The Australian share market looks set to open comfortably higher after Wall Street’s key indexes again swung between gains and losses, though less brutally than earlier in the week.
At 0700 AEDT on Thursday, the share price futures index was up 14 points, or 0.24 per cent, at 5,804.
In the US and Europe – and in Tokyo – equities mainly recovered some lost ground. Though, Wall Street stocks seemed unsure in which camp to stay, the green or the red. But the volatility was less savage than it was on Monday.
In late afternoon trading, the Dow Jones Industrial Average was up 0.87 per cent, the S&P 500 was up 0.14 per cent, but the Nasdaq Composite was down 0.23 per cent.
Locally, no major economic news is expected during Thursday’s trading day. However, Reserve Bank of Australia governor Philip Lowe is slated to speak at the Economic Forum dinner in Sydney.
In equities news, AMP is slated to release full-year results, AGL Energy, Mirvac, and Tabcorp are expected to post half-year results, while National Australia Bank is scheduled to provide a quarterly update and BHP Billiton says is expected to make an announcement regarding Olympic Dam.
The Australian market on Wednesday clawed back about $17 billion as Asian markets recovered from the impact of a three-day meltdown on Wall Street.
The benchmark S&P/ASX200 index rose 43.5 points, or 0.75 per cent, to 5,876.8 points while the broader All Ordinaries index gained 51.3 points, or 0.87 per cent, to 5,981.5 points.
Meanwhile, the Australian dollar has slipped further against its US counterpart,
The local currency was trading at 78.18 US cents at 0700 AEDT on Thursday, from 78.77 on Wednesday.
CURRENCY SNAPSHOT AT 0700 AEDT:
One Australian dollar buys:
* 78.18 US cents, from 78.77 on Wednesday
* 85.95 Japanese yen, from 85.99 yen
* 63.74 euro cents, from 63.59 euro cents
* 56.37 British pence, from 56.41 pence
* 108.37 NZ cents, from 107.73 cents
The spot price of gold in Sydney at 0700 AEDT was $US1,313.79 per fine ounce, from $US1,329.61 per fine ounce on Wednesday.
BOND SNAPSHOT AT 0700 AEDT:
* CGS 4.50 per cent April 2020, 1.9796pct, unchanged
* CGS 4.75pct April 2027, 2.7952pct, unchanged
Sydney Futures Exchange prices:
* March 2018 10-year bond futures contract at 97.12 (implying a yield of 2.88pct), from 97.16 (implying a yield of 2.84pct) on Wednesday
* March 2018 3-year bond futures contract at 97.81 (2.19pct), from 97.85 (2.15pct).
(*Bond market closes taken at 1630 AEDT previous local session; currency closes taken from 1700 AEDT previous local session)