The Australian market looks set to open flat later this morning, after Wall Street fluctuated overnight, not moving far from its previous records after the ECB stopped short of announcing new stimulus measures.
The December SPI futures contract is up four points, at 5376.
The European Central Bank held its main “refinancing” rate steady at 0.05 per cent, as expected at its monthly policy meeting.
But while its chief Mario Draghi said the ECB had stepped up preparations for more anti-deflation measures, these will be reassessed only in January.
In local economic news today, the Australian Industry Group/Housing Industry Association’s performance of construction index (PCI) for November is due out.
In equities news, Premier Investments, Funtastic and Washington H Soul Pattinson have their annual general meetings.
Origin chief executive Grant King will provide a company update and discuss the energy sector at an American Chamber of Commerce in Australia event in Sydney.
- SPI futures up 6 pts at 5378
- AUD at 83.79 US cents, 100.45 Japanese yen, 67.78 Euro cents and 53.48 British pence
- Late on Wall St, S&P 500 flat, Dow flat, Nasdaq +0.1%
- In Europe, Euro Stoxx 50 -1.7%, FTSE -0.6%, CAC -1.6%, DAX -1.2%
- Iron ore jumps 2.9% to $US71.25 per metric tonne
- Spot gold slips 0.1% to $US1208.39 an ounce
- Brent oil down 0.3% to $US69.70 per barrel
What’s on today:
Australia arrivals and departures, Ai Group performance of construction index; Japan leading indicators; US non-farm payrolls for November; Germany factory orders; China foreign currency reserves.
Stocks to watch:
Rio Tinto is not looking to make any major acquisition to protect itself from a potential Glencore takeover, chief executive Sam Walsh said at a meeting with investors in London.
AGM’s for Premier Investments and Washington H Soul Pattinson
Origin CEO Grant King to provide company update and discuss energy sector at American Chamber of Commerce in Australia event.
Macquarie Wealth Management maintains an “underperform” on Caltex Australia and a 12-month price target of $23 a share after it reported strong refining margins and sales for October.