The Australian market looks set to open higher later this morning, following a rally on Wall Street after the Federal Reserve chief indicated the US central bank was in no hurry to raise its interest rate.

The March SPI futures contract is up 27 points, at 5912.

In local economic news today, the Australian Bureau of Statistics is due to release the wage price index along with construction work done figures, both for the December quarter.

In equities news, Westfield Corporation is slated to post full year results.

Southern Cross Media, Seven Group, WorleyParsons, Mortgage Choice, Charter Hall Group and Veda Group are expected to release half year results.

Key numbers:

• SPI futures up 24pts at 5909
• AUD at 78.20 US cents, 93.00 Japanese yen, 68.97 Euro cents and 50.60 British pence
• In late trade, S&P 500 +0.2%, Dow +0.5%, Nasdaq flat
• In Europe, Stoxx 50 +0.8%, FTSE +0.5%, CAC +0.5%, DAX +0.7%
• Spot gold down $US1.48 or 0.1% to $US1200.35 an ounce
• Iron ore adds 0.9% to $US64.01 per tonne
• Brent oil down 25 US cents or 0.42% to $US58.65 per barrel

What’s on today:

Australia construction work done, ABS wage price index; China flash manufacturing data; US Federal Reserve testimony, new home sales.

Stocks to watch:

Earnings expected from Westfield, Southern Cross Media, BC Iron, WorleyParson, Mortgage Choice, Charter Hall, Veda Group.

The following stocks will trade ex dividend today: Aurora Dividend Income Trust, Cover-More Group, Energy Action, Evolution Mining, Korvest, Magellan Financial Group, Navitas, Santos, Telstra, Woodside Petroleum.

Morgan Stanley has retained its “overweight” recommendation on Fortescue Metals Group and a price target of $2.90 a share, but is keeping its attention firmly on the iron ore market

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