The Aussie market will open higher later this morning, following gains on US and European shares on Friday night, despite disappointing US jobs data.
The December SPI futures contract is up 67 points, at 5098.
In local economic news today, the ANZ job advertisements series, the TD Securities-Melbourne Institute’s inflation gauge and the Australian Industry Group’s Australian Performance of Services Index (PSI), all for September, are due out.
In equities news, Djerriwarrh Investments has its annual general meeting.
– SPI futures up 67pts to 5098 on Saturday
– AUD at US70.61 US cents, 84.78 Japanese yen, 62.99 Euro cents and 46.49 British pence
– On Wall St, S&P 500 +1.4%, Dow +1.2%, Nasdaq +1.7pc
– In Europe, Stoxx 50 +0.6%, FTSE +1%, CAC +0.7%, DAX +0.5%
– Spot gold up $US24.99 or 2.2% to $US1138.60 an ounce
– Brent crude up 44 US cents or 0.9% to $US48.13 a barrel
– Iron ore tumbles 5.2% to $US53.14 per tonne
What’s on today:
Australia TD Securities/Melbourne Institute inflation gauge, job advertisements for September; US ISM services index
Stocks in focus
Bank of Queensland is expected to report 2015 financial results on October 8. Deutsche Bank offers a preview: “We expect BOQ to report FY15 cash NPAT of $351.5 million, just short of the implied guidance for $355 million and Bloomberg consensus of $356 million.”
Deutsche Bank retains a “hold” on Japara Healthcare, but raised its price target to $2.90 a share, from $2.70.
Australian Stock Report has a “sell” recommendation on G8 Education (GEM), the largest child care centre operator in Australia. “It didn’t make sense that it became a market darling through 2013 and into early 2014,” said Chris Conway, head of research at Australian Stock Report. GEM’s share price is now trading sub $3.00, which is quite far from its highs of $5.60 about 15 months ago. Conway has a target price of $2.50 for GEM.