The Australian market looks set to open higher later this morning after Wall Street made moderate gains overnight, as energy and commodity shares rallied while data boosted confidence in the economy.
The December SPI futures contract is up 10 points, at 5346.
US companies added 208,000 workers in November. That followed a revised 233,000 gain the prior month, ADP Research Institute figures showed.
In local economic news today, the Australian Bureau of Statistics releases international trade in goods and services data as well as retail trade figures, both for October.
In equities news, Nufarm has its annual general meeting.
Meanwhile, the Supreme Court of Victoria is expected to hand down its judgment in Tabcorp and Tatt’s appeal in the state poker machine levy case.
– SPI futures up 10 pts at 5346
– AUD at 84.08 US cents, 100.73 Japanese yen, 68.30 Euro cents and 53.58 British pence
– Late on Wall St, S&P 500 +0.3%, Dow +0.1, Nasdaq +0.4%
– In Europe, Euro Stoxx 50 +0.3%, FTSE -0.4%, CAC +0.1%, DAX +0.4%
– Spot gold up 0.8% to $US1207.85 an ounce
– Iron ore sheds 2% to $US69.25 per metric tonne
– Brent oil slips 1% to $US69.86 per barrel
What’s on today:
Australia retail trade for October, international trade; UK official bank rate; ECB press conference.
Stocks to watch:
Nufarm will host its AGM.
BG Group’s board is believed to be meeting in London on Friday to go through bids for the company’s $US4 billion-plus Queensland gas pipeline and anoint a winning bidder, according to the Street Talk column in the Australian Financial Review.
RBC Capital Markets has an “outperform” on Beach Energy and maintained a price target of $1.75 a share while down grading the net asset value on continuing weak spot commodity prices.