The Australian market looks set to open higher following a positive lead from the US, where the Federal Reserve said it wouldn't raise interest rates soon.

US markets shrugged off European losses to finish in positive territory after a big lift in oil prices and economic data showed the world's largest economy regained speed in the second quarter.

The SPI is trading at 5178, up 25 points

The US Federal Reserve released the minutes of its June meeting overnight, showing it decided that interest rate hikes should stay on hold until they have a handle on the consequences of Britain's vote on EU membership.

In local equities news, online electronics retailer Kogan and jeweller Michael Hill both list on the local market.

Key Numbers

• The SPI is trading at 5178, up 25 points
• AUD +0.8% to 75.16 US cents, 76.15 Japanese yen, 67.69 Euro cents and 58.10 British pence.
• On Wall St, Dow +0.4%, S&P 500 +0.5%, Nasdaq +0.8%
• In Europe, Stoxx 50 -1.8%, FTSE -1.3%, CAC -1.9%, DAX -1.7%
• Spot gold +0.6% to $US1364.27 an ounce
• Brent crude +1.5% to $US48.66 a barrel
• Iron ore -0.5% at $US55.93 a tonne

What’s on today

AI Group/HIA performance of construction index for June

The post Morning market update 7 July, 2016 appeared first on Market Pulse.