The Aussie market is poised to open higher following strong gains on Wall Street on Friday night after banking stocks and commodity prices, especially oil, rallied.
The SPI is up 87 points at 4,785.
In local economic news today, the Australian Bureau of Statistics is due to post new motor vehicles sales for January, while the Australian Chamber of Commerce and Industry releases its small business survey.
In the equities space, Newcrest, Aurizon, Bendigo and Adelaide Bank, Amcor and Broadspectrum are slated to post half year results.
- SPI futures closed up 87 pts or 1.9% to 4785 on Saturday morning
- AUD fetching 71.13 US cents, 8066 Japanese yen, 6331 Euro cents and 49.03 British pence
- On Wall St, S&P 500 +2%, Dow +2%, Nasdaq +1.7%
- In Europe, Stoxx 50 +2.8%, FTSE +3.1%, CAC 2.5%, DAX +2.5%
- In London, BHP +9.9%, Rio +8.4%
- Deutsche Bank +11.8% on bond buyback plans
- Spot gold -0.7% at $US1238.36 an ounce at 3.07pm Friday in New York
- Brent crude +11% or $US3.30 to $US33.36 a barrel on Friday
- US oil +12% or $US3.23 to settle at $US29.44
What’s on today
ABS motor vehicle sales. Economy: NZ PSI services, China January trade data, China news loans and money supply data for January, Japan 4th-Qtr GDP and industrial output, Europe trade data, UK Rightmove February house prices, Russia January industrial output. US President Barack Obama hosts leaders from the Association of Southeast Asian Nations. ECB boss Mario Draghi speaks to European lawmakers in Brussels. US markets closed for the Presidents’ Day holiday. Earnings: Telecom Italia.
Stocks in focus
Local earnings: Amcor, Aurizon, Bendigo Bank Newcrest.