The Australian market is poised to open flat to slightly weaker later this morning, despite a surge on Wall Street overnight where stocks rebounded from a sell-off in energy shares after positive retail and unemployment data came out.
The December SPI futures is down 10 points, at 5232.
US retail sales rose 0.7% – the most in eight months – as shoppers benefited from an improving job market and cheaper fuel.Jobless claims decreased by 3,000 to 294,000 in the week ended December 6, a Labor Department report showed.
In local economic news today, the Australian Bureau of Statistics releases October lending finance data.
In equities news, Westpac and Noni B have their annual general meetings.
– SPI futures down 10 pts at 5232
– AUD at 82.51 US cents
– Late on Wall St, S&P 500 +1%, Dow +0.8%, Nasdaq +1.2%
– In Europe, Euro Stoxx 50 +0.3%, FTSE -0.6%, CAC flat, DAX +0.6%
– Spot gold up $US2.23 to $US1228.54 an ounce
– Brent oil down 24 US cents to $US64.00 per barrel
What’s on today:
NZ manufacturing index, Japan industrial production, China retail sales, China industrial production, Euro zone industrial production, Euro zone employment, US producer prices, US University of Michigan confidence.
Stocks to watch:
Seven is out of buyback bullets and fund managers are asking where Kerry Stokes and right-hand man Don Voelte can find fresh ammunition, Street Talk reports.
CBA is “neutral” on APA Group with a price target of $7.20 down from $7.30 a share.
Bell Potter reiterates a “buy” recommendation on Pioneer Credit with a price target of $2.05 from $1.95 previously.