The Australian market is poised to recover some of yesterday’s monster selloff on the open, after US shares mainly rose overnight following a report showing that US consumer confidence had defied expectations and risen.
The December SPI futures contract is up 59 points, at 4943.
In local economic news today, the Reserve Bank of Australia releases August’s financial aggregates data while the Australian Bureau of Statistics release building approvals figures for the same month.
In equities news, ASX and AGL Energy have their annual general meetings.
– SPI futures up 49pts to 4933
– AUD at 69.84 US cents, 83.62 Japanese yen, 62.07 Euro cents and 46.10 British pence
– On Wall St, S&P 500 +0.1%, Dow +0.3%, Nasdaq -0.6%
– In Europe, Stoxx 50 -0.3%, FTSE -0.8%, CAC -0.3%, DAX -0.4%
– Spot gold down $US3.73 or 0.3% to $US1128.22 an ounce
– Iron ore drops 1.4% to $US56.05 per tonne
– Brent crude up 87 US cents or 1.8% to $US48.21 a barrel
What’s on today:
Australia August building approvals, US September ADP employment gauge
Stocks in focus:
Link Group’s initial public offering is set to be priced at 21 to 24-times forecast 2016 financial year profit.
Deutsche Bank has a “hold” on Ramsay Health Care and a target price of $66, cut from $68 previously. “Ramsay’s increased investment in France will reduce top line growth in the near term given the difficult fiscal environment in France is likely to ensure the tariff environment remains challenging (price rises below cost inflation)”.
Trading ex dividend today:
Auckland International Airport, BPS Technology, Cedar Woods Properties, Ebos group, Genesis Energy, Virtus Health.