Aust stocks set to open lower

Local market expected to follow global gains fuelled by strong Chinese data.

The Australian stock market looks set to open higher following gains on international markets on strong Chinese data and better sentiment on the European economy.

Chinese trade data for July showed that exports increased 5.1 per cent year-on-year to $US186.0 billion ($A207 billion), while imports rose 10.9 per cent to $US168.2 billion, revealing some ongoing strength in the Chinese economy.

European Central Bank President Mario Draghi's comments that the European economy appeared to be stabilising and fresh German trade showed a pickup in exports.

At 0645 AEST on Friday, the September share price index futures contract was up 21 points at 5,022.

In economic news on Friday, the Reserve Bank of Australia releases its Statement on Monetary Policy.

In equities news, Tabcorp Holdings is expected to post full year results.

In Australia, the market on Thursday clawed back some of Wednesday's losses due to positive Chinese trade data and a strong profit result from Telstra.

All sectors of the market finished strongly, with the big miners and major banks leading the way.

The benchmark S&P/ASX200 index GAINED 53.5 points, or 1.07%, to 5,064.8 points, while the broader All Ordinaries index ADDED 50.5 points, or 1.01%, to 5,047.1 points.

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