SPI futures are pointing to a circa 20-point pop on the open, despite global markets finishing weaker overnight.
World stock indexes fell as technology shares extended their recent selloff, while the prospect of tighter monetary policy in the United States and Britain lifted the US dollar.
High global inventories and doubts about OPEC’s ability to implement agreed production cuts pressured oil prices.
Three Bank of England policymakers voted to raise rates against five for keeping rates on hold. Economists polled by Reuters had expected a 7-1 vote for no change.
What’s on today:
Local data: June consumer confidence; BusinessNZ May manufacturing PMI
Overseas data: Bank of Japan policy meeting; Euro zone final May CPI; US May housing starts, building permits May, University of Michigan June consumer sentiment
SPI futures up 18 points or 0.3% to 5722
AUD -0.1% to 75.80 US cents (Overnight range: 75.68 – 76.32)
On Wall St, Dow -0.1%, S&P 500 -0.2%, Nasdaq -0.5%
In New York, BHP -1.8%, Rio -1.4%
In Europe, Stoxx 50 -0.6%, FTSE -0.7%, CAC -0.5%, DAX -0.9%
Spot gold -0.5% to $US1254.08 an ounce
Brent crude -0.2% to $US46.92 a barrel
Iron ore rises +1.5% to $US55.23 a tonne
Dalian iron ore +1.4% to 429 yuan
LME aluminium -0.6% to $US1872 a tonne
LME copper bid down 0.7% at $US5661 a tonne
10-year bond yield: US 2.16%, Germany 0.28%, Australia 2.35%
What happened overnight: