The Australian market looks set to open sharply higher later this morning, after Wall Street lifted more than one per cent overnight as traders weighed the timing of US interest-rate increases after lower-than-forecast economic data.
The March share price index futures contract is up 37 points, at 5831.
US factory production fell in February for a third consecutive month, a sign cutbacks in manufacturing will hold back economic growth this quarter.
In local economic news today, the Reserve Bank of Australia releases the minutes of its March board meeting.
The ANZ-Roy Morgan weekly consumer confidence survey is due out and the Australia, Japan and International Economic Outlook seminar is on in Sydney.
No major equities news is expected.
- SPI futures up 37pts at 5831
- AUD at 76.42 US cents, 92.80 Japanese yen, 72.22 Euro cents and 51.52 British pence
- On Wall St, S&P 500 +1.3%, Dow +1.2%, Nasdaq +1.1%
- In Europe, Stoxx 50 +1.4%, FTSE +1%, CAC +1%, DAX +2.2%
- Spot gold down $US4.30 or 0.4% to $US1154.18 an ounce
- Brent oil down $US1.23 or 2.3% to $US53.44 per barrel
- Iron ore adds 2.2% to $US58.90 per tonne
What’s on today:
Australia Reserve Bank of Australia Board minutes, weekly consumer confidence; US housing starts, building permits:elections in Israel; Bank of Japan policy decision; German ZEW survey; Euro zone CPI; Turkish rate decision. Results from Oracle, Adobe and Porsche.
Stocks to watch:
The following shares will trade ex-dividend today: Auckland International Airport, Burson Group, Equity Trustees, Vita Life Sciences.
Morningstar has a “hold” on iiNet Ltd and a fair value of $8 a share.
Deutsche Bank says it is “cautious” but retains a “hold” on valuation grounds with a $1.60 price target.