Trading Room home page

Australian market set to open lower

Market watch top headlines

Australian reports

World reports

Stocks to watch



February 08 2013, 06:53AM

The Australian market looks set to open lower following the lead of international markets overnight after comments from European Central Bank (ECB) president Mario Draghi.

At 0646 AEDT on Friday, the March share price index futures contract was DOWN 11 points at 4,883.

In comments at a press conference after the ECB's regular interest-rate decision, Mr Draghi explicitly mentioned the risks posed by the recent rise in the euro. The currency's rise could limit inflation and slow economic growth there.

That caused traders to bet that the bank may hold off on deploying further easy-money policies.

In local economic news on Friday, the Reserve Bank of Australia is due to release its quarterly Statement on Monetary Policy.

In equities news, Newcrest Mining is expected to post first-half results.

In Australia, the market on Thursday closed higher, boosted by some positive company earnings reports and better-than-expected unemployment figures.

The benchmark S&P/ASX200 index climbed 14.7 points, or 0.3 per cent, to 4,935.7 points, while the broader All Ordinaries index was up 15.3 points, or 0.31 per cent, at 4,955.8 points.