 50 +2.8%, FTSE +1.4%, CAC +2.6%, DAX +2.3%
– Iron ore rises 9.9% to $US48.99 a dry metric ton
– Spot gold up $US1.70 to $US1160.12 an ounce
– Brent crude up $US1.46 or 2.6% to $US58.51 a barrel
What’s on today:
Australia lending data, China lending data, UK May trade stats, US Federal Reserve chair Janet Yellen speech, Canada June labour force report
Stocks in focus:
RBC Capital Markets pegs Australian gold stocks as a preferred position amid the volatility in global markets. “We identify OZ Minerals (OZL) as the most likely player in the ongoing round of M&A. The company has already strongly alluded to its desire for growth via acquisition, with not only copper as a target, but also gold and other base metals.”
Deutsche Bank has a “buy” on QBE Insurance and a price target of $15.15 a share.