Aust stocks rise slightly at open

Local market near unchanged ahead of release of key local CPI, China flash PMI data.

The Australian stock market looks was unchanged, ahead of the release of the local consumer price index for June and the HSBC flash PMI data out of China.

The RBA will be closely watching the CPI print, which could have a bearing on its easing bias.

The flat open comes after S&P 500 broke a four-day winning streak overnight.

At the 1015 AEST official market open, the S&P/ASX200 index rose 0.23% to at 5,028.4 points, while the broader All Ordinaries index added 0.23% to 5,016.3 points.

It comes after the benchmark finished a second straight session over the key 5,000 threshold.

IG market analyst Evan Lucas said currency movements would lead markets across the region today. 

"Commodities continue to drive momentum with gold plays the ones to watch with the precious metal back in sight of $1350 an ounce," Mr Lucas said.

Traders would also be watching the 11.30 am AEST CPI figure with intent.

"The figure that the RBA will be watching very closely is the CPI trimmed mean year-on-year which filters out these seasonal issues and is their preferred measure of inflation. The call for the trimmed mean CPI figure is 2.1%," Mr Lucas said.

The NAB is hosting a National Small Business Summit Brisbane.

Origin Energy managing director Grant King, Santos chief executive David Knox, EnergyAustralia MD Richard McIndoe, and BG Group Australia chairman Catherine Tanna are slated to participate in an AFR energy forum in Sydney.

Meanwhile, Assistant Treasurer David Bradbury and opposition finance spokesman Mathias Cormann are due to debate tax issues at the Hilton Hotel in Sydney.

In Australia, the market on Tuesday, closed higher, helped by soaring gold and commodity prices.

The benchmark S&P/ASX200 index was up 15.2 points, or 0.30%, at 5,017.1 points, while the broader All Ordinaries index was up 15.7 points, or 0.31%, to 5,004.6 points.

InvestSMART FORUM: Come and meet the team

We're loading up the van and going on tour from April to June, with events on the NSW central & north coast, the QLD mid-north coast and in Perth, Adelaide, Melbourne, Sydney and Canberra. Come and meet the team and take home simple strategies that you can use to build an investment portfolio to weather any storm. Book your spot here.

Want access to our latest research and new buy ideas?

Start a free 15 day trial and gain access to our research, recommendations and market-beating model portfolios.

Sign up for free

Related Articles