The Australian market looks set to open weaker later this morning, despite US and European stocks surging on Friday night as the latest bailout proposal from Greece lifted hopes for a breakthrough with creditors.
The September SPI futures contract is down 10 points this morning, at 5424, after being up 35 points at the close on Saturday morning.
In local economic news today, the Australian Bureau of Statistics releases May’s lending finance figures.
In equities news, Mirrabooka Investments is expected to post full year results, while Warrnambool Cheese and Butter has its annual general meeting.
– SPI futures down 10pts at 5424
– AUD at 74.31 US cents, 90.71 Japanese yen, 66.82 Euro cents and 47.84 British pence
– On Wall St, S&P 500 +1.2%, Dow +1.2%, Nasdaq +1.5%
– In Europe, Stoxx 50 +3.2%, FTSE +1.4%, CAC +3.1%, DAX 2.9%
– Iron ore up 2.3% on Friday to $US50.10 a dry metric ton
– Spot gold rose $US4.31 or 0.4% to $US1163.74 an ounce
– Brent crude up 12 US cents or 0.2% to $US58.73 a barrel
What’s on today
Australia lending finance, credit and debt lending; China trade data
Stocks in focus
Morgan Stanley remains “overweight” on Western Areas, with a $4.80 a share price target, implying 50 per cent-plus upside from current levels.
Hartleys is maintaining a “speculative buy” on Gryphon Minerals and a 12-month target price of 16¢. “GRY remains one of our preferred gold developers being well advanced towards finalising a funding solution.”