The Aussie market looks set to open slightly stronger later this morning, despite weakness on international markets overnight ahead of an emergency eurozone meeting on the Greek crisis.
The March SPI contract is up 15 points, at 5739.
U.S. stocks declined further as traders awaited the outcome of the crucial meeting of eurozone finance ministers to discuss Greece’s debt obligations, while a drop in oil prices delivered another blow to the volatile energy sector.
In local economic news today, the Australian Bureau of Statistics releases January Labour force data and December overseas arrivals and departures figures.
Reserve Bank of Australia Assistant Governor (Financial Markets) Guy Debelle is slated to speak at the FX Week Australia Conference in Sydney.
In equities news, Telstra, Mirvac, Transurban, ASX, Tassal and APN News Media are among the companies expected to post half year results while Rio Tinto is slated to release full year results.
- SPI futures up 15pts at 5739
- AUD at 77.13 US cents, 92.60 Japanese yen, 68.25 Euro cents and 50.59 British pence
- On Wall St in late trade, S&P 500 -0.3%, Dow -0.3%, Nasdaq +0.1%
- In Europe, Stoxx 50 -0.3%, FTSE -0.2%, CAC -0.4%, DAX flat
- Spot gold down $US13.60 or 1.1% to $US1219.95 an ounce
- Brent oil down $US1.64 or 2.9% to $US54.79 per barrel
- Iron ore slips 0.3% to $US62.18 per metric tonne
What’s on today:
Australia January employment/unemployment data, RBA assistant governor Guy Debelle speech at FXWeek conference; US retail sales, business inventories.
Stocks to watch:
Earnings results from ASX Ltd, Computershare, Mirvac, Paladin Energy, Primary Health Care, Rio Tinto, Telstra, Transurban.
RBC Capital Markets has retained an “outperform, speculative risk” rating on Karoon Gas with a $5 a share price target.
Citi has a “neutral” call on Sims Metal Management and a price target of $10.50, down from $11.90 previously as it heads to report earnings on Friday. “Celebrating too early on the benefits of a US recovery for SGM may result in disappointment.”