The Aussie market is poised to open higher following solid gains in world stocks overnight after China’s central bank fixed the yuan at a much stronger rate and oil prices held on to recent gains, easing fears of global deflation.
The SPI is up 35 points at 4,820.
In local economic news today, the Reserve Bank of Australia releases its February board meeting minutes, while the Australian Bureau of Statistics is due to release December lending finance figures.
The ANZ-Roy Morgan weekly consumer confidence survey is also due out.
In equities space, National Australia Bank is expected to release its first quarter trading update, while CSL, Pacific Brands, The Star Entertainment Group, Greencross, Bradken, Monadelphous and GWA Group are among the companies slated to post half year results
- SPI futures up 35pts or 0.7% to 4820
- AUD 71.43 US cents, 81.85 Japanese yen, 64.04 Euro cents and 49.48 British pence
- Wall Street is closed for a holiday
- In Europe, Stoxx 50 +2.8%, FTSE +2%, CAC +3%, DAX +2.7%
- In London, Rio +0.19%, BHP -0.34%
- Spot gold -2.3% to $US1209.10 at about 7am Sydney time
- Brent crude +1.4% at $US33.83 at about 6.30am Sydney time
- Iron ore up $US2.61 or 6% to $US46.26
What’s on today
RBA latest meeting minutes, lending finance.
Overseas economic data: UK January inflation, German February ZEW index, US February Empire State manufacturing, US February homebuilder sentiment, US Treasury December net foreign securities purchases.
Central banks: South Korea rate decision. US Fed speakers: Philadelphia president Patrick Harker, Minneapolis boss Neel Kashkari, Boston chief Eric Rosengren.
Germany’s constitutional court holds a hearing in a lawsuit against the European Central Bank’s Outright Monetary Transactions program. UK Prime Minister David Cameron addresses the leaders of political groups in the European Parliament in a closed session in Brussels.
Overseas earnings: Hormel Foods, Vornado Realty Trust, Express Scripts Holding, Public Storage, Zoetis, Devon Energy, FMC Technologies, Cimarex Energy, Air Liquide, HeidelbergCement, Electricite de France, Orange.
Stocks in focus
Local earnings: NAB, Bradken, Cash Converters, Challenger, CSL, G8 Education, Greencross, Invocare, Pacific Brands, Paladin Energy.