The 10 session winning streak for the Aussie market looks like it will come under fire today, following flat leads from Wall Street with US stocks fluctuating as oil prices fell sharply.
The March SPI futures contract is down 14 points, at 5713.
In local economic news today, the Australian Bureau of Statistics releases retail trade figures for December while Housing Industry Association new home sales figures for December are also due out.
In equities news, National Australia Bank releases its quarterly update and Downer EDI and Tabcorp post their half year results.
Meanwhile, Rio Tinto’s diamonds and minerals boss Alan Davies is slated to speak at the Melbourne Mining Club.
- SPI futures down 14pts at 5718
- AUD at 77.66 US cents, 91.11 Japanese yen, 68.03 Euro cents and 51.01 British pence.
- On Wall St, S&P 500 -0.2%, Dow +0.2%, Nasdaq flat
- In Europe, Stoxx 50 flat, FTSE -0.2%, CAC +0.4%, DAX +0.2%
- Spot gold up $US5.28 or 0.4% to $US1265.80 an ounce
- Brent oil down $US3.53 or 6.1% to $US54.38 per barrel
- WTI crude down $US4.46 or 8.4% to $US48.59
- Iron ore slips 1% to $US62.58 per metric tonne
What’s on today:
Australia: new home sales, retail trade;
Germany: factory orders;
UK: Bank of England rates;
US: trade balance;
Canada: trade balance.
Stocks to watch:
Companies reporting results: Downer EDI, Flexigroup, REA Group, Tabcorp Holdings.
Deutsche Bank has a “buy” on Origin Energy and a target price of $12.80 a share. UBS has a “buy” on the stock and a price target of $14.40 a share.
Macquarie has an “outperform” on JB Hi-Fi and a price target of $19.38 a share.