The local sharemarket is expected to open flat following mixed results from global markets overnight.
Here's a recap:
- Dow Jones (USA) – up 0.60%
- NASDAQ (USA): up 0.38%
- FTSE 100 (UK): down 1.32%
- DAX (Germany) – down 1.94%
- EURO STOXX 50 (Europe) – down 2%
In the US shares moved marginally higher despite an impending Federal Reserve interest rate decision on Thursday morning (Australian eastern time). Oil prices rebounded modestly to trade at $US37.92 a barrel.
In Europe, it was a different story. Depressed commodity prices continued to weigh on the share prices of resources businesses. FTSE-listed shares of Rio Tinto Limited (ASX: RIO) and BHP Billiton Limited (ASX: BHP) closed 2% and 3.6% lower, respectively, despite a modest jump in iron ore prices overnight, to $US39.06 a tonne, according to Fairfax Press.
Closer to home, the Sydney Futures Exchange is forecasting a one-point rise in the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO).
The Australian Bureau of Statistics is expected to release its quarterly residential property prices; the government will release its mid-year economic update and the RBA will release minutes from its December board meeting.
In company-specific news, speculation is swirling that a private equity firm could be running the ruler over shares of veterinary and pet retailer, Greencross Limited (ASX: GXL), according to the Fairfax Press. Qantas Airways Limited (ASX: QAN) upgraded its first-half underlying profit before tax guidance to between $875 million and $925 million thanks to lower fuel prices, revenue growth and benefits from its operational transformation. Technology solutions business, GBST Holdings Limited (ASX: GBT) announced Allan Brackin as the successor of chairman John Puttick and Robert De Dominicis as Managing Director and CEO.
In broker news, Macquarie analysts lowered their Newcrest Mining Limited (ASX: NCM) price target 10% to $13.70, the Fortescue Metals Group Limited (ASX: FMG) price target 17% to $2.40, and the WHITEHAVEN COAL LIMITED (ASX: WHC) price target 77% to $0.30 according to Dow Jones Newswires. Credit Suisse cut Suncorp Group Ltd's (ASX: SUN) price target 10% to $12.
