Australian Stock Report - Market Pulse

Morning market update 24 September, 2015

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Publish date: Thu, 24 Sep 2015, 08:43 AM
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Welcome to MarketPulse, the Australian Stock Report's financial market blog. In the MarketPulse blog we aim to provide frequent updates on current events across the financial markets, including market wraps, articles in the news, opinions, reviews, financial education and finally our top tip of the week. The blog is published by the Australian Stock Report research and report editing team together with our very own "Passionate Trader", Carl Capolingua.

The Aussie market is poised to open slightly higher this morning despite Wall Street falling overnight after data showed the feeblest Chinese factory activity in more than six years.

The SPI futures contract is up 15 points at 5010.

In economic newstoday, Reserve Bank head of economic analysis, Alex Heath, gives a speech at an Urban Development Institute of Australia (WA Division Incorporated) lunch in Perth.

In equities news, Brickworks is expected to post full year results, while Suncorp has its annual general meeting.

Key numbers:

– SPI futures up 15pts to 5010

– AUD at 69.95 US cents, 84.10 Japanese yen, 62.50 Euro cents and 45.87 British pence

– On Wall St, S&P 500 -0.2%, Dow -0.3pc, Nasdaq flat

– In Europe, Stoxx 50 +0.1%, FTSE +1.6%, CAC +0.1%, DAX +0.4%

– Spot gold up $US5.47 or 0.5% to $US1130.23 an ounce

– Iron ore falls 1.6% to $US55.30 a tonne

– Brent crude down $US1.24 or 5.3% to $US47.84 a barrel

What’s on today:

Australia June quarter finance and wealth, Speech by US Federal Reserve chair Janet Yellen, US August durable goods, US August new home sales, US weekly jobless claims.

Stocks in focus:

BHP Billiton will ask Australian shareholders to effectively sacrifice some of the company’s franking credits to allow it to meet its dividend requirements to its British shareholders.

UBS has upgraded Mainfreight (MFT) to a ‘buy’ from neutral and has a $NZ16.65 target price.

UBS has a ‘buy’ rating on Premier Investment (PMV) and a $14.05 target price.

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