The Aussie market is poised to open little changed following strong gains on Wall Street overnight with improving economic data from the eurozone offsetting disappointing China data.
The December SPI futures contract is up one point at 5,265.
Chinese government data said manufacturing activity fell to the lowest level since August 2012.
Eurozone data showed that the purchasing managers index rose to 52.8 in November from 52.3, while unemployment data hit its lowest level in nearly four years in October.
In local Economic news today, the Reserve Bank of Australia governor Glenn Stevens is slated to deliver a speech to an Australia-Israel Chamber of Commerce (AICC) breakfast event in Perth.
The Australian Bureau of Statistics releases national accounts figures, including gross domestic product, for the September quarter.
In the equities space, Collins Foods is expected to post half year results and TPG Telecom has its annual general meeting in Sydney. In Australia, the market on Tuesday made strong gains as investors took heart from economic data out of China and prices for gold, oil and copper lifted in Asia.
- SPI futures up 1 pt at 5265
- AUD at 73.30 US cents
- On Wall St, late, S&P 500 +0.7%, Dow +0.7%, Nasdaq +0.7%
- In Europe, Stoxx 50 -08%, FTSE +0.6%, CAC -0.9%, DAX -1.1%
- In London, BHP +2%, Rio +0.3%
- Spot gold up $US3.51 or 0.3% to $US1068.28/oz at 2.52pm NYC
- Brent crude down 33 US cents or 0.7% to $US44.28/bbl at 2.46pm NYC
- Iron ore -1.7% to $US42.24
What’s on today
Australia GDP, breakfast talk in Perth on Economic Conditions and Prospects by RBA governor Glenn Stevens at Australia-Israel Chamber of Commerce; Euro area inflation; Canada central bank rates decision; US mortgage applications, ADP employment, productivity and labour costs
Stocks in focus
Morgan Stanley has raised its price target to $9.30 a share on IOOF Holdings, from $8.80 previously.
After one of the toughest years on record, the big four banks are winning back market support thanks to their high yields and ability to grow earnings through the business cycle.
Retail investors in Santos are thought to have taken up well less than half their entitlements in the $1.35 billion retail offer.
Rio Tinto will not follow its rival BHP Billiton by cutting dividends next year but major investor Aberdeen chides both companies.