The Aussie market looks is poised to open higher later this morning, after Wall Street snapped a five-session losing streak overnight and European stocks were boosted by bargain-hunting after recent China-inspired losses.
The September SPI futures contract is up 28 points, at 5570.
No major local economic news is expected today, although the Newport annual mining business outlook report is released, as is an ANZ study into the difference in earnings between men and women.
In equities news, Beach Energy is expected to release its fourth quarter production report while Programmed has its annual general meeting.
– SPI futures up 28pts at 5570
– AUD at 73.22 US cents
– On Wall St, S&P 500 1.2%, Dow +1.1%, Nasdaq +1%
– In Europe, Stoxx 50 +1.2%, FTSE +0.8%, CAC +1%, DAX +1.1%
– Spot gold gains $US1.63 or 0.2% to $US1095.61 an ounce
– Brent crude down 42 US cents or 0.8% to $US53.05 a barrel
What’s on today:
Japan retail trade, US pending home sales, Federal Reserve meeting concludes
Stocks in focus:
Negligible top-line growth for Australian general insurers over the past year heralds the onset of a cyclical downturn, the impacts of which are yet to emerge in margins, Deutsche Bank says in a note to clients.
“Against this backdrop, we continue to prefer QBE Insurance QBE (buy) over Suncorp SUN (downgraded to hold) and Insurance Australia Group IAG (hold),” the note says.
UBS has a “buy” on OrotonGroup and a 12-month price target of $2.75.