The Australian market looks set to open higher later this morning after US stocks got a lift on Friday night as the greenback retreated following a Federal Reserve statement vowing a cautious approach to lifting interest rates.
The June SPI futures contract is up 23 points, at 5993.
No major local economic news is expected on Monday.
However, the Australian Securities and Investments annual forum is on in Sydney and features ASIC chairman Greg Medcraft, and a panel discussion with ANZ chief executive Mike Smith, former APRA chairman John Laker and Business Council president Catherine Livingstone.
In equities news, Premier Investments is expected to post half year results.
Meanwhile, the Australian Domestic Gas Outlook 2015 conference is on in Sydney.
- SPI futures closed up 28pts to 5998 on Saturday morning
- AUD at 77.77 US cents, 93.27 Japanese yen, 71.72 Euro cents and 51.97 British pence
- On Wall St, S&P 500 +0.9%, Dow +0.9%, Nasdaq +0.7%
- In Europe, Stoxx 50 +1.5%, FTSE +0.9%, CAC +1%, DAX +1.2%
- Spot gold up $US11.36 or 1% to $US1182.54 an ounce.
- Brent oil down 89 US cents or 1.6% to $US55.32 a barrel.
- Iron ore slips 0.6% to $US54.66 per tonne.
What’s on today
Australia CBA business sales, US existing home sales, Federal Reserve vice chairman Stanley Fischer speaks at the Economic Club of New York; German Chancellor Angela Merkel and Greek Prime Minister Alexis Tsipras hold talks on the euro and Greek-German relations in Berlin, ECB president Mario Draghi speaks before the Committee on Economic and Monetary Affairs of the European Parliament; Israel rate decision.
Stocks to watch
Myer and Oroton were punished late last week after reporting poor results, but the problems are bigger than the latest round of numbers according to Australian Stock Report Head of Research, Chris Conway.
Macquarie Wealth Management is maintaining an “outperform” rating and a 5 per cent higher $2.30 a share target on AWE Ltd.
Macquarie Wealth Management maintains an “outperform” on Sirius Resources and a price target of $3.90 a share after a site visit.
The following stocks will trade ex dividend today: 1300 Smiles, AVJennings, Ainsworth Game Technology, Altium, Blackmores, Brierty, Centrepoint Alliance, Dicker Data, carsales.com