The Aussie market looks set to open higher later this morning, despite a soft night on Wall Street amid a mixed batch of earnings from retailers.
European shares declined after China’s main index again plunged.
The SPI futures contract is up 13 points, at 5283.
In local economic news today, the Westpac-Melbourne Institute Leading Indexes of Economic Activity is due out.
In equities news, Ardent Leisure, Arrium, Toll Group, iiNet, Treasury Wine Estates, Federation Centres, Seek, Recall Holdings, Mortgage Choice, ARB Corporation, The Reject Shop, Stockland and SeaLink are slated to post full year results.
Meanwhile, Woodside Petroleum is expected to post half year results.
Foxtel chief executive Richard Freudenstein is scheduled to be at an AICC lunch in Sydney.
·SPI futures up 12pts at 5281
·AUD at 73.42 US cents, 91.34 Japanese yen, 66.56 Euro cents and 46.88 British pence
·On Wall St, S&P 500 -0.3%, Dow -0.2%, Nasdaq -0.6%
·In Europe, Stoxx 50 flat, FTSE -0.4%, CAC -0.3%, DAX -0.2pc
·Iron ore adds 0.5% to $US56.92 per tonne
·Spot gold up 3 US cents to $US1117.74 an ounce
·Brent crude down 15 US cents or 0.3% to $US48.59 a barrel
What’s on today:
Australia skilled vacancies data for July, Westpac-MI Leading Index for July; US July 28-29 FOMC minutes, July consumer price index.
Stocks in focus:
ASX earnings reports: Woodside Petroleum, Stockland, Alumina, Treasury Wine Estates, Recall Holdings, Seven West Media
Macquarie Wealth Management has a ‘neutral’ rating on Newcrest Mining (NCM) and a $12.50 target price.
Goldman Sachs has a ‘neutral’ rating on Automotive Holdings (AHE) and a $3.92 target price. “We retain our Neutral rating, viewing the stock’s valuation as relatively full. While we see upside potential in Logistics margins, the poor organic performance in recent years warrants caution.”