Australian market set to open higher
THE Australian market looks set to open higher after Wall Street snapped a five-day losing streak and European stocks were boosted.
THE Australian market looks set to open higher after Wall Street snapped a five-day losing streak and European stocks were boosted by bargain-hunting after recent China-inspired losses.
At 0645 AEST on Wednesday, the September share price index futures contract was up 31 points at 5,573.
No major local economic news is expected on Wednesday, although the Newport annual mining business outlook report is released, as is an ANZ study into the difference in earnings between men and women.
In equities news, Beach Energy is expected to release its fourth quarter production report while Programmed has its annual general meeting.
In Australia, the market on Tuesday closed slightly lower, avoiding any major fallout from hefty falls by Chinese stocks. The benchmark S&P/ASX200 index was down 5.2 points, or 0.09 per cent, at 5,584.7.
The broader All Ordinaries index lost 8.2 points, or 0.15 per cent, to 5,571.
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