The Australian market looks set to open higher despite falls on international markets overnight.
The September SPI futures contract is up 24 points, at 5456.
In local economic news today, the Reserve Bank of Australia holds its monthly board meeting to make its interest rate decision.
Also, the Australian Bureau of Statistics is due to release overseas arrivals and departures, while the Dun and Bradstreet business expectations survey, the ANZ-Roy Morgan weekly consumer confidence survey and the Australian Industry Group/Housing Industry Association performance of construction index for June are all due out.
Meanwhile, the Parliament inquiry into the financial advice sector, IOOF and ASIC is running in Sydney.
No major equities news is expected.
– SPI futures up 24pts to 5456
– AUD is at 74.94 US cents, 91.84 Japanese yen, 67.80 Euro cents and 48.03 Brotosh pence.
– On Wall St, S&P -0.4%, Dow -0.3%, Nasdaq -0.3%
– In Europe, Stoxx 50 -2.2%, FTSE -0.8%, CAC -2%, DAX -1.5%
– Iron ore down 5.4% to $US52.28 a dry metric ton
– Spot gold up $US1.69 or 0.1% to $US1170.30 an ounce
– Brent crude down $US3.53 or 5.9% to $US56.79 a barrel
– US crude down $US4.13 or 7.3% to $US52.80 a barrel
What’s on today:
Australia consumer confidence, RBA rates decision. UK May industrial production. Germany May industrial production. US May trade statistics, US May consumer credit.
Stocks in focus:
Deutsche Bank is upbeat on the market and sees opportunities in 11 stocks: Ansell, Perpetual, Resmed, Westpac, Coca-Cola Amatil, Fairfax, Flexigroup, IOOF, Mirvac, Orora, Treasury Wine Estates.
Macquarie Wealth Management says in its Energy Sector outlook: Oil Search (OSH) “remains our preferred pick in the large cap sector”. It’s also positive on Santos as well as AWE, Sino Gas and Energy, and Sentex Energy.