The Australian market is poised to open higher later this morning after the S&P 500 eked out a modest gain overnight buoyed by gains in the energy and materials sectors as soft economic data weakened the US dollar, giving support to oil and gold prices.
The SPI futures are up 16 points to 5212.
Oil prices reached a five-month high overnight, with crude prices up more than 3 per cent which could prompt a boost in the local energy sector.
In local economic news today, the Australian Bureau of Statistics is due to release the consumer price index for the March quarter, while the ANZ-Roy Morgan weekly consumer confidence survey is also due out.
No major equities news is expected. However, Volpara Health Technologies Limited is slated to list on the ASX.
Local data: First Quarter CPI at 11.30am
Fed policy meeting decision.
Overseas data: China industrial profits (March); UK GDP first quarter; Italy April business confidence; US weekly mortgage applications, US advance goods trade deficit March, US March pending home sales.
Overseas earnings: Marriott, Texas Instruments, PayPal, Facebook, Modelez, Nasdaq, State Street, Boeing, Hilton, Comcast, Baker Hughes, Anthem, Banco Santander (Brasil), Moelis & Co, Nintendo, Nomura, Statoil, Nordea Bank, Total, Banco Santander, GSK, Barclays, Deutsche Boerse, Home Retail Group.
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