The Aussie market is poised to open higher after Wall Street surged higher overnight following encouraging US factory and construction data.
The SPI is up 86 points at 4,975.
In local economic news today, the Australian Bureau of Statistics is due to release national accounts data, including gross domestic product, for the December quarter.
The Housing Industry Association’s new home sales figures for January are also due out.
The Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES) Outlook 2016 conference continues in Canberra In equities news, the High Court is expected to release its judgment in the Tabcorp versus the State of Victoria matter. Tabcorp appealed against The Court of Appeal of the Supreme Court of Victoria in December 2014 ruled in favour Victoria over Tabcorp’s claim for a payment of $686.83 million.
Meanwhile, Optus chairman Paul O’Sullivan is slated to speak at a Trans-Tasman Business Circle lunch in Sydney.
- SPI futures up 86 pts or 1.8% to 4975 at about 7am Sydney
- AUD fetching 71.80 US cents, 81.76 Japanese yen, 66.01 Euro cents and 51.41 British pence
- On Wall St, at about 3pm New York time, Dow +2%, S&P 500 +2.1%, Nasdaq +2.6%
- In Europe, Stoxx 50 +1.7%, FTSE +0.9%, CAC +1.2%, DAX +2.3%
- In London, BHP +1.7%, Rio +1.9%
- Iron ore surges 3.7% to $US51.44 per tonne
- Spot gold -0.3% at $US1235.50 at 2.54pm New York time
- Brent crude +0.9% at $US36.88 at 2.28pm New York time
What’s on today
Local data: Australia 4th-Qtr GDP at 11.30am
Local earnings: Mirabella Nickel, Continental Coal, Mcaleese, Tap Oil
Overseas data: US MBA mortgage applications (weekly), ADP US employment (Feb.), ISM New York manufacturing (Feb.), Federal Reserve’s Beige Book, Swiss GDP (fourth quarter), Spain unemployment (Feb.), Brazil rate decision