Australian market set to open higher

The Australian market looks set to open higher after Wall Street rose for its third session on positive economic news.

At 0645 AEST on Thursday the June share price index futures contract was up 17 points at 5,424.

March US home construction and industrial production bolstered sentiment while the Federal Reserve's Beige Book on US economic conditions confirmed the central bank's view that recent weakness was largely due to bad winter weather.

Data also showed that China's gross domestic product (GDP) grew by 7.4 per cent in the first three months of the year, higher than the market forecast of 7.3 per cent.

Locally, in economic news on Thursday, the National Australia Bank's business survey for the March quarter is due to be released, as is the Australian Bureau of Statistics (ABS) new motor vehicle sales data for the same month and the ABS International merchandise imports, also for March.

In equities news, Woodside Petroleum and Santos are both expected to post first quarter production reports, while Collins Foods has its general meeting.

In Australia, the market on Wednesday closed higher as investors were encouraged by good US corporate earnings reports and shrugged off China's economic growth figures.

The benchmark S&P/ASX200 index was up 32.1 points, or 0.6 per cent, to 5,420.3 points.

The broader All Ordinaries index gained 32.3 points, or 0.6 per cent, to 5,412.6 points.

Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    0.9331-0.0001-0.01%
    AUDUSD=X
    0.5550-0.0004-0.08%
    AUDGBP=X
    0.6750-0.0005-0.08%
    AUDEUR=X
  • Commodities
    Commodities
    NamePriceChange% Chg