The Australian market looks set for a fairly flat open to the week after a weak lead from Wall Street’s Friday night session.
The June SPI futures contract was up just two points, at 5749.
On Friday, the S&P 500 in the US edged higher to a new record in choppy trade, up 1.63 points to 2,122.73, and the Dow Jones Industrial added 20.32 points to 18,272.56
In local economic news today, Reserve Bank deputy governor Philip Lowe gives a speech to the Corporate Finance Forum in Sydney.
In equities news, Dulux Group releases its half year earnings and Elders’ half-year results are due out, with BHP spin-off South 32 will trade for the first time.
– SPI futures closed up 2pts to 5749 on Saturday morning
– AUD at 80.29 US cents on Saturday morning, 95.90 Japanese yen, 70.26 Euro cents and 51.06 British pence
– On Wall St, S&P 500 0.1%, Dow +0.1%, Nasdaq -0.1%
– In Europe, Stoxx 50 -0.8%, FTSE -0.2%, CAC -0.7%, DAX -1%
– Spot gold up $US3.66, or 0.3% to $US1224.80 an ounce
– Brent crude up 11 US cents, or 0.2% to $US66.81 a barrel
What’s on today:
Australia new motor vehicle sales, Reserve Bank speech by deputy governor Phillip Lowe; US housing market data.
Stocks in focus:
BHP Billiton spin-off: South32 shares in the new company are expected to trade between $2 and $3.50 per share.
Duluxgroup reports 2015 half year results today.
Deutsche Bank maintains a “hold’ rating on GrainCorp with the stock trading at a 4% premium to its revised valuation of $9.50 a share.
Macquarie Wealth Management is “neutral” on ResMed with a price target of $8 a share, down from $9.