The Sydney Futures Exchange is pointing to a 0.6% rise when the market opens this morning, following the lead set by international markets overnight.
Here's a quick recap:
- FTSE 100 (UK): up 0.7%
- DAX (Germany): up 0.9%
- CAC 40 (France): up 1.2%
- Dow Jones (USA): up 0.6%
- NASDAQ (USA): up 0.5%
Local retail shares could be on the agenda today after a positive report from Macy's helped boost retail stocks on Wall Street overnight.
Indeed, businesses such as JB Hi-Fi Limited (ASX: JBH), Harvey Norman Holdings Limited (ASX: HVN) and Nick Scali Limited (ASX: NCK) rose strongly on Thursday, and investors will be hoping for further gains today.
Meanwhile, local businesses will continue to report their earnings results today.
Baby Bunting Group Ltd (ASX: BBN) reported very strong same-store-sales growth of 12.5%, including 15.7% in the second-half. Net profit after tax also soared 55.8% on the prior corresponding period and it expects strong growth to continue into FY17.
The iron ore price came under pressure during the latest session, falling 2% to US$59.36 a tonne, according to The Metal Bulletin. However, a report in The Australian Financial Review this morning suggesting the metal could rally towards US$72 in 2018 which could boost investor confidence. That would bode well for BHP Billiton Limited (ASX: BHP) and Rio Tinto Limited (ASX: RIO).
Santos Ltd (ASX: STO), Woodside Petroleum Limited (ASX: WPL) and other energy producers could also get a boost this morning after the oil price rallied 4.2% overnight.
Gold miners such as St Barbara Ltd (ASX: SBM) and Newcrest Mining Limited (ASX: NCM), on the other hand, could be in for a tougher session after the spot gold price shed 0.7% overnight.
Finally, investors will be keeping an eye on the banks today after they dragged the broader market lower on Thursday. Commonwealth Bank of Australia (ASX: CBA) and Westpac Banking Corp (ASX: WBC) have both lost more than 3% over the last two sessions, while National Australia Bank Ltd. (ASX: NAB) has lost nearly 2% as well.
