The Australian market looks set to open higher later this morning after Wall Street stocks fluctuated overnight; data showed the economy expanded more than previously forecast but that was offset by a drop in consumer confidence.
The December SPI futures contract is up 12 points, at 5362.
Commerce Department figures showed that US gross domestic product rose at a 3.9 per cent annualised rate, up from an initial estimate of 3.5 per cent. The median forecast of 81 economists surveyed by Bloomberg expected a 3.3 per cent gain.
In local economic news today, the Australian Bureau of Statistics releases construction work done data for the September quarter and the Housing Industry Association/Commonwealth Bank affordability report, also for the September quarter, is due out.
In equities news, Suncorp chief executive Patrick Snowball is slated to speak at Australian British Chamber of Commerce lunch in Brisbane.
Meanwhile, Webjet, Cabcharge, Australian Vintage and Regional Express have annual general meetings scheduled.
– SPI futures up 11 pts at 5361
– AUD at 85.28 US cents, 100.51 Japanese yen, 68.36 Euro cents and 54.27 British pence
– In late trade, S&P 500 flat, Dow +0.1%, Nasdaq +0.2%
– In Europe, Euro Stoxx 50 +0.5%, FTSE flat, CAC +0.3%, DAX +0.8%
– Spot gold up 0.1% to $US1197.96 an ounce
– Iron ore slips 1.2% to $US69.58 per metric tonne
– Brent oil down 1.5% to $US78.51 per barrel
What’s on today:
Australia construction work done September, BREE resources and energy major projects;
China Westpac-MNI consumer sentiment;
US durable goods, new home sales.
Stocks to watch:
Medibank – day two.
Iron ore producers – after the price of iron ore fell below the $US70 mark. BHP Billiton’s shares fell 1.7pc in London; Rio Tinto’s edged up 0.3pc.
Software developer WiseTech Global is preparing to appoint at least two investment banks for a $1 billion initial public offering in 2015, according to the Street Talk column in the Australian Financial Review.
Commonwealth Bank has an “overweight” recommendation on Kathmandu Holdings and a price target of $3.60 up from $3.55 a share after the outdoor clothing company provided a trading update for the 16 weeks to November 16, 2014, as well as qualitative 1H15 earnings guidance.