The Aussie market is poised to open higher later this morning after Wall Street rallied overnight on the back of rising oil prices which surged towards their biggest gain this year and hopes of ECB president Mario Draghi’s further stimulus.
The SPI is up 18 points at 4,845 points.
The European Central Bank kept its main rates on hold and Draghi said the central bank would "review and possibly reconsider" its monetary policy as early as March.
Oil prices reversed course to trade up more than five per cent, just shy of $US30 a barrel, after US crude stockpiles did not rise as much as feared.
Locally, no major economic news is expected on Friday.
In equities space, ResMed is slated to post half-year financial results and Santos is expected to release its fourth quarter production report.
ECB survey of professional forecasters. Euro PMIs for January. UK retail sales December. UK public sector debt December. US sales previously owned homes December, US Markit prelim January manufacturing index, US leading economic indicators December. Weekly Baker Hughes oil rig count. Earnings: GE. Sovereign rating updates: France (Moody’s), Greece (S&P), Ireland (Moody’s).
In London, Glencore surged 15.5 per cent, Anglo American added 12.2 per cent, BHP Billiton jumped 10.7 per cent and Rio Tinto advanced 6 per cent. The miners were buoyed by the prospect of continuing easy monetary policy in Europe, efforts to steady markets in China and a bounce in industrial metals.
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