The Australian market looks set to open higher later this morning after Wall Street posted gains overnight.

The June SPI futures contract was up 13 points, at 5743.

US stocks closed up slightly after Intel announced it will buy rival chipmaker Altera for $US16.7 billion ($A21.9 billion).

Locally today, the Reserve Bank holds its monthly board meeting and is widely expected to keep the cash rate unchanged after cutting it to a new record low of two per cent in May.

Economic data due out includes the ANZ-Roy Morgan weekly consumer confidence survey and Australian Bureau of Statistics’ balance of payments figures.

In equities news, Qantas chief executive Alan Joyce is among speakers at the AMP Amplify Festival breakfast, and Seven West Media holds a general meeting for vote on early redemption of convertible preference shares by Seven Group.

Key numbers:

– SPI futures up 13pts to 5743

– AUD at 76.06 US cents, 94.96 Japanese yen, 69.61 Euro cents and 50.05 British pence

– On Wall St, S&P 500 +0.2%, Dow +0.2%, Nasdaq +0.3%

– In Europe, Stoxx 50 +0.1%, FTSE -0.4%, CAC +0.4%, DAX +0.2%

– Iron ore did not trade, and is at $US61.85 per tonne

– Spot gold down $US1.29, or 0.1% to $US1189.29 an ounce

– Brent crude down 56 US cents, or 0.9% to $US65.00 a barrel

What’s on today:

Australia weekly consumer confidence, Balance of Payments, Reserve Bank of Australia board meeting on cash rate; US factory orders, vehicle sales.

Stocks in focus:

After failing to convince the Abbott government to run an inquiry into the iron ore market, Fortescue Metals Group is understood to be quietly agitating for Plan B - an inquiry in the West Australian Parliament.

Commonwealth Bank is keeping a “neutral” call on Ardent Leisure Group with a price target at $2.28 a share.

Patersons Securities has cut medium-term earnings forecasts for DUET following “particularly harsh recent regulatory decisions for other regulated utilities”. “Our fair value estimate falls 5 per cent to $1.90 and we continue to believe DUET is overvalued.”

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