Aust stocks set to open firmer
Market watch top headlines
SYDNEY, June 24 AAP
June 24 2012, 3:15PM
Australian stocks look set for a positive start on Monday, with the main focus for the week ahead expected to be a meeting of European leaders.
AMP Capital chief economist Shane Oliver says the local market is tipped to begin the week on a bright note.
"At the moment the futures are pointing to a 13-point gain or a 0.3 per cent rise," Dr Oliver said on Sunday.
"So we should have a bit of a bounce on Monday."
Wall Street closed firmer after some positive news from Europe, where European leaders flagged a 130 billion euro ($A163.26 billion) stimulus plan for the eurozone economy.
The Dow advanced 0.53 per cent, the S&P500 gained 0.72 per cent and the tech-heavy NASDAQ climbed 1.17 per cent.
Also, futures contract prices for key commodities such as oil, gold and copper settled firmer in US trading.
The Australian dollar ended the weekend offshore session at 100.69 US cents, up from Friday's local close of 100.26 US cents.
The Australian stock market fell one per cent on Friday.
In the week ahead, Reserve Bank of Australia (RBA) assistant governor of financial markets Guy Debelle is due to participate at a forum in Adelaide on Tuesday.
The RBA is also due to publish private sector credit data for May on Friday, while the Australian Bureau of Statistics (ABS) is due to release its job vacancies report for May on Thursday.
Dr Oliver said the major focus for investors was expected to be on a European Union leaders' meeting due to start on Thursday, given a quiet week at home for major economic data releases.
"The main threat to the global economy is actually coming from Europe and yet again Europe has been pushed to the brink or has found itself back on the brink," Dr Oliver said.
"So there is a lot riding on the summit."
In companies news, several leading figures from Australian retailers, including Myer chief executive Bernie Brookes and Eagle Boys Pizza founder Tom Potter, are scheduled to speak at a business lunch in Brisbane on Friday.
On the ASX 24, the September share price index futures contract finished weekend trading 13 points higher at 4014 points, on volume of 3809 contracts.