The Australian market is poised to open higher later this morning amid a ceasefire in Ukraine and hopes for a deal over Greece’s bailout.
The SPI is up 34 points, at 5751.
A new roadmap aimed at ending a 10-month war between Ukraine and pro-Moscow rebels has been agreed in Belarus but scepticism remains as leaders warn that much is needed to be done before peace is achieved.
Meanwhile, Greek Prime Minister Alexis Tsipras and Eurogroup head Jeroen Dijsselbloem have agreed to renew efforts to resolve a bitter row over extending Greece’s current bailout after talks overnight collapsed acrimoniously.
In local economic news today, Reserve Bank of Australia governor Glenn Stevens is due to appear before the House of Representatives Economics Committee.
In equities news, Newcrest, Sims Metal Management and Automotive Holdings are expected to post half year results.
- SPI futures up 34pts at 5746
- AUD at 77.43 US cents, 92.07 Japanese yen, 67.94 Euro cents and 50.28 British pence
- In late trade on Wall Street, S&P 500 +0.8%, Dow +0.6%, Nasdaq +0.9%
- In Europe, Stoxx 50 +1.3%, FTSE +0.2%, CAC 1%, DAX 1.6%
- Spot gold up $US3.57 or 0.3% to $US1222.40 an ounce
- Iron ore edges 0.1% higher to $US62.27 per metric tonne
- Brent oil up $US2.59 or 4.7% to $US57.25 per barrel
What’s on today:
Reserve Bank of Australia testimony to House of Representatives Economics Committee, ABS lending finance for December; US consumer sentiment.
Stocks to watch:
Earnings from Newcrest, Sims Metal Management, Automotive Holdings.
RBC Capital Markets has maintained an “outperform, speculative risk” rating on Strike Energy with a price target of 15¢ a share.
Deutsche Bank cut hearing implant maker Cochlear to “sell” and revised its target price to $71 a share. “The disappearance of previously strong emerging market sales highlights the difficult market conditions faced by Cochlear.”