The Aussie market is poised to open lower later this morning, following a selloff on Wall Street overnight.
The September SPI futures contract is down 48 points, at 5305.
US stocks fell one per cent, with petroleum-linked equities hit especially hard amid growing fears about the slowing Chinese economy.
Locally on Thursday, the Commonwealth Bank releases its business sales indicator for July and Reserve Bank deputy dead of payments policy Mark Manning will appear at the Risk Australia 2015 Conference in Sydney.
In equities news, more companies will release their earnings reports, with AMP, Qantas and Coles owner Wesfarmers being the highlights.
Other companies releasing earnings include: APN News & Media, Brambles, Origin Energy, Super Retail - the owner of Supercheap Auto, Rebel and Amart Sports, Tatts Group, Australia's largest Salmon producer Tassal, and online travel company Webjet full year earnings.
Key numbers:
– SPI futures down 48pts at 5305
– AUD at 73.53 US cents, 91.06 Japanese yen, 66.12 Euro cents and 46.89 British pence
– On Wall St, S&P 500 -0.8%, Dow -0.9%, Nasdaq -0.8%
– In Europe, Stoxx 50 -1.9%, FTSE -1.9%, CAC -1.8%, DAX -2.1%
– Spot gold up $US16.32 or 1.5% to $US1134.03 an ounce
– Iron ore drops 0.9% to $US56.41 per tonne
– Brent crude down $US1.96 or 4% to $US46.85 a barrel
What’s on today:
US leading index for July, Philadelphia Fed Index for August
Stocks in focus:
ASX earnings reports: Origin Energy, APN News and Media, Qantas, ASX, Western Areas, AMP, Wesfarmers, Tatts Group, Adelaide Brighton, Qube, Lifestyle Communities, Mount Gibson Iron, NRW Holdings, RCR Tomlinson
Deutsche Bank retains a “buy” on ANZ Banking Group and a price target of $33.65 a share. “We acknowledge there are reasons to be cautious on ANZ’s outlook given higher RWA intensity of growth, worse than peer asset quality trends this quarter, and greater than peer exposure to volatile Global Markets income and the softening Asian region. However the core Australian and NZ businesses are performing strongly, Global Wealth is growing off a low base, and the margin pressure in Asian Insto appears to be abating a little.”
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