The Australian market looks set to open higher later, following strong gains on Wall Street overnight.

The March SPI futures contract is up 48 points, at 5554.

The Dow Jones index was up almost one per cent after number of people seeking unemployment benefits in the US plunged last week to the lowest level in almost 15 years.

In local economic news today, the Reserve Bank of Australia will its latest figures on outstanding loans for December.

In equites news, Whitehaven Coal releases its half year results and Newcrest issues it December quarter production report.

Key numbers:

• SPI futures up 48pts at 5554
• AUD at 77.58 US cents, 91.81 Japanese yen, 68.58 Euro cents and 51.55 British pence
• In late trade, S&P 500 +0.4%, Dow +0.9%, Nasdaq +0.3%
• In Europe, Stoxx 50 +0.4%, FTSE -0.2%, CAC +0.4%, DAX +0.3%
• Spot gold down $US27.03 or 2.1% to $US1257.46 an ounce
• Brent oil up 41 US cents or 0.9% to $US48.88 per barrel
• Iron ore adds 0.3% to $US63.27 per metric tonne

What’ on today:

US Q4 GDP estimate, Australia producer price index, Australia December private sector credit.

Stocks to watch:

The falling Australian dollar and oil price collapse have buoyed Fortescue Metals Group’s cost cutting drive, as the miner races to keep its breakeven price comfortably ahead of huge falls in the iron ore price.

UBS upgrades Western Areas to a “buy” and gives it a $4.50 target price.

Deutsche Bank has a “buy” recommendation on AGL Energy and a $13.61 target price.

“AGL Energy is amongst our top picks in the utilities sector. Following the recent completion of the Macquarie Generation acquisition, we believe AGL’s increased vertical integration increases returns whilst reducing risks.”

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