Australian shares are pointed higher after Wall Street was mixed on a fresh sign that the US Federal Reserve is leaning towards new economic stimulus efforts, but European stocks slumped after the Greek PM called for "a little breathing space" to revive its economy.
On the ASX24, the SPI futures index was 9 points higher to 4370. The Aussie dollar was higher following talk of more stimulus in the US. It has climbed back above $US1.0502, up sharply from late yesterday when it was buying $US1.0447. It was also buying 83.9 euro cents, 66.19 pence and 82.5 yen.
Today marks a busy day for company earnings. Companies expected to report include Qantas, Fairfax, Origin Energy, Seven Group Holdings, Fortescue and Tatts Group.
Making news today
In economics news:
- CBA/HIA house affordability for second quarter
In company news:
- The following companies hold annual general meetings: Aditya Birla Minerals, Amex Resources, Blaze International, Hillgrove Resources
- The following companies report full-year results: Ramelius Resources, Silver Lake Resources, QR National, Fairfax Media, Sims Metal Management, Transpacific Industries Group, FKP Property Group, Macquarie Telecom, Breville Group, Ardent Leisure, RFG Food Group, Envestra, Decmil Group, Insurance Australia Group, Fortescue Metals, IOOF Holdings, Tatts Group, TFS Corp, Atlas Iron, Ramsay Health Care, Service Stream, Seven Group Holdings, Qantas Airways, Origin Energy, Mortgage Choice, St Barbara, Origin Energy, Mortgage Choice
- The following companies release first half results: IRESS Market Technology, Iluka Resources, Sydney Airport, PanAust first half results
- David Jones Q4 sales
How we fared yesterday
The Australian stockmarket finished a touch lower as investors abandoned energy and resource stocks and found value in the beaten down retail sector.
At the close, the benchmark S&P/ASX200 index was down 7.4 points, or 0.2 per cent, at 4376.0, while the broader All Ordinaries index was down 7.5 points, or 0.2 per cent, at 4403.3.
BusinessDay with agencies