Good morning team, Chris Conway your Head of Research here with your First Look.
The Aussie market is poised to open slightly stronger later this morning, with US markets modestly higher heading into the NY close.
SPI futures are up seven points, at 5698.
US stocks have struggled to find direction in afternoon trading, shortly after the S&P 500 and the Dow hit record intraday highs on President Donald Trump’s comments of a “big” infrastructure statement on Tuesday.
The president’s first address to a joint session of Congress tonight (local time) is being closely watched by traders for clues on how he plans to carry out his agenda of boosting economic growth.
In local economic news today, the Reserve Bank of Australia releases financial aggregates data, while the Australian Bureau of Statistics releases balance of payments and international investment position figures for the December quarter.
In equities news, Select Harvests, Specialty Fashion Group, Surfstitch, AWE and Harvey Norman are slated to release earnings results.
What’s on today:
Local data: HIA new home sales January, Balance of payments fourth quarter, Private sector credit January; New Zealand trade balance January, ANZ business confidence February
Corporate releases: AIA NZ, AWE, BAL, CGF, HVN, NCM, NVT, SDA AX, SHV, SMX, VTG
Overseas data: Japan industrial production January, Japan retail sales January, Japan housing starts January; Euro zone CPI estimate February; UK consumer confidence February, UK nationwide house prices February; US GDP fourth quarter, US S&P CoreLogic house prices December, Chicago PMI February, CB consumer confidence February, Richmond Fed manufacturing index February
- SPI up seven points, 5698
- AUD at US76.76¢
- Dow Jones flat; S&P500 +0.1%; Nasdaq +0.1%
- FTSE100 +0.1%, CAC flat, DAX +0.2%
- Spot gold flat at $US1257.61 an ounce
- Brent oil +0.2% at $US56.10 a barrel
- Iron ore +2.0% at $US92.33 a tonne
What happened overnight: