The Aussie market is poised for a flat start today, despite U.S. markets advancing overnight.
American stocks essentially played follow-the-leader, with the Dow Jones closing up roughly the same amount that the Dow futures were ahead during yesterday’s Asian session.
Sentiment turned decidedly positive in late trading in New York as traders positioned for more good U.S. jobs news ahead of the June official employment report.
In local economic today, the Australian Bureau of Statistics releases international trade in goods and services data and overseas arrivals and departures figures, both for May.
Meanwhile, the Australian Mobile Telecommunications Association holds a briefing on impact of technology on the retail sector and the tax avoidance parliamentary inquiry hearings continue in Sydney.
No major equities news is expected.
– SPI futures down 1pts to 5477
– AUD at 76.49 US cents, 94.20 Japense yen, 69.22 Euro cents and 48.99 British pence
– On Wall St, S&P 500 +0.7%, Dow +0.8%, Nasdaq +0.5%
– In Europe, Stoxx 50 +2.1%, FTSE +1.9%, CAC +1.3%, DAX +2.2%
– Iron ore slipped 0.3% to $US59.20 per tonne
– Spot gold up 2 US cents to $US1168.81 an ounce
– Brent crude down $US1.58 or 2.5% to $US62.01 a barrel
What’s on today:
April tourist arrivals, May international trade, US weekly jobless claims, US May factory orders, European Central Bank June 3 meeting minutes released.
Stocks in focus:
Slater & Gordon’s lenders finalised terms of a £419 million acquisition loan days before the company came clean about accounting errors.
Credit Suisse has downgraded Sandfire Resources (SFR) to “underperform” from “neutral”. The investment bank has lowered its target price on Sandfire to $4.40 from $5.05 as it reduced its “near- to medium-term copper price expectations on higher aggregate mine production estimates and a tempering of global demand estimates”.
Deutsche Bank has a “hold” on Wesfarmers (WES) and a $41.50 price target.