The Aussie market is poised to open with strong gains later this morning, following a surge on Wall Street overnight amid an agreement between debt-stricken Greece and its European creditors.
The September SPI futures contract is up 91 points, at 5496.
In local economic newstoday, the ANZ-Roy Morgan weekly consumer confidence survey and the National Australia Bank’s monthly business survey for June are due out.
Meanwhile, former NSW opposition leader John Brogden is slated to address the Australian Institute of Company Directors lunch and former Australian chief economic adviser Michael Parkinson is down to speak at the QUT Business Leaders’ Forum.
In equities news, there’s a creditors meeting for failed Adelaide builder Tagara, CSR has its annual general meeting and nutritional pharmaceutical researcher Medlab Clinical lists on ASX. In Australia, the market on Monday closed lower in a choppy session ahead of a resolution to the Greek debt crisis.
– SPI futures up 91pts to 5496
– AUD at 74.06 US cents, 91.46 Japanese yen, 67.76 Euro cents and 47.85 British pence
– On Wall St, S&P 500 +1.1%, Dow +1.2%, Nasdaq +1.5%
– In Europe, Stoxx 50 +1.8%, FTSE +1%, CAC +1.9%, DAX 1.5%
– Iron ore rose 0.4% to $US50.30 a dry ton on Monday
– Spot gold down $US5.95 or 0.5% to $US1157.79 an ounce
– Brent crude down 72 US cents or 1.2% to $US58.01 a barrel
What’s on today
Australia business confidence; US retail sales, Earnings: JPMorgan, Wells Fargo; UK inflation (June), German ZEW index (July), euro-area industrial production (May).
Stocks in focus
Banks are back in favour for investors after they were given a little breathing space by APRA, but is the worst over?
AMP Capital has retained an investment bank to explore options on how it can improve the performance of its China Growth Fund.
Deutsche Bank upgraded CSR to a “buy” recommendation with a target price of $4.16.
Hartleys backs Northern Star with an “accumulate” recommendation and a price target of $2.45 a share. it said the gold producer remains in a very strong financial position and well positioned to increase shareholder returns.