The Australian market looks set to open flat later this morning following mixed performances on US and European markets on Friday night, after a revamped Greek government took over in an effort to enforce tough fiscal reforms that accompany a third bailout deal.

The September SPI futures contract is down one point, at 5612.

No major local economic news is expected today.

In equities news, Arrium is expected to release its fourth quarter production report, while Australian Foundation Investment Company is slated to post full-year results.

Key numbers:

– SPI futures down 1pt at 5612

– AUD at 73.77 US cents, 91.48 Japanese yen, 68.08 Euro cents and 47.28 British pence

– On Wall St, S&P 500 +0.1%, Dow -0.2%, Nasdaq +0.9%

– In Europe, Stoxx 50 -0.2%, FTSE -0.3%, CAC flat, Dax -0.4%

– Spot gold down $US11.25 or 1pc, to $US1134.14 an ounce

– Brent crude up 18 US cents, or 0.3% to $US57.10 a barrel

– Iron ore is trading at $US50.66 per ton

What’s on today

CommSec Australia State of the States report; UK house prices; US earnings from Morgan Stanley, IBM; Canada wholesale sales

Stocks in focus

RBC Capital Markets is sticking with a “sector perform” rating on Whitehaven Coal, but cut the price target to $1.60 from $1.70 previously.

Deutsche Bank retains a “hold” recommendation on Macquarie Group and a price target at $82.10 a share. Deutsche has upgraded its MQG forecasts to reflect higher than expected performance fees from Macquarie Infrastructure Corporation

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