Aussie market is poised to open stronger and extend its recent win streak today, following solid gains on Wall Street overnight.
The December SPI futures contract is up 62 points, at 5256.
US stocks were up almost 1% overnight, following the release of the minutes of the US Federal Reserve’s September policy meeting at which it decided against raising its key interest rate.
Fed members were close to deciding on an interest rate hike but decided to wait to see how much the global economic slowdown was impacting the American economy.
Locally today, the Australian Bureau of Statistics releases housing finance figures for August.
SPI futures up 62pts to 5256
AUD at 72.58 US cents, 87.04 Japanese yen, 64.39 Euro cents, 47.26 British pence
On Wall St, in late trade, S&P 500 +0.8%, Dow +0.8%, Nasdaq +0.3%
In Europe, Stoxx 50 flat, FTSE +0.6%, CAC +0.2%, DAX +0.2%
Spot gold down $US5 or 0.4% to $US1140.54/ounce
Brent crude up $US1.85 or 3.6% to $US53.18/barrel
What’s on today:
Australia housing finance; US import price index, wholesale inventories; Nobel Peace Prize winner to be announced (Friday 11am CET).
Stocks in focus:
UBS’ Australian equities team reviewed the S&P/ASX200 to identify which stocks were now good value after the index shed 12.3 per cent since its peak in April and resources stocks were hit particularly hard. Lead strategist David Cassidy said they had assessed the stocks based on absolute value and relative value as well as projected or normalised value. They found picks across a range of industries, including Lend Lease Group, Bendigo Bank, Qantas Airways and CSR.