Good morning team, Chris Conway your Chief Market and Trading Strategist here with your First Look.
The Aussie market is poised to open higher later this morning, following further gains on Wall Street where indexes again hit record highs after the Federal Reserve head hinted it could soon raise its interest rate.
SPI futures are up 27 points (+0.5%) at 5730.
European markets were mainly flat overnight, but Wall Street pushed to new record highs at one point following Fed chair Janet Yellen’s comments to the US Senate Banking Committee.
Dr Yellen echoed comments from other Fed officials, saying the central bank would likely need to raise interest rates at an upcoming meeting, although she expressed caution about the considerable economic policy uncertainty under the Trump administration.
In local economic news today, the Australian Bureau of Statistics releases December lending finance data.
In equities news, The a2 Milk Company posts an almost quadrupled first-half net profit which, at $NZ39.4 million (A36.9 million), is higher than its 2016 full-year result.
Commonwealth Bank of Australia, Seven West Media, CSL, Sonic Healthcare, INGHAM and Coles-owner Wesfarmers are among the other companies slated to post results on Wednesday.
Corporate results: AOG – S1 2017 Earnings Release; ATM – Half Year: NPAT $32.0m DPS 0.0c; AVN – Half Year: NPAT $40.5m DPS 10.3c; BLD – Half Year: NPAT $135.0m DPS 9.6c; CBA – Half Year: NPAT $4,763.3m DPS 198.0c; CPU – Half Year: NPAT $134.8m DPS 15.4c; CSL – Half Year: NPAT $799.8m DPS 81.0c; DMP – Half Year: NPAT $63.1m DPS 48.3c; DOW – Ex-Div (Div 12c, Franking 100%); DXS – Half Year: NPAT $324.4m DPS 23.0c; IFL – S1 2017 Earnings Release; ORA – Half Year: NPAT $91.8m DPS 5.0c; SGM – Half Year: NPAT $86.6m DPS 17.0c; SHL – Half Year: NPAT $219.2m DPS 33.7c; VCX – Half Year: NPAT $369.4m DPS 8.7c; WES – Half Year: NPAT $1,501.8m DPS 98.0c (Source: UBS Securities Australia)
Local data: WBC-MI consumer confidence February, New vehicle sales January
Overseas data: Euro zone trade balance December; US CPI January, Retail sales January, Industrial production, NY manufacturing February, NAHB housing index February
- SPI up 27 points at 5730
- AUD at US76.49¢
- Dow Jones +0.8%; S&P500 +0.7%; Nasdaq +0.6%
- FTSE100 +0.3%, CAC +1.2%, DAX +0.9%
- Spot gold -0.6% at $US1226.35 an ounce
- Brent oil -2.1% at $US55.53 a barrel
- Iron ore +6.5% at $US92.23 a tonne
What happened overnight?