US markets were closed for President’s Day so there wasn’t a lot of guidance for our market today. On that basis it could be quiet but then again action on British markets suggest otherwise. You see, the big outperformer was the FTSE100, which managed a 1.1 per cent gain overnight. That this was driven by banks and miners bodes well for Aussie stocks – that’s nearly half our index. Stocks in the UK were also reacting to news that property prices surged to a six-year high – up 3.3 per cent in the month of February.
Global equities were otherwise soft with the Dax and CaC off 0.1 per cent. S&P500 futures were up smalls while the SPI was 0.5 per cent higher.