Good morning team, Chris Conway your Head of Research here with your First Look.
The Australian market looks set to open higher after Wall Street and major European bourses traded in the green and oil prices jump nearly five per cent overnight.
The SPI futures are up 23 points, at 5347.
International oil prices soared on hopes OPEC will implement planned output cuts and freezes to tackle the global supply glut later in November.
In local economic news today, The Australian Bureau of Statistics releases the September quarter wage price index, plus October new motor vehicle sales.
The Westpac-Melbourne Institute Leading Indexes of Economic Activity is also due out.
In equities news, GrainCorp is expected to post its full-year results, while Virgin Australia, Brambles, Surfstitch and Navitas hold their annual general meetings.
Meanwhile, Secretary of the Department of the Prime Minister and Cabinet Martin Parkinson is slated to speak on innovating Australia at an AmCham lunch in Sydney while Australia Post chief executive Ahmed Fahour and chairman John Stanhope are scheduled to speak at a Trans Tasman Business Circle lunch in Melbourne.
- SPI up 23 points at 5347
- AUD at US75.46¢
- Dow Jones +0.3%; S&P500 +0.3%; Nasdaq +0.8%
- FTSE100 +0.6%, CAC +0.6%, DAX +0.4%
- Spot gold +0.2% at $US1224.00 an ounce
- Brent oil +4.3% at $US46.35 a barrel
- Iron ore -6.5% at $US72.68 a tonne