Stocks set for flat start ahead of rates decision – Daily Outlook
Australian Share Market Daily Outlook
September 7, 2010 – 8:17am
The Australian share market is expected to open flat this morning ahead of the RBA’s decision on interest rates this afternoon. Wall Street was closed on Monday for a public holiday, while European markets finished firmer.
Morning trade on the Sydney Futures Exchange points to a flat start at market opening, down 1 point at 4591.
Quick facts
- The SPI down 1 point to 4591.
- The Reuters Jefferies CRB Index closed
- US, closed for public holiday
- Europe, the FTSE 100 rose 11.04 points to 5439.19
- Gold rose $US2.80 an ounce to $US1,249.55
- Oil was up $US0.38 a barrel to $US77.05
- The Australian dollar was buying 91.7 US cents
In Australian trade yesterday the market closed higher on a broad-based rally. The Benchmark S&P/ASX200 index finished up 34.3 points, or 0.76%, to 4575.5. The broader All Ordinaries index rose 38.1 points, or 0.83%, to 4615.7.
In overseas markets, US markets were closed for the Labor Day public holiday. US President Barack Obama used the occasion to announce a $US50 billion jobs creation plan.
European stock markets continued to rally, but gains were limited in sluggish trading.
The London FTSE index added 11.04 points, or 0.2%, to 5439.19. The German DAX 30 climbed 20.42 points, or 0.33%, to 6155.04. The French CAC 40 rose 12.53 points, or 0.34%, to 3684.73.