The Aussie market is poised to open higher later this morning following a bullish night on Wall Street on Friday as investors embraced the European Central Bank’s stimulus measures and steadying oil prices drove up energy shares.
The SPI is up 40 points at 5,222.
Locally, in economic news today, the Reserve Bank of Australia is due to release credit and debit card lending figures for January.
No major equities news is expected.
- SPI futures up 40pts or 0.8% to 5222
- AUD fetching 75.43 US cents, 85.97 Japanese yen, 67.72 Euro cents and 52.44 British pence
- On Wall St, Dow +1.3%, S&P +1.6%, Nasdaq +1.9%
- Daylight savings time began in the US and Canada this past weekend
- In Europe, Stoxx 50 +3.5%, FTSE +1.7%, CAC +3.3%, DAX +3.5%
- In London, BHP +3.3%, Rio +2.2%
- Spot gold -1.7% to $US1250.15 at 4.44pm Friday in New York
- Brent crude +1% to $US40.47 at 4.20pm Friday in New York
- Iron ore -1.4% to $US57.09 at its Friday fix
What’s on today
Local data: NZ services index.
Overseas data: Hong Kong industrial production, PPI (4Q), Japan machine orders (Jan.), euro-zone industrial production (Jan.)
OPEC releases monthly oil market report.
The currencies of commodity exporters, including the Aussie, advanced on Friday after China’s central bank strengthened the yuan’s fixing by the most in four months, spurring demand for higher-yielding assets at the expense of those viewed as havens.
FX traders will be fixed on central banks in the days ahead with the RBA releasing its latest meeting minutes on Tuesday. Policymakers will meet this week at the Bank of Japan, US Federal Reserve and Bank of England. Fed chair Janet Yellen will hold a press conference early Thursday Sydney time.