The Aussie market poised to open slightly weaker later this morning, as traders look to capitalize on last week’s strong gains to reap their profits and despite U.S. markets closing slightly stronger overnight
The December SPI futures contract is down four points, at 5221.
Locally today, Reserve Bank of Australia deputy governor Philip Lowe addresses the CFA Institute Australia Investment Conference in Sydney.
Economic data to be released includes the National Australia Bank’s monthly business survey and the ANZ-Roy Morgan weekly consumer confidence survey.
In equities news, Telstra holds its annual general meeting, and uranium miner Energy Resources of Australia issues its third quarter production update.
– SPI futures down 4 pts at, 5221
– AUD at 73.58 US cents, 88.33 Japanese yen, 64.80 Euro cents and 47.98 British pence
– On Wall St, S&P 500 +0.1%, Dow +0.3%, Nasdaq +0.2%
– In Europe, Stoxx 50 -1%, FTSE -0.7%, CAC -0.3%, DAX +0.2%
– Spot gold up $US4.92 or 0.4% to $US1161.45/ounce
– Brent crude down $US2.61 or 5% at $US50.04/barrel
– Iron ore adds 1.1% to $US56.61 per tonne
What’s on today:
Aussie RBA deputy governor Philip Lowe speech, NAB Business survey; China imports/exports data for Sept; Greece faces a deadline to repay about 447 million euros in loans to the International Monetary Fund.
Stocks in focus:
Credit Suisse maintains a “neutral” on iProperty Group, but raised its target price to $3.50 from $2.90 previously. “We increase our target price to $3.50 (from $2.90) as a result of higher long-term estimates for the Malaysia, Thailand and Hong Kong businesses.”
UBS has a “sell” on Treasury Wine Estates and a 12-month price target of $5.05 a share. “The earnings outlook for TWE continues to improve and it is one of a few Consumer stocks in our universe that we think is capable of delivering mid double-digit EPS CAGR on a three-year view.”