The Australian market looks set to open higher after Wall Street once again found record highs, helped by encouraging corporate reports and a surge in oil prices.

The SPI is up 34 points at 5498.

Oil prices lifted four per cent on comments from Saudi Arabia's oil minister and a forecast for a tighter crude market, while US labour data showed a drop in jobless claims.

Shares of department store operators Macy's and Kohls soared after their quarterly reports.

Key Numbers

• The SPI is up 34 points at 5498
• AUD flat at 77.01 US cents
• On Wall St, Dow +0.7%, S&P 500 +0.6%, Nasdaq +0.5%
• In Europe, Stoxx 50 +1%, FTSE +0.7%, CAC +1.2%, DAX +0.9%
• Spot gold -0.4% to $US1341.15 an ounce
• Brent crude +4.2% to $US45.89 a barrel
• Iron ore at $US59.36 a tonne

What’s On Today

No Local News

The post Morning market update 12 August, 2016 appeared first on Market Pulse.