The Australian market is poised to open flat later this morning after Wall Street fell slightly overnight, whilst European markets rose as Greece geared up for a parliamentary vote on reforms attached to a new bailout deal.
The September SPI futures contract is up just two points, at 5586.
In local economic news today, the Australian Bureau of Statistics’ international merchandise imports for June is due out and the Australian Uranium Conference continues in Perth.
In equities news, Rio Tinto, Woodside Petroleum, Whitehaven Coal and Iluka Resources are expected to release quarterly reports. Djerriwarrh Investments is expected to post full year results and Australian Agricultural Company has its annual general meeting.
– SPI futures up 2pts at 5586
– AUD at 73.74 US cents, 91.30 Japanese yen, 67.38 Euro cents and 47.16 British pence
– On Wall St, S&P 500 flat, Dow flat, Nasdaq -0.1%
– In Europe, Stoxx 50 +0.5%, FTSE flat, CAC +0.3%, DAX +0.2%
– Spot gold down $US6.55 or 0.6% to $US1149.51 an ounced
– Brent crude down $US1.38 or 2.4% to $US57.13 a barrel
What’s on today:
ECB policy decision.
Federal Reserve chair Janet Yellen delivers her semi-annual testimony to the US Senate Banking Committee. Earnings: Goldman Sachs, Citigroup, Google.
Stocks in focus:
Commonwealth Bank is maintaining an “overweight” recommendation on gold miner Newcrest ahead of its 4Q production report due on July 23. It pegs catalysts for stock upside and has a price target of $14.34 a share.
Morgans backs BHP Billiton as a “high conviction buy” saying recent share price weakness to a around a six-month low is “overdone”.
RBC Capital Markets retains an “outperform” on APA Group with a $9.25 price target.