The Aussie market is poised to open higher later this morning, after US stocks recovered overnight from early falls on the back of China’s devaluation of its currency.
The September SPI futures contract is up 22 points at 5,322.
Wall Street finished mostly higher as an afternoon rally led by Apple and energy equities overcame early weakness on fears about an economic slowdown in China.
Locally today, earnings season is in full swing with News Corp, Telstra, Fairfax Media, Crown Resorts, Tabcorp, Whitehaven Coal and Mirvac all reporting their full year results.
– SPI futures up 14pts at 5311
– AUD at 73.86 US cents, 91.72 Japanese yen, 66.11 Euro cents and 47.28 British pence
– On Wall St, S&P 500 +0.1%, Dow flat, Nasdaq +0.2%
– In Europe, Stoxx 50 -3.4%, FTSE -1.4%, CAC -3.4%, DAX -3.3%
– Spot gold up 1.3% to $US1124.03 an ounce
– Iron ore adds 0.2% to $US56.31 per tonne
– Brent crude up 1% to $US49.75 per barrel
What’s on today:
Results from Telstra, News Corp, Fairfax Media, Mirvac, Crown, Tabcorp
Australia average weekly earnings
Stocks in focus
Deutsche Bank previews Telstra which reports its FY15 result today: “We expect a slight beat to earnings guidance, with +1.8 per cent total income growth (vs guidance of broadly flat) and +2.4 per cent EBITDA growth (vs guidance of broadly flat). While the stock is trading at the upper end of its historical range, we expect the 5 per cent dividend, strong FCF and potential for capital management to provide support for the stock. Hold.”