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need2know: ASX poised to rally

Local shares are poised to open higher as base metals and oil advance. Results pending from NAB, among others.

What you need2know

SPI futures up 35pts or 0.7% to 4820

AUD 71.43 US cents, 81.85 Japanese yen, 64.04 Euro cents and 49.48 British pence

Wall Street is closed for a holiday

In Europe, Stoxx 50 +2.8%, FTSE +2%, CAC +3%, DAX +2.7%

In London, Rio +0.19%, BHP -0.34%

Spot gold -2.3% to $US1209.10 at about 7am Sydney time

Brent crude +1.4% at $US33.83 at about 6.30am Sydney time

Iron ore up $US2.61 or 6% to $US46.26

What’s on today

RBA latest meeting minutes, lending finance.

Overseas economic data: UK January inflation, German February ZEW index, US February Empire State manufacturing, US February homebuilder sentiment, US Treasury December net foreign securities purchases.

Central banks: South Korea rate decision. US Fed speakers: Philadelphia president Patrick Harker, Minneapolis boss Neel Kashkari, Boston chief Eric Rosengren.

Germany’s constitutional court holds a hearing in a lawsuit against the European Central Bank’s Outright Monetary Transactions program. UK Prime Minister David Cameron addresses the leaders of political groups in the European Parliament in a closed session in Brussels.

Overseas earnings: Hormel Foods, Vornado Realty Trust, Express Scripts Holding, Public Storage, Zoetis, Devon Energy, FMC Technologies, Cimarex Energy, Air Liquide, HeidelbergCement, Electricite de France, Orange.

Stocks in focus

Local earnings: NAB, Bradken, Cash Converters, Challenger, CSL, G8 Education, Greencross, Invocare, Pacific Brands, Paladin Energy.


The European Central Bank will take measures to ensure its monetary policy reaches the real economy if that appears threatened by financial-market turbulence, president Mario Draghi told European lawmakers. The euro fell. The Frankfurt-based bank faces its next policy decision on March 10.

China’s currency appreciated 1.2 per cent, the most since July 2005, to 6.4962 a US dollar as of 11.29pm in Shanghai, according to data compiled by Bloomberg. The offshore yuan rose 0.08 per cent to 6.5035, broadly in line with the onshore rate. The People’s Bank of China raised its daily fixing against the greenback by 0.3 per cent, the most since November.

“In the near term, the stronger fixing and Zhou’s comments reflect the PBOC’s consistent view of stabilising the yuan,” said Ken Cheung, a Hong Kong-based strategist at Mizuho Bank. “Containing yuan depreciation expectations and capital outflows remain top-priority tasks.”


Iron ore imports by China dropped last month from a record as steelmakers in the largest producer reined in output before a national holiday. Overseas purchases fell to 82.19 million metric tons from 96.27 million a month earlier, according to customs data on Monday. In 2015, imports rose 2.2 per cent to 952.72 million tons.=

Saudi Arabia’s oil minister plans to meet with his Russian counterpart in Doha on Tuesday to discuss the oil market, according to a person familiar with the talks. Ali al-Naimi, the most senior oil official of the world’s biggest crude exporter, will speak with Russia’s Alexander Novak in the Qatari capital.

United States

Wall Street was closed on Monday for the Presidents Day holiday.


The optimism that swept through European equities entered a second day as lenders and carmakers further rebounded, while investors bet on additional central-bank stimulus.

The Stoxx Europe 600 Index climbed 3 per cent at 4:31 p.m. in London, taking its two-day gain to 6 per cent. Italian and Greek lenders led a bank rally, while the region’s automakers advanced, helped by a weakening euro. Miners are close to a 20 per cent rebound from their January low.

Greece’s Eurobank Ergasias, Piraeus Bank and National Bank of Greece surged more than 26 per cent, while Italy’s Banca Monte dei Paschi di Siena rallied 9.2 per cent after hitting record lows last week.

Danske Bank, which this year surpassed Deutsche Bank in market value, advanced 6.3 per cent after renewing a pledge to retail clients that they won’t foot the bill for Denmark’s negative interest rates.

Credit Suisse Group, which also tumbled to the lowest ever, rebounded another 2.6 per cent, while HSBC Holdings rose 1.5 per cent as it said it will keep its headquarters in the UK after considering a relocation to Hong Kong.

What happened yesterday

Australian shares on Monday bounced from recent losses, pulled higher by Friday’s global equities rally, firmer oil prices and a relatively serene return of Chinese markets after the Lunar New Year holidays.

The benchmark S&P/ASX 200 Index closed at 4765.3 points, up 1.64 per cent, or 78.2 points, on the day. The broader All Ordinaries Index was ahead 1.6 per cent, or 76.8 points, at 4893.4.

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